Use Lead Scoring to Increase the Chance of Conversion
Use lead scoring to increase the chance of conversion. Marketing departments are collecting endless leads through demand generation activities such as email list sign-ups, events, and website registrations. Every lead has a unique profile and potential based on how they were obtained. Lead scoring is a powerful tool that can dramatically increase a company’s chance of conversion by ranking and qualifying leads prior to handing them over to the sales department.
Identifies where they are in the buying cycle
Every lead is at a different point in their buying cycle. Lead scoring rates each lead using a pre-determined set of criteria to identify both their potential to purchase and their behavioral triggers. This method allows only leads with a high likelihood of conversion to be given to sales, which will ultimately increase the chances of turning each scored lead into a sale.
Buyers online activity is priceless
Savvy buyers are spending more and more time researching products online prior to purchasing. Their online activity is a clear indicator of their interest and position within the buying process. This information can be priceless, when scored and ranked.
Prioritize based on the ideal lead
Lead scoring starts with a relevant list of criteria that is based on the ideal lead profile. The criteria should determine which leads have the highest potential for conversion and which are still in the infant stages of their buying cycle. By prioritizing leads, a company can redirect leads that are not ready to purchase back to the marketing department for further lead nurturing.
Improve the efficiency of the sales team
This process will improve the efficiency of the sales department, since they will no longer be wasting their time on unqualified or unlikely leads. Lead scoring also provides a more in depth profile of a quality lead’s characteristics, making it easier for sales to relate to specific leads and hopefully convert them into a new stream of revenue.
Quality over quantity
The number of leads given to the sales department will most likely drop significantly, but the odds of converting the leads they do receive will more than make up for it. Statistics show that lead scoring can increase the chance of conversion by up to 80%.
Increased chance of connecting with a lead
The better a salesperson understands a lead and their behavioral and demographics characteristics, the more likely they will be able to connect with the lead. The new trend in marketing is based on creating meaningful relationships with leads, since consumers are more likely to purchase from a company if they feel a connection has been made.
Lead scoring is based on quality over quantity. It gives the sales department more qualified leads, as well as an inside advantage on the lead’s specific needs which will significantly increase the chance of conversion.