How to Develop a Sophisticated Lead Scoring System

Lead ScoringAs we have mentioned numerous times, the lead gen industry has shifted
to a system that emphasized quality, which is why lead verification and scoring have gained immense importance lately.

There’s a couple of key advantages to implementing lead scoring:

  • Greater Sales Efficiency

Salesmen can simply focus on leads with the highest scores and filter out bad data.

  • Greater Marketing Efficiency

By determining which channels or strategies produce the most leads with favorable characteristics.

  • Alignment between Marketing and Sales

By scoring leads, both sales and marketing departments can establish what characterizes lead value.

 

How does lead scoring work?

When looking at the prospect’s identity, individual lead data is evaluated based on “who they are”based on location, age, gender, position, industry, etc. Bur, implicit data relating to user behavior on the lead gen form also can give essential insights into prospect interest and intent.

Implicit factors include how long did the user spend on the form; how many clicks were made; whether or not the lead is a returning visitor, etc.

After defining the explicit and implicit factors that determine the quality of a lead, it is important to assign categories and criteria in order to assign values to parameters, especially how they relate to each other. For example, what if a lead is located in the right state and has the right age, but only spent a few seconds on your form. Or, how are you going to rate leads that visited your website three times yesterday vs. leads that visited your website three times last week. It is important to have a clear system in place to weigh factors and categories in order to establish how data points relate to each other. Depending on how you weigh parameters, your lead scoring can be significantly fine-tuned.

When calculating quality scores based on characteristics and engagement, you can put a system in place that established how to follow-up on leads with different scores, i.e. they need urgent, priority follow-up or should they go into long-term lead nurturing programs.

To develop lead scoring is a sophisticated undertaking that requires you to be a serious data analysist. Since there are many criteria that have to be weighed and calculated, it can easily become a complex and time-consuming task. Furthermore, lead scoring is something that only companies who have already collected a lot of data can do. You’ll only be able to correctly identify correlations and parameter weighing if you have access to a large amount of data. If you don’t have the skills or technical resources, it may be advisable to outsource lead scoring services to external companies that offer these services.

Check out what our lead scoring system QiQ can do for you.