All you need to know about Lead Scoring | Siliconixmedia

All you need to know about Lead Scoring

Rev up your funnel strategy, build sales opportunities and get high-value customers. But doesn’t lead scoring already tick all these attributes?

Let’s start with a stat. According to Gartner, 72% of  Chief Sales Officers (CSOs) want to improve their pipeline design as a top priority. Is it because of a lack of conversion rates or excessive time spent on cold leads? 

Lead scoring is a method that helps sales and marketing leaders refine the pool of convertible and unconvertible leads. Leads qualify once prospects show interest in purchase. They can show interest in a myriad of company promotions such as filling up forms, signing in for a course, or as small as watching a video. 

Once they show interest, lead scoring software gives points to these leads. More the points, the better the lead. Sales reps can get in touch with these highly scored leads and convert them into clients. 

A streamlined approach to handling leads saves a lot of time and money. Salespeople can prioritize and give reasonable outcomes. Now you know that lead scoring is a prominent approach, let’s learn more relevant attributes about it-

Time plus Money

Different industries advertise and promote with various channels. The Cost Per Lead(CPL) ranges from $14 to $71. There is no guarantee of conversion. Moreover, the average lead conversion is around 2% to 5%.  

Lead scoring visibly shows you more prominent leads to focus. If you get 80% of mediocre leads and 20% are ideal leads, why should give 80% of your time to working on the mediocre ones? Isn’t it more beneficial to nourish and convert the 20% bunch? It will notch up the sales conversion rates quickly and then you have the remaining time to work on the cold ones!

Sales and marketing people are qualified for products and services. They will have more time in hand to focus on other necessary operations like outbound marketing, editorial attention, and following up on neglected sales prospects.

Everything boils down to saving more time and money and making gradual changes to the sales funnel for accelerating your overall revenue!

Image source: PointerPro

Employing Analytics

Lead characterization is all about understanding the buyer’s profile. AI and analytics softwares are a great way to know your buyer in and out. But before you take the help of tech, define what an ideal buyer should be like.

Characteristics encompass their online behavior, demographics, or information about their job profile. You can depict newly defined attributes with your existing customer data and past sales records.

Identify the best use case of the vendor and work on implementing it well. Also, by employing a SaaS tool, it pairs well with your Martech stack without maintaining any API connections.

Advanced analytics aids you in understanding content that converts. The question is what kind of content pieces trigger the buyers? As you figure this out, focus on creating relevant and customer-oriented content.

Most marketing automation systems allow businesses throughout the funnel. From prospect profiling to lead nurturing, it takes care of all the processes. With these, you can tap into buyer intent further translating to better-scored leads.

Image Source- Salespanel

Wrapping Up

Lead scoring aids in getting a deeper insight into a client’s intent to buy a service/product and converting them into loyal customers eventually. 

Still, just lead scoring is not enough. Other sales and marketing analytics provide intelligence to a standard process like selling. As we move into a world with personalization, it’s of utmost importance that your lead scoring systems shouldn’t be one-size-fits-all. 

Create a flexible system and keep your sales team apprised with why or why not a lead scores greater than another. It can help them create a better sales pitch. 

In the end, scores make it better for sales reps to prioritize their efforts. It is a sure-shot way to convert a lead into a high-paying customer with a little push towards nurturing them!