Lead scoring is a process for ranking leads based on sales readiness or on interest level. All leads are NOT created equal. Some leads are ready to buy right now, others will require effort and timeâ€”sometimes substantialâ€”before they are ready to make a purchasing decision.
Marketers that focus on mass quantity of leads and ignore high quality leads, do so at their own peril.
Marketing automation companies like Eloqua, Hubspot, Marketo, Pardot and ActOn score online leads. They assign scores based on marketing actions and triggers. For example, when a lead opens an email, that might add 10 points to a lead score. Or, if a lead visits the pricing page on a website, that might ad 25 points to their lead score (or whatever.
But what about the phone? How do you score phone leads? Can call tracking help?
Yes, yes it can.
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How Phone Lead Scoring Works
More critical than getting leads, is getting high quality leadsâ€”prospects that are close to buying. But there are several questions about measuring lead quality. First, what criteria do you use for measuring a lead? Second, how do you do actually do it? Third, how do you use the data you get?
First, determine your lead scoring criteria. What is a high quality lead for your business? The most substantial treatment of this subject we could find is on marketo.com. They have a gigantic list of criteria you could use to measure lead quality. Certainly the specifics will differ based on the type of business you are in, what you sell and who you are trying to sell it to.
Because lead scoring criteria has been dealt with in-depth in other places, we will just list a few lead scoring criteria here:
Readiness to Buy â€“ Is the lead ready to buy in a specific timeframe? This score should not be based upon your opinion. This should be based on what the lead has specifically indicated.
Position to Buy â€“ Is the lead in a financial position to pull the trigger?
Decision Maker - Is the lead the person who can make the decision to buy your product? What is their role in the decision making process: Recommender? Influencer? Or decision maker?
Remember: you can score leads based on whatever is important to you. If a certain demographic is important to you, or someone who has a certain kind of car, or someone who owns a certain size or type of business, whateverâ€¦you can score leads on any criteria you wish.
Second, how do you actually score leads?
This is where the ball is often dropped. How do you actually score the leads? How do you communicate the scores between sales and marketing so each can know where to spend their respective time? How do you keep track of the information?
This is where a product like LogMyCalls enters the picture. LogMyCalls allows users to create custom marketing scorecards and associate them with each phone call. Then you score the calls as you listen to the calls. These scorecards can be as basic and short, or complex and long as you wish. And they can contain any lead scoring or marketing criteria you wish.
Additionally, you can score each criteria on a 1-10 numeric or Pass/Fail scale. You can customize all of this.
For example, letâ€™s say that you are a large glass company and you want to create a marketing scorecard with 5 criteria on it. What would those questions be and what would the scorecard look like?
Sample Scorecard Questions:
1. Readiness to Buy â€“ (0-10)
2. Position to Buy â€“ (0-10)
3. Decision Maker â€“ (Pass/Fail)
4. Near a Store â€“ (0-5)
5. Size of Order or Contract â€“ (0-10)
After you create the scorecard, you simply score each element. LogMyCalls will then normalize the score and create a total score.