Marketers use lead scoring to determine which prospects are more likely to make a purchase. Lead scoring, however, has the potential to go beyond this.
Lead scoring allows the marketer to:
1. Determine the value of the prospect to the business. Marketers naturally assign priority to high value prospects, but in today’s hyper competitive environment, success depends on developing engagement strategies that convert low value prospects to high value prospects. For instance, as long as the prospect is capable of buying the product, the marketer could engage the prospect to make them realize an unfulfilled need. In this sense, lead scoring works as a tool to measure marketing efficiency.
2. Match leads to appropriate sales agents depending on skill level or product knowledge. For example, prospects that indicate high sales readiness may require sales agents with advanced product knowledge. The businesses may engage the prospects at the initial inquiry stage with sales agents high on persuasive skills and with ability to convince the prospect about the need of the product
3. Determine which prospect to engage when resources are limited. It may not be possible to engage with all prospects simultaneously, and marketers may opt to deal with customers most likely to make a purchase first. Many marketers limit the objective of lead scoring to this purpose alone.
4. Measure the real demand of the product and make changes. For instance, if a high percentage of leads do not seem to fancy the product, it could indicate something wrong with either the product or the way the product is packaged. Similarly, marketers can identify trends, what works and what does not work.
What ways could you use lead scoring for your business?