Modern Marketers recognize the importance of scoring leads; providing your Sales team with a clear way to identify which leads are “Hot” is critical to shortening the Sales Cycle. But how do you ensure that scores are valid and mean something to both the Marketing and Sales teams?
You cannot create your lead scoring algorithm in a bubble. Your Sales team has enormous amount of insight and information into your sales cycle. Work with them from the beginning, and you’ll find success with your lead scoring algorithm much earlier in the process. Make no mistake though; Lead Scoring is an iterative process. EXPECT to make adjustments.
The Eloqua Lead Scoring model uses a two-sided approach: Profile information, what people tell you; and Engagement information, what you observe people are doing. Both of these types of information can be critical to understanding where a buyer is in your Sales Cycle. For instance, if your Sales team tells you that VP level title is almost always the Decision Maker in your sales cycle, you’ll want to weight that Profile Information very heavily in your Lead Scoring Model. Your Sales team may also point out that they can usually tell that someone is getting closer to buying when they see an uptick in visits to your website. That is Lead engagement and may also need to be weighted heavily.
Now you have an idea of how and where to get started; next steps are to pull together your team, come to an agreement on your 1st iteration of your Lead Scoring algorithm, and start analyzing it. We’ll cover that in our next blog post.