The Benefits of Lead and Conversion Scoring for Any Role
For marketers, “optimization” stands out as being at the top of the list in a field that is practically built on buzzwords. Not an awful term, really. It’s undoubtedly a goal that marketers pursue frequently. The issue is that optimizing isn’t truly the objective. In what direction are you optimizing? That is the aim.
We frequently focus our optimization efforts on KPIs that are easy to see in a dashboard, such as reduced CPCs, higher lead volumes, or other metrics. But quality is often absent from optimization efforts. Not only can the quality of campaigns be improved, but also that of leads, sales and marketing collaboration, and customer experience. How can we begin focusing on quality rather than the conventional metrics? The response is scoring.
We’ll discuss lead and conversion score in this piece, as well as how you can start using it in your company to promote quality over number.
What Is Scoring, Exactly?
In order to make better conclusions regarding the data set, scoring is fundamentally about taking qualitative features and turning them into something concrete and quantifiable. It may become increasingly difficult for marketers to see possibilities and patterns in the deluge of data as they have access to more and more data. In order to make more precise and methodical selections, scoring is a method of segmenting audiences based on precise numbers that are constructed from fuzzily defined attributes.
Traditionally, the term “scoring” relates to “lead scoring,” or the process of giving prospects’ traits and behaviors numerical ratings in order to make it easier for Marketing to move leads on to Sales. Is this lead prepared to speak with sales, is the purpose of this tool. in order to distinguish between those who are qualified and regarded ready to buy—or at least contemplating it—versus those who still need more time or are just browsing material. To rate a lead’s quality, you can use their visitation or conversation history or even straightforward information like whether they subscribe to your emails.
However, for contemporary marketers, a traditional inbound lead funnel isn’t the only place where we can use scoring to influence our performance. There are chances for scoring to influence various touchpoints in the customer journey thanks to new marketing tactics including Account Based Marketing (ABM), Conversational Marketing, and Omnichannel Communications.
There are two common types of scoring:
Tags use contextual information to segment an audience. usually a word or phrase that serves as a quick cue.
An audience is segmented based on its position within the larger audience on a numerical scale. frequently used as a range, such as 0–5, or 0–100, to display weight.
Any internal process where segmenting by quality or urgency improves operational decision making can benefit from scoring’s added value and efficiency. Multiple scoring implementation options are available with this sample martech stack:
- Conversation qualification score of 0–3 for chat (Drift, Intercom) to automatically sync conversations with your CRM.
- Lead score is a CRM & Automation (HubSpot, Marketo) feature that helps lead progression and sales readiness marking.
- Conversion and call scores are used to inform marketing campaigns, and automatic tags are used to start further activities in the Attribution and Conversation Management system.
- NPS score for customer success (ChurnZero, Gainsight) to give feedback on products and brands and power automated review campaigns.
How to Create Your Scoring Framework
Setting a goal and knowing your audience are the first steps in creating effective scoring. You should create a scoring strategy that takes into account each channel while also supporting the general objectives of your team. Let’s assume that you and your sales staff have agreed on goals based on a revenue figure. Making ensuring Marketing only sends leads that Sales has a high possibility of closing could be one step on your way to achieving those objectives. This would cut down on wastage of time and money.
Which leads have a good chance of closing, how do you know? by creating a perfect consumer profile or thorough buyer personas. Gather as much data as you can. What traits do the people who buy from you typically share? What qualities do your unqualified prospects share? Data should be brought in from as many sources as your bandwidth will allow. Interviewing or surveying your clients will yield some excellent insights. Your sales team should follow suit. Ask them about any trends they’ve noticed in the responses they receive from prospects they close successfully, lose to rivals, or flag as unqualified. Utilize call records to check your presumptions and hear what clients and potential clients have to say.
A few simple things to consider are:
- Are hotmail.com email addresses more likely to belong to unqualified prospects?
- Do you have any geographic areas where you don’t conduct business? regions where you tend to get your customers?
- Company size – you probably have a specialty you can emphasize more in scoring.
- Are they opening and clicking on emails from marketers? Do they have a copy of your pricing page?
- What types of forms have they filled out, and how many?
- Have they previously called or logged on to chat with someone?