Published on
Jun 2022

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◗◗Lead Scoring 101: How to Prioritize Your Sales Efforts

5 min. read
Lead Scoring 101: How to Prioritize Your Sales Efforts

In this digital world, businesses are trying to leverage advanced tools and techniques to maximize their sales efforts. One such technique is lead scoring, which helps you identify your most promising leads. You can employ this information to tailor your marketing strategies to meet the needs of high-scoring leads.

Additionally, if your sales team knows how to prioritize high-potential leads, they can save their time on dead-end prospects. This saved time can be invested in other business tasks to optimize sales and generate more leads.

According to Abdaslam, around 40% of salespeople have benefitted from lead scoring. In this write-up, we’ll discuss lead scoring and how to implement it for maximum benefit. Let’s discuss everything in detail!

What is Lead Scoring 101?

Lead scoring is a technique used in sales and marketing to rank potential leads based on their likelihood of converting into paying customers. It is a process in which you assign a numerical value to leads based on certain factors. These factors involve demographics, behaviors, interactions with marketing materials, and engagement with your company’s products.

Consider some lead scoring examples. A lead who visits a website multiple times, downloads a whitepaper, and interacts with email campaigns receives a high lead score. In contrast, a lead who only sees the website once and engages a little with your website content may get a low lead score. You can perform lead scoring manually or use automation tools such as CRM. Research says 84% of companies consider CRM the most beneficial automation tool for obtaining qualified leads.

Lead Scoring 101: How to Prioritize Your Sales Efforts

How to Score Lead Points?

Lead scoring is not a one-step process; instead, it involves multiple layers that are discussed below:

1.    Create a Buyer Persona

The first step in lead scoring is creating a buyer persona, which is a semi-fictional representation of your ideal customer. A buyer persona can be made of quantitative research, observation, and customer data analysis. It can include interests, preferences, pain points, and customer buying behavior. Creating a buyer persona assists you in understanding your target audience better. So, you can align your lead scoring criteria with the characteristics of your ideal customers.

2.    Determine Lead Criteria

Once you clearly understand your buyer persona, you must determine the criteria you need to score leads. These criteria should align with the characteristics of your ideal customer and should be based on relevant data. This data can include lead source, demographic information, engagement level, and behavior. Although the lead criteria can vary depending on your business, the common ones are:

  • Demographics: This includes basic information about the lead, such as their job title, company size, & location.
  • Behavior: This includes the lead’s actions that indicate buying intent. For instance, website visits, signing up for a free trial, or adding items to a shopping cart, etc.

3.    Assign Weightage or Point Values

Giving a lead score aims to identify high-scoring leads that can help you close a deal. This means not all leads can get the same weightage or value. You should assign points based on lead importance and the chances of its conversion. Remember, the weightage or point value should be based on your business goals, sales objectives, and marketing strategies.

For instance, if someone subscribes to your blog updates, they aren’t very likely to become your paying customers. In contrast, if someone requests a demo and adds products to their cart, they are going to be your good paying customers. So, you should assign 5 points to blog subscribers and 20 to 30 points to your customers who request a demo to show strong buying intent.

Communicate with the Sales Team

They play a crucial role in lead scoring, as they are at the front lines of engaging with leads. They understand your customer’s behaviors and needs and quickly determine which lead is going to be a buying customer. Moreover, they can provide insights you may still need to include in your buying persona. So, it’s essential to involve the sales team in the lead scoring process and gather their feedback to fine-tune the scoring criteria.

Get Feedback from Customers

You should contact your consistent and top customers to get more details and insights into top leads. For instance, you can ask them about their early steps before purchasing from you. You can then collect data about the choices and preferences of your ideal customers that help you in lead scoring. Conduct surveys, request feedback, and carry out customer interviews to get this information.

When you get direct feedback from customers, you better understand your target audience. Hence, you can align your lead scoring criteria with their preferences, increasing the accuracy of your lead scoring model.

4.    Set Thresholds for Each Criterion

Once you have assigned weightage or point value to each criterion, the next step is to set thresholds for each criterion. Typically, thresholds are predetermined values that indicate whether a lead meets the criteria or not.

For example, if you have assigned a weightage of 10 points to a lead source criterion, you can set a threshold of “website” to indicate that leads coming from the website will receive 10 points.

Meanwhile, leads from other sources may receive fewer points or no points at all, depending upon the assigned weightage and values. Setting a threshold helps your sales team to prioritize quality leads instead of stressing over what to do next.

Although lead scoring manually may seem cost-effective, it’s time-consuming and can result in data inaccuracies. So, to eliminate these issues and streamline your lead generation and scoring, you should go for automation tools. Using sales and marketing automation tools is one of the lead-scoring best practices. These tools automate everything, making your data collection efficient and accurate! Additionally, you can use these advanced tools to do quick lead capture.

For a comprehensive look at momencio’s lead scoring capabilities, explore our detailed article on advanced lead scoring mechanisms: how momencio prioritizes and enhances lead engagement.

Conclusion

Lead scoring may seem like a challenging task, but it’s not. Especially if you are aware of lead scoring models and their best practices, you can quickly implement them to get high-quality leads. However, performing all these tasks manually can be stressful.

 

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momencio - AI Lead Enrichment

Overview

The AI Lead Enrichment is a proprietary service of momencio designed to simplify and enhance the
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By using momencio’s mobile or tablet app, you can use the device’s camera to take a clear picture of any form of identification, including, but not limited to, name tags/event badges/business cards. Our AI-driven service leverages OCR technology to identify any information captured and map any relevant data to a contact record. The contact record is then fed to our Lead Enrichment service, which creates a more complete contact record. The process provides exhibitors with the most accurate and up-to-date contact details available.

The Reality of Event Data Collection

In the dynamic environment of event floors, achieving perfect data accuracy can sometimes be challenging. Both traditional lead capture methods using event APIs and AI Lead Enrichment strive for
high accuracy, but various factors can impact the data collected:

  • Personal Email Usage: Some attendees register with personal email addresses.
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Our Commitment to Excellence

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Despite these potential challenges,
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  1. Data Capture: Seamlessly capture attendee information such as first name, last name, and
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By operating independently of event-specific APIs, ULC offers versatility across various events while enhancing your lead capture and engagement efforts.

Additional Information on Event APIs

Traditional event APIs play a crucial role in modern event management, facilitating tasks like attendee data collection and session tracking. However, there are common challenges associated with these APIs:

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  • Inconsistent Data Quality: Variability in data quality can undermine event analytics.
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How AI Lead Enrichment Works

  1. Data Capture: Captures attendee information, including first name, last name, and company
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By leveraging momencio’s AI Lead Enrichment, you can transform event interactions into meaningful business opportunities, ensuring every lead is accurately captured and effectively engaged

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