Having a solid lead scoring model can not only increase efficiency and drive revenue, it can also help meet the need to further define target audience, qualification criteria, target messaging and more. And, it brings both sides to the table for a common purpose.
Here are some tips for getting started:
- A lead scoring model needs to incorporate both explicit scoring, including BANT (Budget, Authority, Need, Time frame), demographic information on a prospect and implicit scoring, such as weighing behavior/activity attributes such as website activity and email interaction.
- All three methods (BANT, demographic, and activity) need to be considered to minimize the likelihood of false positives, or those leads that get through the process but are not truly qualified.
- The model needs to be easy to create and maintain, but more importantly, it needs to be easy to share/communicate across the organization. Putting it in terms that both marketing and sales can understand will help facilitate agreement on what is a ‘qualified lead.’
- KISS- if it is too complicated, then it will become obsolete as soon as it is established. I once worked with a client that had over 15 key levers or indicators they used for lead scoring. They spend many months confirming with sales that the levers were correct and then even more time custom building an application to filter leads according to the approach. The downfall was that they found, even after their efforts, the most highly qualified leads still took over 2 weeks to reach their desired sales person, while others ended up in marketing lists that were rarely re-visited. For a company in a fast moving industry, this could mean the KISS of death.
So get started before the new year approaches. Putting the lead scoring approach to work will probably uncover more than just added revenue.