Business development representatives are often tasked with turning lists into leads – of narrowing a universe of possibilities into a funnel of qualified opportunities. This is no small task. It takes patience, professionalism, and persistence. But the right tools can speed up the process.
One such tool is lead scoring.
By definition, lead scoring is the act of ranking prospects against a pre-determined set of criteria to help determine which will be most valuable. The higher the lead score, the more qualified the lead. The more qualified the lead, the higher priority for outreach.
It works: 68% of “highly effective and efficient” marketers pointed to lead scoring as a top revenue contributor.
If that’s not enough to prove the benefits of lead scoring, the process also yields:
- Fewer Opportunities Lost –According to a Gartner study, 70% of leads are lost from poor follow-up. It’s not surprising – with so many leads thrown at a rep it can be difficult to determine which are highly qualified. Many end up spinning their wheels with poorly qualified leads. Lead scoring is used to rank marketing qualified leads (MQLs), and helps the cream rise to the top.
- Less Time Wasted –Prioritizing leads through scoring saves countless frustrating hours. Immediately knowing where a lead is in your sales funnel means your team can put your lead management plan into action right away. Reps can get to work on “hot” leads, while your marketing team can leverage marketing automation to nurture “warm” leads.
- Better Sales Productivity –A smaller pool of highly qualified leads speeds up your sales process, saving steps in your territory and pipeline management.
- Higher Lead ROI– Less time spent and better quality leads translate to high return on time invested. A Marketing Sherpa study showed those using lead scoring had a 77% boost in lead generation ROI over those not using scoring.
- Increased Conversion Rate–A final benefit of lead scoring is the one all companies look for: more leads becoming sales. A recent Kentico study found 38% of businesses surveyed experienced higher lead to opportunity conversion rates thanks to lead scoring.
When it comes to lead scoring, the biggest benefits are a result of the sales and marketing link the process creates. Both teams need to communicate to come up with the scoring system, implement it, and follow up on progress. Marketing automation systems like Act-On make lead scoring easier, bridging the sales-marketing gap effectively.
To find out more about lead scoring and how it can boost your business, contact NuGrowth Solutions at 614.388.5811. We’ll walk you through our results-driven processes, including integrated sales and marketing efforts and addressing sales bottleneck problems. Find out more at NuGrowth.com.