Lead Scoring is the Real Deal
Everyone is looking for the next major hack, the silver bullet, the easy thing they can do to get some immediate results. Let me tell you that this pretty much never happens. It usually takes hundreds of experiments and iterations to finally get that big win. Well, I’ve done those 500 experiments and iterations and am here to tell you that Lead Scoring is the real deal.
Here’s the situation. If you have a company that lacks leads, this post is not for you. You need to focus on lead generation. But if your company is working with a large database of past leads, customers, etc. then you likely have a sales team that has to choose who to call, who is the priority. This is where the productivity gain is seen. Lead scoring uses machine learning allows your team to focus on the prospects that are most likely to close.
We implemented our own machine learning to make this happen. We did a large analysis of our customers and seeded it with approximately 40 characteristics that we felt were critical. This included demographic info, website behavior (what blog posts they read, pricing page visit, testimonials page visit, etc.). We gave points to each of these, we updated every single lead with a lead score, and then we ran reports. 90%+ of all closed deals has a lead score of over 100. So then the solution was simple – get the reps to attack every lead with a score of 100. Ignore the rest, until their score improved, which is the job of marketing.
Here’s the final kicker. We were able to produce the exact same amount of sales, but it only required half the number of reps.
About the Author Nick Friend
Nick Friend is an Entrepreneur, Investor, Husband, Father of 3 daughters. Built businesses from scratch to 8 figures, and has been nominated for several Entrepreneurship awards. Nick enjoys helping other entrepreneurs, particularly those fighting the struggle from $0-10 million.