Lead Scoring: Qualified Leads Are Delivered to Sales At the Optimum Stage of the Buyer Journey
In recent years, lead scoring has become a common sales & marketing tactic used by digital marketing professionals across a wide range of industries including manufacturing and industrial businesses along with many others. So what exactly is lead scoring? Lead scoring is a marketing technique that allows businesses to rank prospective customers based on several factors that indicate the individual’s likelihood to become a paying customer. Such tactics allow sales & marketing teams to cooperate and prioritize the qualified leads that have the potential to turn into sales.
Our experienced team at Marketing Metrics Corp. has helped numerous Wisconsin businesses create lucrative lead generation strategies that have significantly improved collaboration and efficiency among marketing & sales teams. Lead scoring is one of the many sales & marketing tactics that we employ across manufacturing, industrial and other organizations in order to generate high-quality leads. Continue reading to learn how lead scoring can help improve your business practices.
The Benefits of Lead Scoring
- Generate revenue and lower costs
Lead scoring allows organizations to invest time and resources only into the leads that are likely to turn into a sale. When a marketing team is able to provide their sales team with qualified leads using a scientific approach, members of the sales team are able to avoid wasting time pursuing leads with minimal interest in the company’s offerings. Ultimately, this results in a higher concentration of sales on a daily basis and can be done at a low cost by simply collecting, analyzing, and organizing available data.
- Lead scoring can be applied to other buying stages
There is a misconception that the positive effects of lead scoring stop once a qualified lead has been pursued. Using this careful approach, organizations can continue to score existing accounts, content marketing tactics, search engine optimization, and other stages of the buying process. Analyzing the buyer’s journey from beginning to end and developing a suitable algorithm will lead to a much more consistent and predictable influx of new clients and revenue.
- Better collaboration between sales and marketing teams
In any business, there is nothing more important than proper collaboration between employees. Unfortunately, sales and marketing professionals tend to clash when they do not have an effective system for generating leads. If a marketing team passes along a large number of leads with minimal information regarding their potential to turn into sales, it can lead to many wasted phone calls and an overwhelming amount of information for a sales team to decipher. Lead scoring makes it easier for sales and marketing professionals to support each other and maintain a high level of productivity in the workplace.
- Improved performance evaluation
It can be difficult for large organizations to monitor the performance of individual employees; especially when there are separate marketing and sales teams working towards a common goal. By implementing a lead scoring system, business owners can assume that their sales team is regularly receiving highly qualified leads from their marketing team by collecting information via social media, video marketing, and other marketing tactics. This makes it far easier to evaluate the performance of individual members of staff, and ensure that each of your employees are producing expected numbers in sales.
- Increased accuracy of revenue forecasts
Whether you are looking to improve industrial, employment or manufacturing sales & marketing tactics, it is essential to produce accurate revenue forecasts in order to gain control over the future of your organization. Through lead scoring, business owners can predict the number of sales that will be produced with various marketing campaigns and better evaluate the ability of their sales team to pursue qualified leads. This careful analysis of the buyer’s journey will allow businesses to continue fine-tuning their sales and marketing tactics over time, creating further accuracy in future revenue forecasts.
How to Find Qualified Leads Through Lead Scoring
- Combine explicit and implicit scoring
Proper lead scoring works towards both explicit and implicit scoring. Explicit scoring is the process of determining whether your leads align with the demographic that your business is geared towards. Factors may include the individual’s job title or a company’s overall revenue. Additionally, implicit scoring is how marketing specialists determine the amount of interest these people are showing in the company’s offerings. This is largely related to the individual’s behavior which may include frequent visits to a website or a high level of engagement with social media posts. For a lead to truly qualify as a potential client, it is important to create a system that combines these two goals.
- Use B.A.N.T. as a guideline
The B.A.N.T. acronym stands for budget, authority, need, and timeline for purchase. While marketing professionals should gather as much information as possible through social media, case studies, and other means, B.A.N.T. is a great starting point for organizations that are new to lead scoring.
- Simplify your scoring process with visuals
For a lead scoring system to work and generate qualified leads as frequently as possible, it is important for marketing professionals to use a simple process of analysis. Once you have determined the most relevant criteria for evaluating explicit and implicit scores, a simple way to analyze leads is by creating easy-to-follow charts where employees can insert the information they have gathered from each lead.
Marketing Metrics Corp.
Are you ready to take control of your business and expand your client base? Lead scoring is an excellent way to do this, and with the expertise of our team at Marketing Metrics Corp., we are here to help you take your organization to the next level.
With a specialization in employment, industrial, and manufacturing sales & marketing tactics, our team has a combined 55 years of experience analyzing the buyer journey and determining the best marketing practices depending on the organization. Our lead generation service is geared towards identifying buyer personas, setting clear objectives, analyzing the competition, along with several other key factors. Contact us online today or call us directly at (262) 691-9229 to learn more about our top-rated services!