Not all leads are created equal.
Let’s consider a simple example. Two separate leads entered your marketing funnel through a free webinar presentation.
An analysis of their activities for a month following their subscription reveal the following:
The first lead visited your website once in the last month and read a blog post after clicking on the link in your weekly newsletter during the second week following the free webinar. She hasn’t visited your website since.
The second lead, however, has visited your website multiple times in the last month, specifically visiting the features, testimonials and pricing pages of one of your product at least 5 times in the last week alone. This lead has also downloaded a couple of white papers related to the same product.
Now let me ask you this: Would you treat both leads the same or differently?
Of course, this would be a no-brainer for any smart salesperson.
A salesperson would likely follow up with the second lead because their activity suggests that they are more likely to purchase the product today as compared to the first lead.
This is easy to determine when you only have two leads. It would be much complex if you have thousands of leads in your marketing funnel. Then you would need to somehow automate the same process.
A smart marketing/sales technology would automatically score the leads based on a set of criteria defined by you. The lead score will provide you valuable information in relation to how you need to follow up and engage the prospect for the best business outcome today and in the future.
Here is a definition of Lead Scoring from Wikipedia:
“Lead scoring is a methodology used to rank prospects against a scale that represents the perceived value each lead represents to the organization. The resulting score is used to determine which leads a receiving function (e.g. sales, partners,
Many advanced Email Service Providers (ESP) provide ways of scoring your leads so that you can separate HOT leads (i.e. those who are more likely to buy now) versus those who may require additional nurturing.
The criteria to determine lead score would likely differ from business to business and even product to product.
Leads are often scored based on implicit data (e.g. number of page views, the number of site visits, video views, downloads etc.) and/or explicit data (e.g. job title, company size, region etc.). There may be additional criteria that may be relevant and scored depending on your business needs.
Each of these data points may be allocated different weights or scores based on their relative importance in your marketing/sales funnel.
The higher lead scores demonstrate a greater likelihood of the lead converting into a customer.