Organisations across different verticals are always in dire need of high-potential leads. Every firm tends to make it’s lead management methodology a top-most priority. Ensuring only sales-ready prospects are entering their sales funnel. To make the entire process seamless and most accurate, lead scoring can help marketers & sales officers identify and qualify leads to make a healthy sales pipeline.
According to Gleanster Research, hardly 25% of leads are legitimate and are assigned to the sales team. And additionally, only 56% of B2B organizations verify their leads before they’re advanced to sales.
In fact, these numbers demonstrate why Lead Scoring Software is vital to every organization.
Let us first understand the concept & process of lead scoring!
Then further, analyse what difference it can make to your lead management process.
What is Lead Scoring?
It is the process of evaluating the sales readiness of a lead using a predeﬁned technique. The parameters can be differentiated according to the business use cases. But, mostly identify actionable behavioural patterns and characteristics to know the buying intent.
Lead scoring improves lead quality, helps conversion rates and eliminates mundane manual processes with ease.
Is it too confusing??
Here’s an explanation using less jargon for a better understanding:
Imagine, you are a Lending Organization –
One individual comes to your website and checks out your different loan products. But now you have the data and you were able to quickly and accurately assess the buying intent of website visitors. By analyzing their actionable behavioural patterns like downloading your E-book, Case Studies etc. You can assign them either ‘+ve’ lead scores or ‘-ve’ ones according to their firmographics.
It helps land the most promising leads, resulting in a significant increase in closed deals. In addition, the marketing efforts become more effective, as you’ll be able to target our advertising and outreach to those most likely to convert.
Why Lead scoring plays an important role in the lead management process?
Lead scoring plays an essential role in the lead management process by helping businesses prioritize and focus on the most promising leads. By assigning a numerical score to each lead based on their likelihood to convert. Businesses can quickly and accurately identify which leads are worth pursuing and which are not. This saves time and resources that would otherwise be wasted on unqualified leads. And, helps focus on leads that are most likely to result in closed deals.
In addition, lead scoring improves the effectiveness of marketing efforts. It allows the organisation to target their advertising and outreach to those most likely to convert. By focusing on leads with the highest scores. They can maximize the return on their marketing investments and optimise their overall sales process.
Overall, lead scoring software is a crucial tool for every business. It helps to effectively manage leads and improve the chances of conversion rate in much-reduced turnaroundtime.
How to measure & calculate the user scoring system?
There are several ways to measure and calculate a lead scoring system, and the specific method will depend on the needs and goals of the business. Here are a few common approaches to lead scoring:
- Demographic scoring: This method assigns points to leads based on their demographic characteristics, such as their industry, company size, job title, and location. This can help businesses prioritize leads that are most likely to fit their target ideal customer profile.
- Behavioural scoring: This method assigns points to leads based on their actions and behaviours, such as the pages they have visited on the website, the content they have downloaded, and the forms they have filled out. This can help businesses identify leads that are most engaged and interested in their products or services.
- Engagement scoring: This method assigns points to leads based on the level of engagement they have with the business, such as the number of emails they have opened, the number of webinars they have attended, and the number of times they have visited the website. This can help businesses prioritize leads that are most engaged and interested in their products or services.
Once the scoring method has been determined. Businesses can calculate the lead score by adding up the points assigned to each lead based on their characteristics and behaviours. This score can then be used to prioritize leads and determine which ones are most likely to convert.
Vital parameters of user-scoring:
There are different types of features that can help you fill your sales funnel with only sales-ready leads. You can find a lead scoring system/feature that can guide you through the lead management process and make simplified.
- Score builder – Create lead scoring data according to the business ICP and thus help sales officers close deals quicker.
- Integration to score external data – Capture data & assign scores, for Example – Cibil Score
- Actionable behavioural data – A process used to measure a lead’s readiness for closure by assigning a numerical score based on their progress through the sales funnel. For example, a lead who has visited the landing page multiple times and spent a significant amount of time on the website may be considered more sales-ready than a lead who has only visited the website once.
- Lead prioritisation – By implementing a lead routing system, businesses can ensure that sales reps only interact with the highest quality leads, which can improve their chances of closing the deals and maximize the return on their sales efforts.
All these parameters are critical for Lead Scoring Software to perform at its highest level. The scoring tool ensures your sales funnel is filled with top-quality leads. And, helping sales officers efficiently, reducing the sales cycle and increasing the chances of conversion effectively.
However, the effectiveness of lead scoring will depend on various factors, such as the quality of the lead data, the relevance of the scoring criteria, and the skill and experience of the sales reps. Additionally, the specific impact on conversion speed will vary depending on the business and the state of the market.
Streamline lead management process & shorten your sales cycle: Toolyt
If you’re looking for an ideal mobile solution to qualify leads, manage lead types & stages?
Toolyt is the answer. The most effective platform you can adopt & implement to manage the lead management process seamlessly. It increases the conversion rate via sales-ready prospects through the intelligent lead-scoring tool to make your sales team close deals quicker.
Do you want to know how we can improve your business use case and help lead management process effectively?
Schedule a demo to find out HOW!