Do you score Leads?
One key element of a successful marketing strategy that can often overlooked is the practice of lead scoring.
I've previously written about Lead Nurturing and its importance to any modern-day marketing strategy. With buyers now getting their information and products on a suitable timescale, lead nurturing is the practice of building relationships with qualified prospects, by sending them useful, targeted information that is relevant to them.
With buyers increasingly using online channels, marketing now meets prospects earlier than ever in the buying process – usually long before they are ready to engage with sales.
An effective leads scoring policy means passing fewer, but higher quality, leads to sales. A 10% increase in lead quality = a 40% increase in sales productivity. By not wasting their time on lower-quality leads, sales reps are focussing their time on high quality leads and, as a result, produce much better results.
Lead Scoring can be done effectively using a variety of methods and, as with most elements of marketing, there is no definitive right way. Many businesses will first determine their perfect client and score prospective leads accordingly. For example, +3 part of a business of over 50 employees, +4 for being in the determined catchment area and +2 for being of the correct Job Function.
But in order for a lead nurturing strategy to work successfully, it's imperative not to stop there. Why rank a prospect's importance without determining what stage of the buying process they're at?
Particularly in B2B marketing, a prospect's qualification is defined not by their words, but their actions. So, for example, they score +1 for the initial visit to your website, an additional +2 for a visit to your products benefits page and a further +5 for parting with their information and registering for a downloadable form.
It is then up to you to determine what is a suitable 'total' number with which you feel the lead is ready to be approached by you in order to make a sale. Remember, less than 25% of leads are sales-ready and the vast majority will simply be turned off by a direct approach. This is why an initial Lead Nurturing strategy is so important.
Microsoft CRM is one-such tool that allows you to score Leads easily and effectively, with minimal time and expense to your business. Leads can be automatically scored on behavioural activity, including website visits – where both known and anonymous visitors are tracked.
This means that prospects with a stronger interest can be placed on a more accelerated pre-determined sales path, while communications are scaled back with less interested leads.
The underlining message is: Whether it takes days or months, you are converting leads into clients via an approach that is automated, yet suited and tailored to the individual.
It sounds easy and, with the help of products such as Microsoft CRM, it really can be.
Lead Scoring is just one element of a wider Demand Generation Strategy. Stay tuned for much more in the coming weeks.
At Contact Edge CRM, we specialise in Microsoft CRM, which helps businesses find creative ways to engage with customers. And by accurately tracking how the first engagement was initiated, it is easy to determine which elements of your marketing strategy are working.
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