Your conversion rate tells you a great deal about how your marketing efforts are working for you. There are many proven ways to help increase your conversion rate, but automating lead scoring is all too often overlooked as a powerful and effective means to do so.
Forbes found that artificial intelligence (AI)-based lead scoring has made a significant impact on qualifying leads this year in particular. Since weighing leads often relies on specific high-value sources of leads, such as events, 2020 has made AI and automation a necessity to score more accurately.
Lead scoring is the process of applying a point system to prospective customers for certain actions taken. Depending on the action taken by the lead, the points are higher or lower. Example actions that can be scored include opening and clicking emails, visiting certain web pages, completing sales lead forms, and downloading high-value content.
Gartner encourages organizations to meet with sales and marketing teams to determine lead scoring metrics. Scoring models are up to individual organizations to determine, but there are certain types of scoring that may help you find one that works best for you. We’ll explore these types before going into the ways to improve conversions by automating your scoring.
Types of Lead Scoring
Lead scoring can be categorized in a number of different ways and those listed here are not exclusive of each other. These can overlap with each other, but they will help with understanding how different organizations focus their lead scoring.
The different types can be categorized as:
Explicit scoring comes from data given to you directly from the prospects that allow you to determine how to score them based on the information given. Explicit leads that score higher are those that are more aligned with your buyer persona and more likely to purchase.
Implicit scoring is based on observations of behaviors of prospects and the likely actions that will occur based on those behaviors. This involves assigning values to behaviors based on potential actions prospects could take.
The point system is where sales and marketing can assign points based on their experience with specific prospects and with lead generation as a while in order to determine the likelihood of conversion.
Predictive lead scoring uses algorithms to find patterns in data and predict what outcomes will occur. According to softwareadvice.com, using predictive scoring saves teams significant amounts of time in the long run and alleviates tedious manual steps of traditional scoring.
Using one or several of these types of scoring to enable your team to understand how viable your leads are is an extremely worthwhile practice. However, maintaining lead scoring manually is easier said than done. That’s where automation comes into the picture. Automating your lead scoring will take your marketing to the next level by weighing every interaction in real-time and helping you nurture and convert leads with ease.
9 Ways to Improve Conversions by Automating Lead Scoring
Automation has made so many business processes better since it was introduced into the business world. Lead scoring automation is no exception. Of all the ways organizations can improve conversions, using automated lead scoring can be the ultimate difference between losing leads and converting them. Here are 9 ways automated lead scoring can improve conversions:
1. Nurtures Prospects Through Marketing Funnel
Automated lead scoring will tell you early and often where your prospects are in the marketing funnel, giving you the opportunity to do something about it. If your lead scores as “hot,” it’s time to pass them along to the sales team to close the deal. If they are “cold,” but show an interest in your product, send them further information to see if you can get them to the next level of your funnel.
2. Triggers Events
With lead scoring being automated, you’ll be able to have automatic triggers to begin actions as you move through the conversion process. Automatically triggered events can help your scores be as accurate and up-to-date as possible.
3. Customize Messages
Since automating the scoring of your leads. allows you to understand exactly where your prospects are within the marketing funnel, you’ll be able to customize your messaging accordingly to get the most out of your drip campaigns.
Allowing your lead scoring to be automated will ensure your results are much more accurate. Higher accuracy will ensure the hot leads will be given the most attention and improve your conversion rates. It will also help you determine which leads still need to be nurtured.
5. More Detailed Scoring
Automated scoring more detail in order to score leads in less time. More detailed scoring allows for a better understanding of how likely your prospects are to convert and allows you to segment your leads more appropriately.
6. Sales and Marketing Alignment
Automated scoring will help with the all-important alignment of sales and marketing teams to make your efforts much more successful, ultimately, improving your conversions. Marketing and sales tend to stray from each other when they are responsible for different parts of the sales funnel. Marketing and sales have much more overlap and alignment with automated lead scoring
7. Accounts for All Engagement
Automated scoring can take into account any and all engagement your prospects have had with your organization through the website, social media, etc. and update scores automatically as new engagements occur, both positive and negative.
8. Control Your Workflows
Automated lead scoring allows you to control your workflows so you can create, edit, and remove any workflows you need to so you get better scoring for the best results.
9. Better Analytics
By automating your lead scoring, you’ll have more data and better analytics so you will be able to improve conversions and your lead generation process.
These are nine awesome ways to improve your conversions by automating lead scoring in your organization. Ensuring you have the right tool to automate your marketing and sales processes, including lead scoring. Agile CRM is an all-in-one customer relationship management tool that provides automated lead scoring, allowing the process to happen automatically while you focus on more important tasks.
Agile CRM lead scoring allows you to set system triggers to automatically score each lead for any action you specify, based on your chosen point system. Once a lead is deemed qualified, they are sent anatomically to sales for follow up and to close the deal.
Focusing your marketing and sales teams on the human side of doing business and letting automation work on getting your prospects through the funnel more effectively will improve your conversions significantly. Agile CRM can help you do so with little effort.