Sales is a numbers game. The problem is sometimes the numbers don’t always seem to be in your favor. Lead scoring tilts the scale so that your sales teams are the their time productively, focusing their attention on leads that are more likely to close.
What Is a Lead Scoring Process?
Running a sales and marketing department without a lead scoring process is like watching a baseball game without keeping score. You see some pretty good plays being made, but no one's keeping track of which team is performing the best. And once the game is over, you have no idea who won. Lead scoring is the process of assigning a numeric value to each lead and then ranking the leads so your sales teams you prioritize their outreach initiatives.
Benefits of a Documented Lead Scoring Process
Through research, we discovered roughly 66% of businesses don't employ a lead scoring process. This means with one in place, you have an advantage over nearly three-quarters of other organizations. In the B2B world, the percentage is even lower. Only 21% of companies have a documented lead scoring process. Let's take a look at the most notable advantages of lead scoring.
Align Sales and Marketing
Many B2B companies don't have an integrated sales and marketing department. Instead, the departments exist separately. This makes it difficult to align sales and marketing processes. With a documented lead scoring process, sales and marketing alignment becomes simple. Both departments will have a clear overview of what defines a quality lead. You can better coordinate your sales and marketing processes to target your quality leads, which is essential for driving sales. A documented lead scoring process should always include regular meetings between the sales and marketing departments. These meetings should focus on updating the lead scores to determine which leads need the most immediate attention.
Identify Sales Readiness
A documented lead scoring process is also of benefit because it helps you assess the sales readiness of each lead. You can prioritize your sales activities toward those leads who are most likely to make a purchase. Without a lead scoring process, you target your sales activities toward each lead by going down a list of unranked individuals. With a lead scoring process, you finally have a way to quit wasting time on leads that aren't likely to convert. Instead, you can devote your time to the leads that are ready to purchase before they choose to take their purchase elsewhere.
A solid lead scoring process helps you prove the ROI of your marketing activities. You'll not only have a way to measure the ROI of your lead generation program, but you'll also have a way to better forecast your leads. Plus, you achieve enhanced pipeline visibility. You can pinpoint promising leads, ditch pointless leads, and nurture those with a medium-level of commitment to making a purchase. As each lead flows through the sales funnel, you can rank them accordingly. You improve the likelihood of increasing conversions because you're devoting your attention to the right leads at the right time. And with a documented lead scoring process in place, it makes it much easier to perform ROI calculations. Those with a lead scoring process enjoy a 77% higher lead generation ROI than companies that don't use a lead scoring process.