Marketers and sales agree… leads generate sales. But not all leads are good leads.
So, how can sales and marketing companies decide which leads to act upon?
Using lead scoring, and a well-defined matrix of scores, is a great way to execute. This matrix uses a point system to rank leads based on certain criteria, such as:
- Email click-throughs
- Website visits
- Webinar attendance
- Content downloads
- Form completions
- Social interactions
- Demographics find someone that has been identified as the “ideal prospect.” They will receive more points than someone else.
- For example, if the CEO of a company is looking at your website as opposed to someone else.
The total points show the strength of the lead.
While lead scoring can be extremely effective, there are certain things you should do before setting a matrix up for your company.
Collaborate with business development as to what score stipulates a Marketing Qualified Lead.
Since lead scores can be dictated by both behaviors and demographics, sales and marketing should get together and create a scoring matrix of both.
Look at the behaviors a qualified lead should exhibit and score these behaviors highly. For example, if someone is on the pricing page of your website and their title falls within highly qualified profiles, give them more points. If they are on your careers page, you likely shouldn’t.
Outline a matrix of behaviors, demographics, and assigned points. Then decide on the point totals you need for a “Marketing Qualified Lead” (MQL) that is passed off to the business development team.
Make sure you have a mechanism to gather feedback.
It’s really important to have a feedback loop set in place. If you pass off a lead and the team rejects it, you want to know why.
It can be something as simple as a missing phone number, or it that the prospect used a personal email instead of a work one. Either way, you want to be aware so that you can look out for it in the future.
Within the Customer Relationship Management (CRM) software and your meeting feedback loops, make sure that you are discussing MQLs, acceptance rates, and the issues that business development/sales are finding with them. This will help you increase the efficiency of the entire process.
Analyze your MQL threshold after feedback
With the feedback loop in place, you have a mechanism to review and update your scoring and matrix on an ongoing basis. This allows you to control the number of leads that a sales organization receives based on capacity and perceived readiness to interact/buy.
Avoid these mistakes:
- Don’t copy another organization’s matrix – Sure, go ahead and study another matrix to gain a better grasp of what you are looking to do. But, modify it so that it better fits your team and your goals.
- Don’t skip the collaboration – Sales defining an MQL by itself doesn’t work. Marketing owning the definition doesn’t work. This is a shared responsibility, and must be an on-going collaborative effort.
- Don’t miss the key measurement – CONVERSATION. CONVERSATION. In most B2B sales, this very important metric comes BEFORE “conversion” to an opportunity. Make sure you track the conversation rates that reps have with MQLs vs. colder leads. This is a critical indicator.
- Give it time before you overhaul it – Let it work for a while, then evaluate it. Modify it over time to meet changing needs, but don’t completely flip it before it has had a chance to do the job properly.
If done right, everyone wins.
When sales and marketing are collaborating on something like this, you are making a commitment to deliver the best leads you can. The goal in the end is to have a steady stream of MQLs going to your business development reps. This eliminates the guesswork and helps grow your business.
For additional perspectives on defining MQLs and score matrix, check out this blog.
Are you looking to gain more qualified leads for your company? We can help, fill out a contact form or call us now at 800-966-3051.