Marketing departments across the globe work with the main objective of acquiring new Leads for their company and selecting the insightful Leads and passing them on to the Sales team. But, what if these Leads are constantly resulting in dead ends? What if the number of Leads coming inbound from various Marketing Channels is overwhelming? How does the Marketing team prioritize which Leads they need to focus on? More importantly, how do you decide, how close a Lead is to becoming a potential customer?
This is where Marketing Scoring comes into the picture. It provides a way in which B2B companies can analyze and then rank their Leads (or potential customers) based on some values associated with them, known as “Score”. Then the Leads which rank higher in that scoring are sent to the Sales representatives who then tactfully pitch their ideas to these would-be buyers. Essentially, Marketing Scoring offers a unique technique to screen all types of Leads to determine the most insightful ones. Moreover, this method can optimize the upcoming Marketing campaigns of that company which in turn will result in Revenue Growth.
This article will first take you through the essentials of Marketing Scoring and explain how it can boost your business. After that, it will discuss the steps through which you can implement this method in your B2B business and improve the efficiency of your Marketing and Sales departments. Furthermore, it will also elaborate on the best practices that your company can use to maximize its gains and also about the different types of implementation “Models” that you can use while deploying Marketing Scoring. Read along to find out more about this increasingly popular methodology.
Table of Contents
- Introduction to Marketing Scoring
- Importance of Marketing Scoring for your Business
- Steps to Implement Marketing Scoring Process
- Models for Marketing Scoring Used By B2B Companies
- Best Practices to Improve your Marketing Scoring
Introduction to Marketing Scoring
Marketing Scoring is a technique through which Sales and Marketing teams determine how valuable a particular Lead(potential customer) is and how much effort will be required for converting the Lead. A Lead Score can be considered as early speculation of your Lead’s buying intention.
Now a question arises: From the plethora of potential customers, how do you decide which Lead is more important than the others? Simple, the same way it’s done in any kind of competition: By keeping a score! The higher the score, the more valuable the Lead is, and thus more time must be invested in converting it into a selling opportunity.
Leads are monitored by the company and based on their actions, points are assigned or deducted from their score. There is a threshold value that is decided by the company before the scoring process. As soon as a Lead’s score crosses that threshold, the Sales team springs into action, contacts that Lead, and convert it into a customer.
Importance of Marketing Scoring in your Business
When it comes to finding Leads and converting them into paying customers, a B2B company deploys numerous resources with the expectation of earning higher revenue.
Marketing Scoring can sophisticate this whole process and allow companies to generate maximum revenue with minimum efforts. Moreover, it drastically decreases the probability of failure when it comes to converting Leads. Given below are the distinct ways in which Marketing Scoring can enhance your B2B Sales :
1) Relying on Tactics
Marketing Scoring does not rely on guessing while determining which Leads to pursue. Instead, they assign scores to Leads and then compare them systematically with minimal error margin.
Any good Marketing team has multiple channels to acquire new Leads. Marketing Scoring is designed in such a way that Marketers can identify the right Marketing channels to acquire the best Leads.
To know more about Marketing channels visit this link.
2) Automates the Lead Selection Process
Marketing Scoring automates and filters the number of Leads you receive.
In any company, there is a never-ending tussle present between its Sales and Marketing divisions which can be attributed to Lead Conversions. Since there is no common procedure to quantify the potential of Leads, the Marketing and Sales teams may have a difference of opinion at times in deciding which leads should be prioritized.
Marketing Scoring can resolve this age-old conflict by streamlining this whole Lead selection process and efficiently categorizing the Leads.
3) Timely Action on Leads
Marketing Scoring allows your Sales team to concentrate their efforts on the right kind of Leads which in turn will provide a better conversion rate which will ultimately increase your company’s revenue.
Research has shown that Marketing Scoring can result in 15-20% Revenue Growth which when converted to monetary figures is a lot! A timely analysis of the Leads allows the Sales team to close the Leads effectively. This will prevent the company from missing out on great opportunities because of delays and misinformation.
To know more about Lead Generation and Revenue in B2B Businesses visit here.
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Steps to Implement Marketing Scoring Process
Since the fundamentals are clear, let’s dive into the technical aspects of implementing Marketing Scoring in B2B companies:
- Step 1: Collect the Data and Decide the Metrics
- Step 2: Developing a Buyer’s Persona
- Step 3: Scoring the Leads
Step 1: Collect the Data and Decide the Metrics
The first step in Marketing Scoring is all about research and data gathering. This data is related to both your Leads and your past Marketing campaigns. The Lead’s data coupled with the past experiences of Marketers and Sales teams act as the foundation for the rules of the process. This process requires a lot of your time and resources but plays a major role in implementing Marketing Scoring efficiently.
Following sources can supply the required resources:
- Tools like Google Analytics, and Facebook Ads
- Email Marketing Data
- Data from your Customer Relationship Managers
Step 2: Develop a Buyer’s Persona
A “Buyer’s Persona” can be understood as a document that lists all relevant information about your target customer. It is designed to identify a target customer so that you can tailor your marketing campaign around this data and concentrate your efforts on acquiring and nurturing specific kinds of leads instead of going after random audiences.
