Lead Scoring and How To Use It in Your Call Center
Humans tend to rank things based on perceived value. Think of award show nominations or sports statistics, where people are categorized, labeled, and rated. Predictive lead scoring is another example of this phenomenon. It assigns a value to each lead that interacts with your business, helping you target the most profitable contacts and boost sales productivity.
Lead scoring isn’t just great for sales. It can increase the effectiveness of your marketing and ensure sales teams spend time qualifying the most valuable potential customers, and improve workflows. Here’s how to use this process and identify the most promising new leads.
Five things you need to know about lead scoring:
- Lead scoring is a way to determine the value of leads in your call center.
- It helps sales agents focus their time and energy on high-value potential customers.
- Lead scoring can be useful to boost revenue, improve marketing, enhance the customer experience, and more.
- CRMs can provide the information required for lead scoring.
- FiveCRM is a CRM built exclusively for call centers that can support lead scoring activities.
Table of Contents
- Lead Scoring and How To Use It in Your Call Center
- Lead Scoring, Explained
- Benefits of Lead Scoring
- What is the Best Way to Score Leads?
- How to Create a Killer Lead Scoring Model
- Do You Even Need a Lead Scoring System?
- What is Lead Scoring in CRM?
- How FIVE CRM Can Help With Lead Scoring
- Final Word
Lead Scoring, Explained
Lead scoring is a process that determines the sales readiness of each lead that communicates with your business. You assign a value to a lead—typically a numerical value or alphabetical grade—based on that lead’s previous interactions with your enterprise, the actions they might take in the future, demographic information, or other factors. This ‘score’ helps you separate high-value leads from the not so valuable ones.
Say someone visits your website, browses your landing page and pricing page, and adds their name to your email subscription list. You might assign a numerical value to each of these actions—one point for visiting your site, two points for browsing web pages, three points for signing up to your list, etc.—and then add those point values to come up with a final lead score. Alternatively, you might want to use terms like ‘hot,’ ‘warm,’ and ‘cold’ when scoring leads. Or you could use an A-F grading system like in school. Regardless of the methodology, someone’s lead score helps you decide whether that person is worth pursuing or not.
A ‘good’ lead score depends on the methodology you use. Hot leads are better than cold ones; leads with a high numerical score are more valuable than those with a low score.
Benefits of Lead Scoring
Lead scoring helps your sales reps tremendously because it eliminates the work associated with finding quality leads, making it well worth the time and effort. By prioritizing high-value leads (those with a high lead score) over low-value ones, teams can nurture the right people at the right time and increase their closing rates. That leads to all kinds of benefits for your organization:
Lead Scoring Boosts Revenue
Leads with a higher score might be more interested in (and eventually purchase) your products and services than leads with a lower score. So this process can improve revenue opportunities and grow your business. High-scoring leads might also have more disposable income than low-scoring ones and be more likely to spend money on your business.
Improve the Customer Experience
Lead scoring removes the time it takes to source valuable leads, allowing sales agents to focus their efforts on other tasks such as lead nurturing and improving the customer experience. Salespeople will have more time to enhance interactions with leads and convert them into bonafide customers.
Enhance Marketing Activities
When you score potential customers, you can tailor your marketing strategy toward high-value leads and make your campaigns more successful. You can even optimize your marketing budget by targeting leads with a high score. That’s because you will spend less money on marketing for these leads. After all, they might be already interested in your products and services and be aware of your company.
What is the Best Way to Score Leads?
There’s no one-size-fits-all approach to lead scoring. It all depends on how you define ‘value.’ You can use any of the methodologies below or combine them to create a lead scoring strategy that benefits your business.
You might score leads based on demographic information such as age, location, or socio-economic status. Leads from a particular age group might be more valuable to your business than those from another generation, for example.
If you specialize in B2B sales, business information can be helpful for lead scoring. A particular business in a specific industry, for example, might be more advantageous to your sales agents than a business in another sector.
Previous Interactions With Your Enterprise
By analyzing a potential customer’s previous interactions with your website, blog, online store, social media, or other channels, you can ascertain whether they are a valuable lead or not. When creating a lead scoring system, look at factors such as how frequently a customer visits your channels and whether they download an e-book, whitepaper, or other content.
What Leads Will Do in the Future
Another way to score leads is to predict the actions potential customers might take in the future. For example, someone that checks your online store once a month might be likely to make a purchase at some point because that person is aware of your brand and interested in your products. These leads could prove profitable to sales agents.
You can score leads based on demographics, business information, previous interactions, and potential future outcomes by using information that customers provide to you in surveys or analyzing data points in your contact lists or customer relationship management (CRM) system.
How to Create a Killer Lead Scoring Model
Here are some quick tips for successful lead scoring:
Determine What Makes a ‘Great’ Lead
The definition of an excellent lead is subjective. Do you favor potential customers from a particular age group or region? Do you want to convert leads who have previously interacted with your company? Base your lead scoring process on what you think the ‘dream’ lead looks like.
Use Buyer Personas
You might want to use buyer personas as a reference point for lead scoring criteria. Think of the behaviors and characteristics of the ideal customer when ranking leads for sales agents.
Create the Elements of Your Scoring System
If you want to rank the best leads based on specific actions, ascertain the value of each of these actions for your lead scoring system. For example, you might decide that Lead A, who downloads content from your website, will be easier to convert than Lead B, who merely browses your online store. In this scenario, you might allocate more points to Lead A than B, resulting in a higher overall lead score.
Do You Even Need a Lead Scoring System?
Lead scoring helps you identify the most valuable potential customers, allowing sales agents to prioritize their resources and time and increase conversion rates. It can certainly be effective: Companies that use this process experience, on average, a 138 percent return on their lead generation investment.
Saying that, few companies use lead scoring as their sole lead generation technique. Marketing and sales processes such as real-time predictive analytics, lead nurturing, machine learning, metrics, and marketing automation can help sales agents close even more deals when used in conjunction with lead scoring.
What is Lead Scoring in CRM?
As previously mentioned, a CRM system can provide accurate insights into potential customers for lead scoring. These systems contain an incredible amount of information about the people who interact with your business, whether they download an e-book, sign up for your webinar or email list, contact your customer service team with a query or issue, or purchase a product or service.
There’s a misconception that a CRM is just a computer system that collects contact details, making it easy for sales agents and marketing teams to reach out to qualified leads. However, CRMs provide a wealth of information for lead scoring, such as location data, contact histories, job titles, order histories, social profiles, and even interests and personality traits. You can use this information to identify sales opportunities, rank leads based on value, and increase closed deals.
How FiveCRM Can Help With Lead Scoring
FiveCRM is a CRM built for inbound and outbound call centers that want to improve lead scoring. It helps you manage high-volume sales campaigns by collecting and storing all the information you need to target high-value potential customers and move these leads through your marketing and sales funnels.
Unlike many other traditional CRMs, FIVE offers built-in email marketing for generating warm leads and optimizes various sales scenarios alongside lead scoring, such as lead management, telemarketing, telesales, and account management. Other features of this lead scoring tool include customer data management, customer profiles, call guides, call scripts, multiple databases, call center automation, appointment setting, and better-defined call lists. Now you can score more leads, enhance functionality, improve customer satisfaction, and transform your sales cycles.
FiveCRM is the call center CRM solution for better lead scoring. Visit the website today to book a free demo and discover how FiveCRM can benefit your sales activities no matter your company size.