How to Design an Effective Lead Scoring Matrix
Why you need Lead Scoring Matrix?
The way from initial contact with a lead to the final purchase decision and even further – turning a one-time customer into a partner cannot be covered under a single rule. All leads are unique and each of them needs a specialized approach. Sure, there may be just not enough sales staff to determine all the time for each individua lead. This turns into a need of some sort of schema or system to somehow prioritize the leads to properly distribute your team resources. That’s where Lead Scoring kicks in. This is basically a way of assigning a value for each lead and then engaging with him or her based on the priority ranking.
The value is based on who leads are and how they engage with the company. Lead scoring uses a points system where points are assigned to certain criteria, characteristics, and actions such as website visits, email clickthroughs, webinar attendance, content downloads, etc. The sum of these points is the lead score. This is, actually, what allows focusing the attention of your sales team on the most important leads and distributing their efforts and time among the leads with different value.
So what is Lead Scoring Matrix?
Essentially, this is a graphical interpretation of defining, creating, visualizing, and explaining your lead scoring process. You can also think of this as a table that is always at hand allowing you to properly assign points (and collect a sum of Lead Score) for each lead. And this leads to the question “What should I include in my Lead Scoring Matrix?” While criteria may vary depending on the company’s field of specialization and location, we will gather here the most universal and important criteria that should be taken into account.
Lead Quality ( typically unified as “demography”) is information that’s provided intentionally by the person (e.g., via a registration form or survey) and taken at face value, rather than analyzed or interpreted for further meaning.
Lead Quality includes:
- Company Name
- Number of Employees
- Products Purchased
- Lead Source
- Email Type (personal, professional)
On the contrast, Lead Activity is used to score activities which a lead has performed that are relevant to your business. This is essentially how leads engage with your business and how interested they in the products you offer.
Lead Activity includes:
- Form/Landing page submissions
- Submitted “Contact Me” forms
- Email open
- Email clickthrough
- Registered for a webinar
- Webinar attended
- Downloaded a document
- Visited a landing page
- Watched a demo
- Visited show booth
Now scoring “plus” points is a good way to raise leads priority. But what if a lead, for example, unsubscribes from your newsletter? Leaving no points assigned will simply keep its current value and won’t provide the proper Lead Score. In this case, you need to assign negative points.
Negative criteria include:
- Unsubscribing from an email list
- Request to be added to Do Not Contact list
So are the Lead Quality and Lead Activity criteria the final outcome you get? Actually, it’s just a step towards Lead Priority, a classic example would be a A1 – D4 Matrix. This, ultimately, is what you are looking for – a ranking of your leads allowing to focus your sales team efforts on the most prospect ones.
Furthermore, to get the best results from lead scoring, you need to determine where the thresholds are for your segments; i.e., the scores that serve as dividing lines to separate sales-ready leads from those that need more nurturing. Having thresholds assigned allows you determining of the lead is ready for contacting to offer some new products or services, for example.
It all makes sense only when automated
Apparently, forcing someone to fill the Lead Score manually will just bring you to a dead end when the amount of work to be done takes more time than, actually, selling. A platform that provides you with a customizable Lead Scoring Matrix and automated scoring process will allow you to simply grab the required information and start working with the leads. Your sales team time has a price and you better spend it on working with leads rather than writing formulas. So if you are using CRM SalesForce, we have just such platform you are looking and you can learn about it on our site saleup.ai.