Now, this Buyer’s Persona will be used to create multiple models based on which Leads will be scored and ranked.
Step 3: Scoring the Leads
This is the part where the actual scoring occurs. Each company has various requirements and goals when it comes to Lead Conversion. Based on that, a company can choose a model or a combination of multiple models to build its Lead Scoring framework. Each model is built on a specific kind of user data and that information is used while providing scores to a Lead.
Models for Marketing Scoring Used in B2B Companies
A Marketing Scoring Model can be defined as the framework on which Leads are scored and ranked. Now, based on the type of data involved multiple models are available for B2B companies to choose from. You can use a single or implement a combination of a few, it depends on your needs and goals. The various Marketing scoring models are as follows:
1) Demographic Model
This model uses Demographic data that consists of information like Age, Job Title, Location, Gender, Purchase Authority, etc. The scoring of Leads is done according to the data collected. For example, if your company prefers to supply products in Delhi, then the Leads which will have Delhi as their location will be scored higher in that aspect. This model is less effective as compared to others because the data collected in this is limited to what the Lead has directly supplied. Still, the model can be used if it suits your needs. An example of this model is shown below.
2) Firmographic Model
This model contains data about the company to which the Lead belongs and is not about the characteristics of the Lead. This kind of data comes in handy when you need to filter out those companies which you don’t see as a strong prospective client. This model is highly effective for B2B companies.
3) Behavioral Model
This model works on the online behavior of a potential customer. More importantly by monitoring a Lead’s behavior on your website, you can analyze how close he is to become a potential customer. The data for this model is collected using tools like Google Analytics.
4) Email Engagement Model
This model works on the customer’s response to your Email Marketing. The scoring is done based on attributes like the Number of Clicks, Open Rates, etc. Also, a negative score is assigned to a customer if he unsubscribes from your services. The scores provided by this model are the closest to the actual condition of the Lead’s buying intent.
Best Practices for Marketing Scoring in B2B Companies
A B2B company can further optimize its Marketing Scoring process by using the following practices:
- Derive Insights from your Customer Journey
- Keeping Sales and Marketing Teams Aligned
- Emphasize your Data
- Tips Related to Marketing Scoring
- Using Separate Models for Separate Products
1) Derive Insights from your Customer Journey
Customers, generally, follow a pattern when they use products/services from your company. This pattern when monitored thoroughly can help you understand the customer’s behavior and you will be able to predict his next move. The Marketing Score of a customer must take into account the stages through which a customer passes on his conversion journey.
2) Keeping Sales and Marketing Teams Aligned
The metrics and models used by your company for Marketing Scoring have to be updated from time to time to maintain their robustness. Now, Sales teams are the ones in direct contact with Leads, so their feedback must be taken into account while upgrading the scoring models.
The same is the case for Marketers, their experience will be valuable in deciding metrics to calculate the score. Moreover, effective communication between the Marketers and the Sales team will result in better and target-oriented Marketing campaigns which in turn will bring in quality Leads.
3) Emphasize your Data
Marketing Scoring is a highly data-driven process. So to ensure the best possible outcomes, you must gather as much relevant data as possible. Your CRMs can act as a great source for this purpose and can provide much-needed insights regarding Leads. Another major source of data can be your Marketing Analytics.
It will provide you answers to questions like Which of your past Marketing campaigns resulted in most Leads? What kind of content had a higher conversion rate? Most importantly, which campaigns resulted in the most revenue? This type of data provided by these sources will strengthen your decisions regarding factors important for Marketing Scoring.
4) Tips Related to Marketing Scoring
The scoring process and its rules are based on many variables and these differ from company to company. However, the one principle that each company must follow is “Threshold“. Every company involved in Marketing Scoring must decide a threshold value before the actual ranking process and only those Leads which cross that value are passed on to the Sales team.
5) Using Separate Models for Separate Products
Most big B2B businesses usually deal with multiple products and services each of which caters to a different kind of Lead. So, to extract the maximum benefits, such companies should deploy different scoring models for each product.
This article provided you a comprehensive study of Marketing Scoring and the best practices that you should follow while implementing it for maximum growth. Any company working in the B2B business field faces the same challenges when converting Leads into buyers. This whole screening process when done manually can be extremely overwhelming due to the sheer amount of available Leads and no clear method of prioritizing them. Also, there is no surety that the chosen Leads will be converted successfully.Visit our Website to Explore Hevo
Overall, by using Marketing Scoring, this conversion process can be streamlined conveniently thus allowing the Marketing and Sales teams to deliver improved results. Moreover, the companies have the option of choosing the desired model according to their needs and feasibility. Now, the whole Marketing Scoring process involves a lot of data transfer from various Data Warehouses to CRMs.
If you want to make this cumbersome process a whole lot easier, Hevo Activate will automate your data transfer process, hence allowing you to focus on other aspects of your business like analytics, customer management, etc. This platform allows you to transfer data from Cloud-based Data Warehouses like Snowflake, Google BigQuery, Amazon Redshift, etc to various CRMs and SaaS applications. It will provide you a hassle-free experience and make your work life much easier.
Share your experience of understanding B2B Sales Marketing Scoring in the comments section below!