With the many marketing approaches in today's world—from email to social media to SMS—marketers rarely suffer from a lack of leads. On the contrary, as a marketer you're often faced with generating too many leads rather than too few. The question, then, becomes what to do with all those leads once you've gathered them.
That's where lead scoring software comes in. By helping you assess and rank all your leads, these software systems enable you to prioritize which ones should be followed up on and in what order. Whether offered as part of a larger lead management software suite or as a stand-alone product, lead scoring software grades leads in order to identify those most likely to result in a sale.
This buyer's guide discusses the specific functions of lead scoring software so you can choose the right one for your own marketing, sales and business needs.
Here's what we'll be covering:
Lead scoring software's primary purpose is to save busy salespeople time, so they can close more sales from higher quality marketing leads.
In practice, this means that the software takes the leads you've captured from a variety of sources (whether email, web forms, other software systems etc.) and analyzes them in order to rate them against certain benchmarks. This then generates a ranking of which leads are the most likely to result in a successful sale/conversion, providing a list to the sales team of which prospects to contact and in what order. The software may also recommend particular mediums or types of messaging that will be particularly likely to appeal to those leads.
This process is sometimes called predictive lead scoring, often referred to simply as "lead scoring." This differs slightly from rules-based lead scoring, which assigns specific, predetermined numerical values to leads in your marketing database based on particular characteristics and behaviors that you've entered into the system. Predictive lead scoring is more complex, relying on a statistics-based algorithm rather than the anecdotal behaviors that determine rules-based scoring.
Although you can find and purchase independent lead scoring software, you are just as likely to find it as a feature within a larger lead management software suite. Here are some of the features you'll find in those software suites, in addition to lead scoring:
|Predictive lead scoring||The software employs a complex algorithm that accounts for a lead's previous interactions with your organization and assesses it against a value scale determined by information in your customer relationship management (CRM) and marketing systems. It then ranks that lead's likelihood of converting to a sale. These rankings can be used by your sales team to prioritize more likely sales opportunities.|
|Rules-based scoring||Traditional lead scoring (which is less common today) is rules-based, meaning that ranking is determined by a set of factors that you have decided upon and entered into the system yourself. It is generally less accurate than predictive lead scoring.|
|Pipeline management||Part of successful leads scoring involves recognizing where a lead is located along your sales pipeline and intervening with contact or content at the right moment. Lead scoring software will help you with this by giving you a full view of your pipeline in regard to the ranking of your leads and when/how it will be best to contact them.|
|Analysis and reports||Analyzing the data from your captured leads, and ranking that data against other information found in your databases in order to provide reports on which leads are most likely to convert to sales, is the inherent functionality of leads scoring software.|
A lead score as presented in Freshsales.
Other factors to take into consideration when picking the best lead scoring software for you or your organization may include:
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