Lead Scoring: Learn to Manage Leads

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DigitalMenta

INBOUND MARKETING · 23 / 09 / 2015

Help, I have a database full of leads but I do not know what to do with them or where to start! Is that your problem? It is no use to collect leads but we know how to manage them to be surrendered to our products and services.

If we have already put in place a strategy of Lead Nurturing For our company, one of the essential steps is to define a methodology of Lead Scoring.

A scoring system that allows us to discover which are the users with potential to become clients and which need to continue to receive impacts of our campaigns of Email Marketing Strategy.

Therefore, in this article I will talk about what it is, what it is and how to implement the lead Scoring within your company manages your leads well and achieves success!

What is Lead Scoring?

Is a complementary methodology to the Lead Nurturing That is often applied to Email Marketing campaigns in a Inbound Marketing Strategy. It allows to classify the degree of interest of a lead and its level of preparation for the purchase of a product or service.

It is essential that when creating a strategy of Lead Scoring Sales Department and marketing team are fully aligned (S-Marketing).

In this sense, it is a key system for scoring and managing leads, because it allows us to perform more effective marketing actions and optimize efforts to not waste time and money on sales processes and shorten the cycles of Purchase of the users.

What is Lead Scoring for? 

Many companies do not have the means to cater to all leads, so it is important to prioritize with those who have more opportunities.

Getting to know the potential clients in depth also allows you to personalize the messages to capture a greater interest and have more chances of success. 

Thus, lead scoring implies an increase in sales efficiency, since efforts are focused only on leads that are more likely to generate revenue. Teams spend less time and money on selling and more on closing sales.

The 2 dimensions of Lead Scoring: 

What do we rely on for a Lead score? Then I explain the 2 dimensions that help us determine:

1. Explicit Lead Scoring

Observable or direct information, that is, that the user has usually shared with you through a registration form. It is made up of demographic, signature and BANT data. These elements determine how close that potential user is to your “ideal customer”.

  • Demographic Factors (age, education, work, localization, sex, etc.). This factor is what we will take into account in the case of having a B2C (business to consumer)
  • Firmográficos Factors (Characteristics of the organization, company name, location, income, services and products, sector, etc.). On the contrary, this data will only be taken into account in the case of having a B2B, since our “leads” will be companies. 
  • BANT: This is a more advanced set of data than previous ones. We have to answer a series of questions around 4 concepts:
    • BUdget: Can this lead allow this product or service?
    • ToUthority: Does the lead have the authority to purchase your product? Who makes the decision?
    • Need: Are there any problems or needs your products or services can solve?
    • TIME: When will you be ready to purchase?

Lead Scoring

BANT (Budget, Authoriy, Need, Timing)

2. Implicit Lead Scoring

It consists of tying the behavior of users through Marketing Automation To measure the level of interest they have regarding our products or services.

Based on the actions that the user is doing we can find out if he is in an early maturing stage, if he still needs to be “educated” or if he is an active lead who is already considering the purchase.

Each of the actions must have a score. It will not be the same a user who opens an informative email that another one that opens an email with an offer.

The Buyer Journey, that is, the moment when the Buyer is in the purchase cycle, it will also be essential to know what actions we have to take next.

Extra Tip about Lead Scoring!

Active leads vs. Latent Lead: The behavior of the users is complex, each one acts in a way. You need to evaluate different types of behavior. The most important distinction is between lead active and lead latent.

Active leads will be those who prove to be very interested in buying with their shares. Latents will have a lower but recurrent engagement.

For example, it will not be the same as a lead that always visits your website for several months, other than visiting, registering and downloading an ebook. Even though the other user ‘ takes more time with you ‘, it will be the second that deserves special attention.

Steps of a Lead Scoring strategy

1. Initial meeting between the sales and marketing team: Gather information, see what the initial situation is, what has been done so far, how many leads we have, etc. 

2. Establish a lead methodology: convention by which leads are rate (using points, letters or terms such as “Hot”, “Warm” or “Cold”)

3. Select the attributes to consider: That elements (explicit) or actions (implicit) we will score and that numerical value we will give them to establish a classification or ranking.

On the other hand, the negative elements will also have to be taken into account. All of this will depend on the needs of your business and how you have defined that it has to be your Buyer Person. For example:

  • Explicit elements: Age, work, education, career,
  • Implicit elements: Open an email, read the article, download an ebook, fill out a form, etc.
  • Negatives: Unsubscribe, abandoned cart, no activity for a while.

4. Create an explicit attribute scoring model and aImplicit attribute scoring Model:

Lead Scoring

Examples of implicit and explicit models of Lead Scoring.

5. lead Scoring Matrix: Once we have listed the above (explicit-implicit) elements separately, we will have to put them together in a matrix to have the total score of each lead.

Keep in mind that the explicit score is not more than half of the total score, because we can have a user who is very close to our ideal client but does not have an active attitude and therefore not ready for sale.

Lead scoring

Lead Scoring Matrix

6. Identify the predisposition to purchase: set the threshold (maximum score that determines that a lead is qualified) and pass the lead at the right time to the sales team to be responsible for closing the sale.

7. Analyze and test: as in any marketing action, it will be essential to test if what we have default is working (score, lead qualified, etc) and go modifying or improving to get better results as Let’s have more experience.

So here today’s article, in the next I’ll explain what is the Marketing Automation And I’ll talk more in detail about S-Marketing. see you soon!

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