How to create an effective lead scoring model
Qualified leads are chosen based on your lead scoring system, but how do you create an effective lead scoring model in the first place?
You can use lead scoring software to keep track of every lead that comes your way and make it easier to score leads. But for the most part, there are a few steps you'll want to follow when creating an effective lead scoring system.
So, here is how to create a lead scoring model in five steps:
Define the ideal customer
Defining the ideal customer is the first step in creating an effective lead scoring model. The ideal customer is an individual who is most likely to purchase your product or services. You may not know who your ideal customer is, but you can start by evaluating who is coming to you for your services.
To define your ideal customer, you'll want to see who is most interested in your business and lock down on the type of customer that converts to a sale. Your ideal customer is one that follows through with a sale and becomes a repeat customer.
Once you figure out your ideal customer, you know who to cater to in all of your marketing and sales efforts.
Identify behavioral and demographic characteristics
Your buyer persona and demographic characteristics will dictate the type of content you should create.
You need to know who you are talking to so that you can speak in a language that resonates with your target audience. Always keep your buyer in mind when you are crafting emails, blogs, text messages, or ad campaigns.
You don't want to miss your target audience because you didn't pay attention to demographic data. You can collect data using forms on your website, sending out surveys, or analyzing customers' transaction history.
Assign values to lead characteristics
Once you determine what your valuable lead characteristics are, you have to assign values to each type of lead. This will help you determine which leads are more likely to become customers and which leads need more nurturing.
You can assign values based on certain criteria, such as their readiness to make a purchase, demographics, engagement with the company, and behaviors. It will take time to determine what your specific lead characteristics are and what you should put the most value on.
Set up a lead scoring system
The next step is to set up a lead scoring system. You can use lead scoring software to help you do this. As you set up your lead scoring system, you should also look for CRM software for small businesses to help you take control of your customer data.
As your business grows, it may become more difficult to keep track of your lead scoring system without a solid software system in place. So, it's important to use the right software to set up your lead scoring system, as this makes it easy to stay on top of your most qualified leads.
Refine the lead scoring system
Once you set up your lead scoring system, you'll soon start to see the benefits come in. You may notice the email marketing benefits of having a lead scoring system or see that most of your lead conversions are coming from B2B marketing automation.
But the lead scoring process doesn't end here. You then need to refine your lead scoring model.
Always look for new ways to tweak your scoring system to better service your business. You might uncover new reasons why customers are finding your services and want to prioritize a different type of lead over another. Lead scoring is an ongoing process and you'll want to continue to adjust your lead scoring system as your company grows.
How to implement lead scoring models
Now that you know how to create a lead scoring system, it's time to put your lead scoring into practice. Take a look at each lead, and see which ones are most likely to convert into sales.
Do the highest-scoring leads turn into sales the most often? What is your conversion rate for sales? Are low-scoring leads converting at an unexpected rate?
Lead scoring is all about collecting data, analyzing the information you uncover, and finding the best ways to optimize your efforts when trying to cultivate leads for your business.
Best practices for lead scoring models
There are various practices you should follow when creating a lead scoring model.
For example, make sure you add negative scoring to your model. Negative scoring will help you keep track of the leads that are not worth investing time into so that you can focus more on the valuable leads. If you sell various products or services, you will also need a different lead scoring model for each one.
Always pay attention to your customer profile, as these may change based on the product or service being sold. Take time to evaluate set points along your sales funnel, and review your lead scoring practices regularly to make small changes along the way.