Lead scoring is a vital process for any business as it helps to prioritize and focus sales and marketing efforts on the most qualified leads.
When done correctly, lead scoring can be an extremely valuable tool for any business. By taking the time to understand your target market and identify the key factors that influence purchase decisions, you can skyrocket your sales and revenue.
However, that’s only possible if your lead scoring system works like clockwork. How do you improve its accuracy? This is what this article is all about.
Read on to learn about five effective ways to improve your lead scoring process and get the most out of your marketing efforts.
What Is Lead Scoring?
Lead scoring is a system that ranks potential leads according to their likelihood of converting into customers.
The higher the rank, the more likely it is that the lead will convert. There are many factors that go into lead scoring, including demographic information, engagement level, and company size.
While the concept is pretty straightforward, the actual implementation process can prove to be an ordeal even for large organizations with extensive resources.
Sales and marketing teams are often the best sources of information when it comes to improving lead scoring.
They know which leads are most likely to convert, and they can provide invaluable tidbits of information needed to adjust the existing lead scoring system. You can’t get that data from third-party sources because nobody knows your customers better than your sales and marketing.
By talking to your sales and marketing teams and incorporating their feedback into your lead scoring system, you can improve its accuracy and effectiveness.
2. Adopt Negative Scoring Attributes
In order to improve lead scoring, it is important to adopt negative scoring attributes. This will allow you to differentiate between good and bad leads and focus your time and energy on the ones that are most likely to convert.
Some things you may want to consider including in your negative scoring attributes may include: lack of engagement, low budget, entry-level job title, and more.
By identifying and targeting these leads, you can free up the time and resources to pursue high-quality leads, drastically elevating the ROI across the board.
3. Partner with a B2B Intent Data Provider
Lead scoring is a purely data-driven process, and no company in the world – well, except for Google and Amazon; they can do whatever they want – has enough first-party data to develop a truly powerful lead scoring system.
One of the best ways to improve your lead scoring process is to partner with a reputable B2B intent data provider.
From lead enrichment to data validation, you can significantly improve the accuracy of your model if you integrate it with third-party sources that provide insights into how your visitors actually interact with your brand online.
Predictive lead scoring is a process that uses statistical models, machine learning, and AI to predict the probability of a lead converting into a customer. It is a key component of modern demand generation and helps companies prioritize their sales and marketing efforts.
Predictive lead scoring models are typically based on historical data and take into account a variety of factors, including firmographics, demographic data, behavior data, and interactions with the company.
The goal is to build a model that can accurately predict which leads are most likely to convert so that you can focus your resources on them.
There are many different ways to approach predictive lead scoring, but one common method is using machine learning algorithms.
These algorithms analyze your historical data and look for patterns that indicate a lead is more likely to convert. Once the algorithm has been trained, you can then score new leads and prioritize them accordingly.
5. Develop a Lead Scoring System Improvement Plan
When it comes to improving a lead scoring system, it’s important to take a systematic approach. With so many tasks to do, it’s easy to let strategic tasks slip through the cracks.
This means taking a step-by-step look at what needs to be done in order to improve the system as a whole. Here’s how:
You need to develop a lead scoring improvement plan and treat it as a standalone project.
There are several factors that need to be considered when mapping out the action plan, including.
The goals of the lead scoring system
The current state of the lead scoring system
The resources available to improve the lead scoring system
The desired outcome of the improvement project
Once these factors have been considered, it’s then possible to develop a plan of action that will help to improve the lead scoring system. This plan should be tailored specifically to the needs of the business and the resources that are available.
Again, don’t treat this process as just another task. If needed, deploy a project management tool to clearly outline the work that needs to be done. Gantt charts are perfect for this task – you can use Instagantt, ClickUp, or even Google Sheets. There are a number of options to choose from.
Some of the steps that may need to be taken in order to improve a lead scoring system include:
Evaluating the current lead scoring criteria
Reviewing the existing lead scoring model
Identifying opportunities for improvement
Developing new or updated lead scoring criteria
Testing and validating the new or updated lead scoring model
Implementing the new or updated lead scoring system
Monitoring and adjusting the lead scoring system as needed
By taking these steps, you can ensure that your lead scoring system is as effective as possible. This, in turn, can help to improve sales results and conversion rates.
Over to You
Lead scoring is a vital part of any demand generation strategy. By taking the time to improve your lead scoring process, you can make sure that you’re focusing your efforts on the leads that are most likely to convert.
Do you have any tips for improving lead scoring? Share them in the comments below!
Old Navy will update its yearly Fourth of July promotions by saluting the metaverse with an NFT drop, going live June 29.
In honor of the year they were founded, the retailer will release 1,994 common NFTs, each selling for $0.94. The NFTs will feature the iconic Magic the Dog and t include a promo code for customers to claim an Old Navy t-shirt at Old Navy locations or online.
“This launch is Old Navy’s first activation in web3 or with NFTs,” an Old Navy spokesperson told MarTech. “As a brand rooted in democratization and inclusivity, it was essential that we provide access and education for all with the launch of our first NFT collection. We want all our customers, whether they have experience with web3, to be able to learn and participate in this activation.”
Accessible and user-friendly. Any customer can participate by visiting a page off of Old Navy’s home site, where they’ll find step-by-step instructions.
There will also be an auction for a unique one-of-one NFT. All proceeds for the NFT and shirt sales go to Old Navy’s longtime charitable partner, Boys & Girls Clubs of America.
Additionally, 10% of NFT resales on the secondary market will also go to Boys & Girls Clubs.
The Old Navy NFTs will be minted on the Tezos blockchain, known for its low carbon footprint.
“This is Old Navy’s first time playing in the web3 space, and we are using the launch of our first NFT collection to test and learn,” said Old Navy’s spokesperson. “We’re excited to enable our customers with a new way to engage with our iconic brand and hero offerings and look forward to exploring additional consumer activations in web3 in the future.”
Why we care. Macy’s also announced an NFT promotion timed to their fireworks show. This one will award one of 10,000 NFTs to those who join their Discord server.
Old Navy, in contrast, is keeping customers closer to their owned channels, and not funneling customers to Discord. Old Navy consumers who don’t have an NFT wallet can sign up through Sweet to purchase and bid on NFTs.
While Macy’s has done previous web3 promotions, this is Old Navy’s first. They’ve aligned a charity partner, brand tradition and concern for the environment with a solid first crack at crypto.
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About The Author
Chris Wood draws on over 15 years of reporting experience as a B2B editor and journalist. At DMN, he served as associate editor, offering original analysis on the evolving marketing tech landscape. He has interviewed leaders in tech and policy, from Canva CEO Melanie Perkins, to former Cisco CEO John Chambers, and Vivek Kundra, appointed by Barack Obama as the country’s first federal CIO. He is especially interested in how new technologies, including voice and blockchain, are disrupting the marketing world as we know it. In 2019, he moderated a panel on “innovation theater” at Fintech Inn, in Vilnius. In addition to his marketing-focused reporting in industry trades like Robotics Trends, Modern Brewery Age and AdNation News, Wood has also written for KIRKUS, and contributes fiction, criticism and poetry to several leading book blogs. He studied English at Fairfield University, and was born in Springfield, Massachusetts. He lives in New York.