There are many ways to generate leads, but only a small percentage of leads become customers. How do you identify which leads should be nurtured? Some leads are actually interested in what you have to offer while others are just starting to look around. Lead scoring is a method used to prioritize leads. It’s done by assigning points based on a variety of factors to help narrow down where you should focus your marketing efforts.
How Does Lead Scoring Work?
Without a lead scoring system, you’re treating all leads as if they’re equal, but that’s not the case. Spending a ton of time and effort on people who will never become customers is a waste of resources.
To score your leads, assign points based on things like demographics and engagement with your company. Demographics narrows down characteristics that you’re trying to target, such as age group, income, parenting status, etc. Using data from past leads can help you determine the type of prospects that are likely to become customers.
Many companies use lead scores that go from 0 to 100. Score prospects on how close they are to your target audience and on their online activity. Have they visited multiple pages or downloaded an offer? A prospect who visited several pages would have more points than one who never made it past your home page. Look at how engaged they are on social media or with email marketing efforts.
Lead scoring systems include negative scoring. This includes deducting points when behavior changes. For example, they may become less engaged or they unsubscribe from your newsletter.
Evaluate the Data
Spend time evaluating the information you’ve gathered and consider what story it’s telling you. Is your content reaching the people you’re hoping to reach? Look at the information as a whole rather than just part of it. The people that are engaging with you on social media may just be doing research and may not actually be interested in doing business with you. A person that isn’t engaging but is clicking through to the price page is showing interest and may become a conversion.
Your sales team and your analytics reports can help you identify what content is most valuable for getting conversions. This can help you decide what points to assign to behaviors. Engaging with customers on social media or through surveys can also give you valuable information on what made them decide to buy from you.
Using a Lead Scoring System
A good lead scoring system can help you be more competitive in your industry. It can help you target the right people before your competition gets to them. You may need to tweak your lead scoring system periodically, especially as your company grows and you redefine your target market.
It may take time to establish an effective lead scoring model. If this sounds daunting and you don’t know where to start, Softline Solutions can help. Whether you need help establishing a lead scoring system or improving any other part of your digital marketing strategy, you will benefit from our expertise. We’ve helped hundreds of customers to succeed online and we want to help you, too. Get in touch with us today.
