B2B lead scoring is a widely used methodology by business-to-business marketing and sales teams to predict the likelihood of a lead to convert. It is a process in which you allocate a score (typically between one and one hundred) to your B2B leads.
What is B2B lead scoring?
Predictive lead scoring indicates the purchasing intent of your leads. The better the score, the more probable it is that they will purchase.
Lead scoring’s growth tracks the evolution of how B2B clients buy. Historically, buyers were required to communicate with sales early on in the product research methodology. As a result, sales may have a bigger effect over a longer section of the purchasing cycle.
Buyers now begin their information gathering process well in advance of contacting a possible vendor. Buyers are going to the web to obtain whitepapers and case studies, read corporate reviews, and solicit the opinions and thoughts of others via social media.
Numerous studies demonstrate that customers can be halfway through their investigation before engaging with a supplier for the first time.
B2B lead scoring systems take two sorts of data into account to stay current with the new B2B purchasing process. 1) detailed data such as job title, company revenue, and industry; and 2) engagement data such as the frequency with which a prospective customer interacts with your corporation, the regions of your website they visit, and the information they download.
B2B lead scoring was created to assist you in classifying prospects and identifying high-quality leads. By determining which leads are much more likely to convert to customers, you can save time and eventually increase your bottom line.
Why do you need a B2B lead scoring model?
For every 100 leads generated for your business, how many do you believe to be instantly sales-ready? Well, if a recent study is to be believed (and many marketers view the estimates as generous), the answer is around 25.
The same number, however, is extremely unlikely to buy from you. That leaves 50. These 50 prospects are not in a position to purchase from you now, and 50 prospects who could gravitate towards your competitors should you fail to make a good impression. B2B predictive lead scoring can help you win these prospects.
Advantages of B2B lead scoring
Companies who plan their B2B lead scoring models well generate 50% more sales-ready leads at 33% lower cost per head. Lead scoring is the science of quantifying the value of your leads.
In addition, if planned properly can help you distribute relevant content that results in your business staying at the forefront of prospects’ minds.
One of the numerous advantages of B2B lead scoring is that it promotes sales and marketing alignment and collaboration. To ensure that lead scoring works, both teams must agree on an objective basis of a high-quality B2B lead.
B2B lead scoring provides systematic input to marketing on the quality of B2B potential customers (leads) so that improvements can be made to predictive lead generation and prospecting.
Here are some amazing benefits of B2B lead scoring strategy
Increased Efficiency of B2B sales process
B2B lead scoring elicits information about a consumer’s intent to purchase (are they ready and able to purchase your product?). Have you ever entered an industrial supplier and been overwhelmed due to a salesperson?
Nobody wishes to be pushed into making a purchase. These forms of sales practices irritate and anger customers, causing them to walk out the door.
The same principle applies to e-business. If prospective customers are still in the research stage, you do not want to overwhelm them with specific details regarding your product. To determine where your leads are in the B2B sales cycle, you can use B2B lead scoring. It tells you whether or not you should continue nurturing the lead and when you should call them.
Setting the appropriate lead scoring rules
By setting appropriate B2B lead scoring rules, your level of engagement with a prospect can be based on the amount of interest they have shown in your business or a particular product.
For instance, a potential customer whose interest is hinted at by nothing more than a handful of page views will likely be thoroughly bemused if they receive a personal email from a salesperson within 24 hours.
On the other hand, a prospect who has downloaded dozens of white papers, viewed several webinars and consistently clicked on your tracked custom redirect links has probably shown enough to be considered sales-ready. Effective lead nurturing demands a well thought out lead scoring strategy.
With this in mind, you should consider the following B2B lead scoring elements:
What is the prospect’s background?
In some cases, scoring a prospect based on their geographical location can help determine who is more likely to buy from you. For instance, if you are a small company based on the Scottish borders, you may deem someone from the vicinity more likely to buy from you than a visitor from the south of England.
A business development manager, for example, is likely to be of more value as a prospect than an intern – set your rules accordingly.
Consideration should be given to the type of organizations you are targeting. Are big-scale industrial companies more likely to buy from you? Do you only wish to deal with major organizations?
Appropriate B2B lead scoring data will ensure the most suitable prospects rise to the top.
How did the prospect find you?
Using this data is not only useful for generating accurate ROI reports in terms of specific campaigns. How a prospect discovers you can tell you a lot about what they expect from your company. For instance, perhaps they have posed a particular question in Google and identified your business as a potential solution.
Prospects may use offline methods
Prospects should also be scored if they have found you through offline methods such as trade shows or presentations. Taking this data into consideration can greatly aid in mapping a drip campaign journey and help establish a prospect’s starting point in the marketing funnel.
What is the prospect doing?
B2B lead scoring algorithms should consider all website activity, from page visits, links clinked, downloads and registrations. These can provide invaluable insights into a prospect’s level of interest and help marketing departments prioritize stronger leads.
Behavioural lead scoring
For instance, webinar registration is a far more tangible suggestion of interest than a visit to your FAQ section, which should be reflected in the scoring.
Effective behavioural lead scoring should see the prospect automatically make their way through the marketing funnel. Then, it should be allowing them to be passed on to sales when their actions have overwhelmingly suggested a sales-ready state.
Evaluation of B2B lead scoring data
Using the data from these three questions is essential for analyzing lead scoring metrics that work for your company. That said, it should be remembered that impact is not immediate, and measurable results can take up to three months to be seen. As such, planning is key.
Marketing and sales should work together to agree on the profile of a sales-ready lead and be ready to adapt should the desired results fail to occur. It may take a little trial and error.
Still, once the perfect B2B lead scoring model for your business has been established, both departments are sure to reap the benefits.