MPI Blog

    What is Lead Scoring?

    sales marketing strategies lead nurturing By MPI Posted Jul 10, 2019 12:54:41 PM

    lead-scoring

    What is it:

    Definition: Lead scoring is the process of assigning values, often in the form of numerical "points," to each lead you generate for the business. - HubSpot

    Using marketing systems, you can scale your lead qualification process to better identify and target the most qualified leads, while nurturing those who need more time. To set up your scoring criteria, lists and workflows effectively, identify what actions taken by prospects should affect their lead score and the points each action will receive. When a contact gains a certain score, you can trigger a workflow, setting up a series of actions. You can score your leads based on multiple attributes. The first group of attributes is personal. These include: job titles, persona indication, knowing their email or phone number or other personal questions you might want to know about the prospect throughout the sales process. The second set of attributes is how they have engaged with your company. This includes: how they've engaged with your website and brand across the internet, email opens, clicks and unsubscribes and even social media interactions.

     

    How To Do It:

    Determine with your internal team how prospects will reach the threshold and gain various points. Talk to your sales team to figure out what questions are the most important that they need answers to and learn about the top qualifications that made your current clients work with you. Once you have the criteria, set the proper points for each action. For example: visiting your website = 2 points, answering a question on a form = 3 etc. The last step is to determine your lead scoring threshold. Meaning, how many points do prospects have to get until they become a marketing qualified lead and they’re ready to pass to your sales team for outreach. Once a lead reaches that threshold, create an outreach strategy. Have one person in charge of distributing the leads to your sales team and have a process in place on how the prospects are distributed. For example: sales person A gets leads in the financial industry, while sales person B gets leads in the education industry or all leads are distributed in round-robin format. Make sure to also create a tracking system, so you know how many leads your sales team is able to get in touch with, set meetings with or most importantly, convert to sales. 

     

    Why should you do it:

    Implementing lead scoring is critical for both your sales and marketing teams. Creating lead scoring points helps integrate the two teams together to prioritize leads, respond to them appropriately and increase the rate at which those leads become customers. If you have a large database, this prioritizes who you should reach out to first. When a lead hits your determined threshold and becomes a marketing qualified lead (MQL) it pushes them one step closer to a sales qualified lead (SQL). As prospects engage with your brand, download your resources and answer questions your company seeks answers to, they are warmer leads than those who don’t engage. Having this system set in place will help nurture and work leads that you might not necessarily reach out to, but who still might be a fit for your product or service.

     

    Topics: sales, marketing, strategies, lead nurturing

    Comment below to share your feedback!