There’s a famous scene in the movie Glengarry Glen Ross that most salespeople know well. Alec Baldwin is speaking to a group of salespeople about the coveted “Glengarry” leads – the leads that are the highest quality and will almost certainly result in closed business for the people that receive them.
In today’s increasingly competitive sales and marketing world, one of the biggest challenges continues to be prioritization of activities. But what if you could create a scientific model that would help you ensure that your sales organization was focusing its energy on high-yield prospects – the Glengarry leads?
Let’s Talk About Something Important: Lead Scoring
Behavioral marketing automation platforms have made it easy to implement lead scoring models that rank inbound leads by assigning values to both explicit (title, industry, etc.) and implicit (requested a demo, downloaded a white paper, etc.) data. Scoring inbound leads will help your sales organization to prioritize their queue and zero in on the “Glengarry” leads.
Great news – it’s not difficult to implement lead scoring. You probably have at least some historical data on the attributes of customers that have bought your products or services in the past – you can use this data to begin building your lead scoring model. Even if you’re an early-stage company with little or no customer data, you probably have some idea of what your ICP (Ideal Customer Profile) looks like. Similarly, you probably have some idea about which behaviors should be scored higher than others – as an example, someone that completes a demo request form may be scored higher than someone that downloads a single white paper.
Go and Do Likewise: Other Factors to Consider
As your model becomes more advanced, you can begin to incorporate elements like frequency and recency into your scoring. For instance, someone that returns to your website to retrieve or review content for three consecutive days should probably be placed high on the priority list.
As I mentioned previously, most lead scoring models combine explicit (profile) and implicit (behavior) data to calculate a score that is based on fit and intent.
At Silverpop, our scoring model assigns weight to both types of data and determines score based on these attributes.
Leads must meet a minimum score to be considered “marketing qualified” – if they don’t meet this minimum threshold, they never make it to sales. Instead, they’re dropped into a nurture campaign (we’ll talk about that in more detail in a later post). This filtering approach also helps to cut down on time and energy wasted by your sales team calling on leads that haven’t been classified as “sales ready.”
If you’re using Salesforce.com, Microsoft Dynamics or a similar CRM, most lead scoring technology platforms can integrate and feed this score directly into the lead records that your sales team is already used to working within. This minimizes the need for your sales team to adopt new behaviors or be trained on new systems.
Once your model has been created and integrated with your CRM, you can build reports and views that will help your team prioritize their leads by score – voila, you’ve officially entered into the world of lead scoring.
Coffee’s For Closers Only: Does It Work?
If you’re skeptical about the impact of lead scoring and nurturing, check out these third-party statistics:
- 46% of marketers with mature lead management processes have sales teams that follow up on more than 75% of marketing-generated leads. (Source: Forrester Research)
- Companies with mature lead generation and management practices have a 9.3% higher sales quota achievement rate. (Source: CSO Insights)
- Companies that automate lead management see a 10% or greater increase in revenue in six to nine months. (Source: Gartner Research)
- 50% of leads are qualified but not yet ready to buy. (Source: Gleanster Research)
- Only 25% of leads are legitimate and should advance to sales. (Source: Gleanster Research)
We’re all tasked with doing more with less these days, and the key to that is prioritization. Think of it in terms of opportunity cost – every time one of your salespeople follows up with a lead that’s not sales ready, that’s energy and effort that could have been directed toward a sales-ready buyer.
If you haven’t done it already, move toward a lead scoring model ASAP. Even if it’s rudimentary in the beginning, it’s a start and you can become more sophisticated over time.
Also, remember that this is an iterative process and you probably won’t get your model exactly right on your first attempt, but as a wise man once said, done is better than perfect.
The “Glengarry” leads are somewhere in your queue. Does your sales team know which ones they are?
1) White Paper: “The Ultimate Guide to Scoring Customers and Prospects”
2) Blog: “Tapping the Power of Modern Scoring”
3) Blog: “5 Creative Ways to Use Scoring”