You've laid the groundwork, fine-tuned your marketing strategies, and now the leads are starting to roll in. Great!
But here's the challenge: not all leads are created equal.
Some are genuinely interested in your product, while others might just be dipping their toes in the water to explore. Sure, it’s great to have a queue packed full of leads, but you don’t want to waste your sales teams’ time on calls with people who are absolutely nowhere even close to converting.
This is where lead scoring comes to the rescue. Or, to be more specific, your sales team’s rescue. It helps them separate the diamonds from the rough.
In this blog post, we'll explore what lead scoring is, its benefits, and the tools that can make it a game-changer for your business.
What is lead scoring?
Lead scoring is a systematic method of evaluating and ranking your leads based on their level of engagement and readiness to make a purchase. It assigns a numerical score to each lead, allowing you to prioritize your sales queue and tailor your marketing efforts accordingly.
The higher the score, the more likely a lead is to convert. You want to woo high-scoring leads with your best possible foot forward. That means direct contact with your sales team. And because you know they have a high score, you can be reasonably assured they’re worth the effort invested.
Conversely, leads with low scores aren’t exactly low value, it just means they need to be nurtured more. And because an investment in their pursuit isn’t as likely to pay off in the near future, your bottom line will be best served by engaging lower scoring leads at scale. This means enrolling them in pre-written lead nurture campaigns, sending them pre-existing assets, and encouraging them to engage with your existing web pages, social media, and blogs, which they can pursue on their own timeline. As they engage more and more with your resources, you’ll see their lead score actually rise. When the time (and score) is right, you’ll know precisely when to bring the higher value resources in. The lead’s numerical rating is the crucial element of this process, obviously. And the criteria behind it is where the magic of lead scoring comes into play. Your lead scoring criteria are made up of specific attributes, behaviors, and characteristics that qualify those who have them as good leads. Examples include specific job titles, company size, number of times they’ve downloaded a piece of your content, and their open rate on your emails.
The beauty of lead scoring is that it's flexible and adaptable, customized to fit the unique goals and characteristics of your company.
Benefits of lead scoring
It Maximizes Efficiency One of the primary benefits of lead scoring is its ability to maximize efficiency, especially for your sales team. With a system that identifies the most promising leads, your sales team can direct their efforts where they matter most. They won't waste valuable time and resources on leads who are not yet ready to convert. In other words, lead scoring helps your sales team work smarter, not harder.
It Increases Conversions Lead scoring enables you to track and measure lead behavior comprehensively. By keeping a close eye on how leads engage with your brand, content, and offerings, you can craft personalized marketing and sales strategies. This personalization drives higher engagement and, ultimately, increased conversion rates. When your leads feel like you're speaking directly to their needs and interests, they're more likely to take that next step in the buyer's journey.
You Close Deals Faster Imagine being able to identify, with precision, which leads are truly ready to buy. Lead scoring makes this possible. The numerical scores assigned to leads provide clear signals, allowing you to determine who is ready for conversion. Consequently, you can prioritize follow-ups with high-scoring leads and expedite the sales cycle. It's not just about closing deals; it's about closing them faster.
Popular tools for lead scoring
Now that we've explored the basics of lead scoring, let's take a look at some popular tools that can help you implement this strategy effectively.
Salesforce, a leading CRM platform, provides robust lead scoring capabilities. It empowers you to customize lead scoring criteria, track lead engagement, and prioritize leads for your sales team. This solution is versatile, catering to a wide range of industries and company sizes. While the prices are not disclosed on their website, Salesforce offers various packages and pricing plans tailored to accommodate diverse business needs. Additionally, they provide a free trial.
HubSpot is another powerful player in the world of marketing and CRM. It not only provides lead scoring features but also offers a free lead scoring template to get you started on the right foot. HubSpot offers three tiers: Starter, Professional, and Enterprise. It's important to note that the lead scoring feature is exclusively available in the Enterprise plan, priced at $3,600 per month. They offer a 14-day free trial.
Marketo is a tool designed for small- and medium-sized businesses. While pricing information may not be readily available on their website, we discovered from an alternative source that Marketo provides premium-only subscriptions. Paid plans start from $895.00 per month. For those seeking advanced lead scoring capabilities, it's advisable to opt for a Standard account, which is priced at $1,795.00 per user per month. Unfortunately, there is no free trial that was visible on their website.
Lead scoring is not just a buzzword; it's a game-changer for businesses looking to maximize efficiency, increase conversions, and close deals faster. It empowers your teams to work smarter and more effectively, ultimately boosting your bottom line. Consider embracing lead scoring and watch your leads transform into loyal customers, one high-scoring interaction at a time.
If you need a hand, we’re ready to help.