For B2B marketers it can be a struggle to approach leads and identify their stage in the sales funnel. When the sales team asks for lead hand offs and leaders ask for an update on marketing ROI, the struggle further increases. That’s why marketers are now leveraging the power of lead scoring software to identify lead status, stage in the marketing funnel and share updates easily through data.
Let’s read more into this.
What is a lead scoring software?
Lead scoring software lets you measure a prospect’s likelihood of buying. It is a useful system that ranks prospects and shows how valuable a prospect is to an organisation.
In a way, a lead scoring software acts as a sales acceleration platform because it gives you to-the-point insights of a prospect.
According to Marketing Sherpa Blog, CMOs have realised 138% lead generation ROI through lead scoring.
Therefore, it makes sense for them as well as other businesses to invest on a lead scoring software to achieve greater ROI on marketing.
For this, organisations must establish an efficient lead scoring practice and clearly define what a qualified lead means to them. This way, their lead scoring software adds and subtracts points from a lead to give priority to the most relevant, sales-ready lead.
How does lead scoring work?
As a marketer you must prioritise and engage with leads through targeted marketing. This increases the chances of a conversion. You can do this efficiently with the help of a lead scoring software.
It also helps you determine how to measure marketing ROI through lead scoring.
This is how lead scoring works in a software-
- It uses historical data of a prospect, such as previous interactions on social media, etc,
- Along with this, it uses external features like demographic (age, gender, location, etc.), customer behaviour, predictive analytics and other data sources.
- You can also incorporate your requirements to see which prospect meets those requirements with maximum efficiency.
For example, lead scoring on LeadMi is an extremely easy feature to use. You can put in your requirements and target leads accordingly.
Set filters and target CXOs, investors, other stakeholders and industry decision-makers, millennials, etc, and manage personalised campaigns.
You will receive relevant leads according to the custom priorities that you set. The most relevant leads will appear to you first so that you can reach out and follow up with them in a way that increases the chances of their conversion.
- The software then helps you analyse customer behaviour with in-depth details and information. This can help you predict the next move of your potential buyer even when they themselves don’t know about it.
- Lastly, you create personalised with all the information that you gather from the software. It makes social media campaign management and content management a real breeze.
Such a marketing automation software improves business performance through targeted marketing and reducing risk of conversion.
What is marketing ROI of lead scoring?
Measuring ROI through lead scoring is easy.
You list down the total number of relevant leads that you can extract from the lead scoring software.
Calculate the total number of paid conversions out of these leads.
If this meets your marketing metrics then you know that you are investing on the right channel.
They key is to-
- Be broad. Different potential customers may learn about your product or service in different ways.
- Work with your sales team to identify the most crucial features that define a qualified lead.
- Measure the outcome of your strategies from time to time so that you can improve constantly.
- Contact your sales team frequently to receive feedback on the lead quality.
With these simple measures you can ace lead scoring and provide data-backed ROI on marketing spend.
Take up ownership and accountability for the best results!