How to Properly Leverage Lead Scoring to Make More Money

The biggest brands in the world understand one simple truth: Not all leads are created equal.

Having the ability to find and convert high-quality leads is what keeps these brands successful. The best and brightest aren’t just focused on volume; they want to sell to the best possible prospects.

Today, we’re taking a page out of their book and focusing on the quality of leads. Whether you’re running a corporate startup marketing campaign or moving your local business into the digital age, you can’t afford to waste time and money on weak leads.

That’s why I’m going to introduce you to the world of lead scoring and help you understand what it takes to build an effective lead scoring model for your business.

What is Lead Scoring?

Before we dive deep into the metrics and methods you’ll use, let’s establish a baseline definition of lead scoring.

At its core, lead scoring functions is a tool for marketers looking to qualify their leads accurately. Lead scores are used to determine how likely a particular prospect is to convert based on specific characteristics.

Why do lead scores matter? As I mentioned earlier, not all leads are the same. Forty-seven percent of B2B marketers found lead scoring to be effective, with 54 percent pointing to predictive lead scoring effectiveness.

The chances of converting a cold call lead are drastically lower than those of a referral lead. Using lead scoring, you’re able to arm yourself with a system that tracks and calculates lead scores.

What Are the Pros of Using Lead Scoring?

Now that you understand what lead scoring is, let’s talk about why it’s beneficial to your bottom line.

Less Wasted Time and Money

A business that uses lead scoring learns how to allocate its resources efficiently. Spending thousands of dollars and hundreds of hours on a marketing campaign that delivers average returns and unclear data is not something most businesses can afford.

Accurate Buyer Personas

Lead scoring is especially useful for businesses selling high-value products and services. The more complex the decision, the longer your average conversion time from prospect to customer. By evaluating their behavior throughout the buyer’s journey, you’re able to identify the prospects most likely to convert.

Using that information, you can update your buyer personas and start crafting marketing campaigns focusing on prospects typically converted.

Strengthen Your Prospect Relationships

The deeper your understanding of a buyer’s journey, the more likely it is that you’ll be able to point them toward a conversion.

Imagine for a second that Business XYZ already has a fantastic click-through-rate using paid ads. Ten percent of impressions lead to a click. That’s great news!

There’s just one problem: Its conversion rate is terrible. For whatever reason, it can’t consistently attract buyers.

By using lead scoring, Business XYZ can determine what pages and experiences scare away potential customers. More importantly, it’s able to change and …read more

Source:: Kiss Metrics Blog