As a modern marketer, you have the potential to generate an incredible number of leads.
But, how do you prioritise and nurture those leads in order to maximise your return on investment?
Answer: This is where lead scoring comes in.
Lead scoring is a powerful tool that allows you to quickly identify which leads are most likely to convert and take action on your offers, allowing you to focus your efforts on those who are most likely to actually purchase or sign up.
Let's take a closer look at how it works.
What is Lead Scoring?
Lead scoring is the process of assigning values (or “scores”) to individual prospects based on their behaviour and the data they provide during the sales process.
By assessing certain criteria such as purchase history, interactions with marketing campaigns, job title, website visits and more, marketers can create an accurate picture of which leads are most likely to convert into customers.
This way, marketers can focus their attention on cultivating relationships with those prospects who have already expressed interest in their product or service.
With lead scoring, marketers can better understand which leads are worth pursuing and which ones should be ignored or passed off to other members of their team.
How Does Lead Scoring Work?
Lead scoring works by assigning points (positive or negative) for various criteria associated with each individual lead.
For example, if someone visits your website multiple times but never fills out a form or interacts with any content, they may receive a lower score than someone who downloads an eBook or signs up for a trial offer / book a demo.
The higher the score assigned to each lead, the more “valuable” they become.
At this point, marketers can then reach out directly to these high-value prospects in order to nurture them further down the sales funnel.
What are the Benefits of Lead Scoring?
The benefits of lead scoring include increased efficiency in targeting prospects and improved ROI from marketing campaigns by focusing resources on those most likely to convert into customers quickly and easily.
Additionally, lead scoring allows marketers to prioritise outreach efforts by identifying hot leads who have already expressed interest in certain products or services and then nurturing those relationships while passing off cold leads that need additional nurturing before they become valuable customers.
Finally, lead scoring helps marketers better understand customer behaviour so they can refine their target audience segments accordingly and develop more effective marketing strategies over time.
Now you better understand the lead scoring now it's time to get implementing.
As big fans of HubSpot here is a step-by-step guide on how to set up lead scoring in HubSpot
Step 1: Go to the settings menu in your HubSpot account and select "Lead Scoring"
The first step in setting up lead scoring in HubSpot is to navigate to the settings menu in your account. From there, select the "Lead Scoring" option.
Step 2: Click on the "Create the new lead scoring model" button
Once you are in the lead scoring section, you will see a button labelled "Create new lead scoring model." Click on this button to start creating your lead scoring model.
Step 3: Define the properties that will be used to score leads
Next, you will need to define the properties that will be used to score leads.
These properties can include things like website behaviour, form submissions and email engagement.
It is important to choose properties that are closely aligned with your sales funnel and will give you an accurate representation of the lead's level of interest.
Step 4: Assign a point value to each property
Once you have chosen the properties that will be used to score leads, you will need to assign a point value to each one.
For example, you may choose to assign a value of 1 point for a website visit, and 10 points for a form submission.
The point values you assign will depend on the importance of each property in your sales funnel.
Step 5: Set up lead scoring thresholds
After assigning point values to each property, you will need to set up lead scoring thresholds.
These thresholds will determine when a lead is considered a "hot" lead and is ready for further engagement from your sales team.
For example, you may choose to set a threshold of 50 points, meaning that any lead with a score of 50 or higher is considered a hot lead.
Step 6: Assign actions to be taken when a lead reaches a certain score
To make the most of your lead scoring model, you should assign actions to be taken when a lead reaches a certain score.
For example, you may choose to send an email to a hot lead or assign the lead to a sales representative.
This will ensure that your team is engaging with the most promising leads in a timely manner.
Step 7: Apply the lead scoring model to your contacts and start tracking their scores
Finally, you will need to apply the lead scoring model to your contacts and start tracking their scores.
This will allow you to monitor the progress of your leads and make adjustments to the model as needed.
Conclusion:
Lead scoring is an essential tool for modern marketers looking to make the most out of their marketing efforts and generate maximum ROI from each campaign.
By assessing each individual prospect's behaviour and data points associated with them, marketers can quickly identify those leads who are most likely to convert into customers quickly and easily – allowing them to allocate resources appropriately while also avoiding wasting time on cold leads that require extra work before becoming valuable customers.
