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Making the most of your business leads is largely dependent on your lead scoring matrix. Lead scoring is essential for a business which relies on new customers for sustenance. Adopting a set of good lead scoring tools is the most effective method to score your leads.
Lead scoring enables a business to segregate leads into various categories based on their quality. The characteristics of each lead are analyzed. Lead scoring analytics ascertain the readiness of a lead. Irrespective of the nature of your business you need to implement a lead grading system because lead quality matters. Contact us to know more about Data Insights Services email@example.com
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Establishing a proper grading system for leads is very important. Lead scoring and grading go hand in hand. If your grading technique is not giving you the type of leads you need, then it needs to be reviewed. Let us look at some tried and tested tips which have helped many businesses with their lead selection process.
Effective tips for lead scoring
There are some techniques which have proved to be successful time and again. Developing a lead scoring system is based on a numerous factors. We are going to review some of these successful lead scoring techniques. You may be familiar with some of these methods buts let's look at them with a fresh perspective.
- Capitalize on expertise and experience: The sales and marketing team are the ones who work closely with leads. They have the capability to recognize which leads are good and the ones that are not. The information based on their experience can be leveraged for developing a lead scoring system.
Regular feedback from these departments ensures that your lead scoring algorithm remains up-to-date. Ensure your sales and marketing departments have an active role in optimizing the lead scoring model. It is important to value the firsthand experience of the sales and marketing departments in scoring leads.
- Define the characteristics of a customer: Identify the characteristics of the ideal customer. The best way to do this is by looking at your current customer database. Study their behavioral patterns and demographics for a better understanding of who is a likely customer.
You can create a dummy profile of the perfect customer and use these criteria for your lead scoring model. Grading a lead based on its profile fit can improve your lead scoring.
- Understand digital body language: Sales and marketing people can judge the likelihood of a customer making a purchase by studying their body language. In the digital world we have to modify this technique to understanding digital body language. You are probably wondering what in the world digital body language is?
Digital body language pertains to a person's digital activity – the websites they visit, the pages they open on the website and the length of time they spend on particular websites, the links they click on, the stuff they download, blogs read, the online searches, the emails they open, the forms they fill, and their social media activity. This is a person's digital profile. It can tell you about a person's interests and their life in general.
- BANT: This is a very blatant lead scoring technique. Most businesses prefer not to come across as impolite and hence end up beating around the bush rather than asking direct questions. BANT stands for Budget, Authority, Need and Timeline.
In some instances it is better to be forthright and ask a lead about their budget, if they are the final decision maker, do they have a genuine need and what is the timeline they are looking at. A few direct questions will let you know how to handle the customer. If they are ready to buy, you can push for a sale. If they are not the final authority, you can send them relevant information which they can pass on to the decision maker. Information regarding their timeline will help you gauge whether the lead is ready to convert or needs nurturing.
- Gathering lead data: Many leads are just visitors to your website, and they don't share any personal or contact information. You need to come up with enticing strategies to generate interest and encourage them to fill out a form which records their contact information. This can be done in the way of a survey, with an offer if they complete it, or coupons in return for their subscription. There are many innovative ways to motivate leads to share their personal information.
- Nurturing unqualified leads: Don't be so quick to discard unqualified leads. With some nurturing they can turn out to be good leads and even generate referrals. Keeping track of unqualified leads by monitoring their online activity can help you to revalidate their score. If they continue to show interest in your product or similar products, they are a good potential lead. Lead scoring and nurturing is a key to conversion.
There will be some leads which never return to your website or show any further interest in your product. These are dead leads and can be safely discarded.
- Review your lead scoring model: It is good to review you lead scoring methodology regularly. Over a period of time some of the lead scoring factors will change. To keep abreast of these changes a review of the lead scoring algorithm is required.
Constantly updating your lead scoring process will help your business to continually benefit from high quality leads.
One of the greatest lead scoring benefits is that the process can be automated. Once you have formulated the lead scoring and grading system, you can implement lead scoring automation.
Analyzing your lead scoring model?
A lead scoring model is a set of characteristics that are put together as the guidelines to distinguish the prospects with higher potential for conversion.
A few setbacks should not cause you to question your lead scoring model. A good lead went bad. Why did this happen? The first thing to realize is that all qualified leads will not convert. There are the few good leads that will go astray.
It is essential to monitor that your lead scoring matrix is delivering successful results. A good method judge if your lead scoring model is effective is by studying the lead conversion rate. If the percentage of conversion is stable or growing – you have nothing to worry about. If there is s steady decline in the conversion rate over a number of months, then you need to review your lead scoring methodology.
Scoring on leads is an integral part of a business function. These lead scoring tips can help you to review and improve your lead scoring model. You can never have an absolutely perfect model – so don't worry if you feel you are not getting the kind of results you thought you would get.
Constant changes in demographics require that a business should continually review the lead grading technique. This will help your business to stay on top of the game and continue to harvest good leads.
Our lead scoring solutions can help your business to identify the different kinds of prospects. Our professional expertise in the field can support your business needs. Your sales and marketing teams can focus on lead conversion based on the lead scoring model that we set-up.