No salesperson wants to waste time pursuing leads who have little likelihood to buy from you.
There are plenty of valuable leads who can use the valuable time and attention that would be spent in vain pursuing leads with low intent.
That’s where Lead Scoring can help you.
What is Lead Scoring?
Lead scoring is the process in which the marketing and sales teams assess the likelihood of a lead to buy from the company. It is done by assigning a number to each lead to weigh their value to your company.
With the help of regular lead scoring, marketing and sales teams can spend their time and energy pursuing exactly the people who can benefit from your product/service the most.
Why Do You Need Lead Scoring?
- Lead Scoring Prioritizes Leads.
Since lead scoring helps you assign a numerical value to a lead to help you weigh their likelihood to become a customer, it helps direct your sales and marketing efforts to the important leads, saving time and energy.
- Lead Scoring Provides Valuable Insights.
Lead scoring has the capacity to reveal specific details about each lead that can be crucial in closing a deal with the right customer. Such details can show the sales and marketing teams how to interact with individual leads to ensure maximum effectiveness.
- Lead Scoring Helps Align Efforts.
Not all sales processes are the same. Each organization is unique and as such, follows unique sales processes as per their requirements.
In such a scenario lead scoring can help coordinate the sales and marketing efforts by providing uniform leads that share a high interest in buying from the company.
- Lead Scoring Improves the Sales and Marketing Campaigns.
An organization may initially try its hands at a variety of sales strategies on leads with a certain score. Although not all of them may prove beneficial, this can reveal the ones that prove most effective in converting those leads.
Thus, future leads with that particular score can be handled using the sales strategy that previously worked best for leads of that score.
Similarly, marketing campaigns for leads of a particular score can be designed based on the campaigns that previously worked best on those leads.
How To Calculate a Lead Score
A simple method to calculate the lead score is by manually assessing a lead based on certain characteristics and assigning appropriate values.
The steps involved are listed below:
- Calculate the Conversion-rate
The first step in this process is calculating the number of leads you generated that eventually became customers as a result of your efforts.
This can be calculated by dividing the number of leads that converted into customers by the total number of leads you generated.
- Pick out the High-Intent Leads
At this stage, pick out the customers that have high intent and take note of some actions they took that you’d like to focus on.
- Calculate the Close-rates
Now, go ahead and calculate the close rate of the actions they took. Knowing the close rate of such their actions helps you ideate the actions you can take in response.
- Score the Leads
You can now weigh the close rates obtained above against your overall close rate and identify which actions resulted in a high close rate.
Finally, assign numerical values to them based on their close rate.
