Every business owner’s dream is to see their marketing effort paying off. The goal is to see all or most of the generated leads convert into real buyers. After all, this is the primary purpose of generating leads, but unfortunately, most of them end up hitting the rock.
Studies have shown that in-house marketing teams do a great job in lead generation but are terrible in conversions. Only a third of the generated leads become buyers, and this is equivalent to a massive waste of time and resources. This is where lead scoring comes in to help you come up with effective conversion tactics.
What is Lead Scoring?
Lead scoring is the process of allocating a score against each of your business leads. The assigned scores are awarded based on various aspects, such as their engagement and the kind of feedback they submitted.
With this, your marketing team can narrow down their priorities and focus on the leads until they convert to buyers.
Why Is It Important to Reevaluate the Tactics Used in Lead Scoring?
Every company uses different tactics to assign lead scores. However, most of them have one thing in common: the use of past leads’ data to determine which group of the target audience is likely to convert. While this works in some cases, it is crucial that you refine your tactics from time to time. What worked in the past or for another business might not work for you.
Taking your time to review and reevaluate your lead scoring model regularly allows your marketing team to assign points based on current knowledge about buyers. You have probably changed your target audience or marketing channel. You need to come up with a model that reflects these changes in your business. It is also crucial that you keep track of your current sales as this will help you determine why or why not your existing lead scoring model is effective.
Potential Changes You Should Make in the Second Half of 2020
A lot has happened this year, and businesses have been affected in a ton of ways. Customer behaviours and needs have also changed, making it a bit hard to determine which of your site visitors are likely to purchase. Some changes to incorporate include;
Identify Your Target Audience
Before embarking on the reevaluation of your lead scoring model, you should identify your current target audience’s qualities. A few things might have changed around your business over the past couple of months, resulting in changes in your target market. This will save you from chasing down the wrong leads. The goal is to find prospects that qualify to be your typical customers. If your current target market is similar to the existing consumer base, it will be much easier.
Use Actual Data
As earlier mentioned, most business owners tend to allocate points based on previous data without considering time changes. In 2020, buyers’ priorities have changed, and this will affect their conversion rate significantly. It could also be that you recently launched a new product. You should come up with a different model for the specific product. Note that different products or services require unique approaches. Use the current data to come up with a model directed to the new product or buyers’ priorities.
Opt for Simple Levels
Lead scores are meant to give a concise picture of how the data collected will affect every visitor’s chance of purchasing your products or services. Just because you have the opportunity to assign any score does not mean that you should start with a small number going up. Instead, focus on creating a system that you can quickly identify and track. You should stick to one technique until you are completely comfortable before moving to advanced techniques. For example, start by assigning point values based on their engagement levels before moving to social media signals.
Hire Marketing Experts
This is where the real deal comes in. If you have been working with an inbound team for the past years, it is time to move to the next level and let professionals handle your marketing needs. As mentioned, inhouse teams are excellent in generating leads, but they barely result in conversions. With the right marketing agency, you can trust that the experts have the skills, tools, and resources to identify potential leads and chase them down until they become real buyers. The marketing team will use all possible channels, including social media marketing, search engine optimisation, pay per click, and email marketing, to get you quality leads.
Click Squad is your go-to agency for all your marketing needs in Melbourne, AU. Our team understands the current market better, and you can trust us to attract quality leads to your site, hence increased conversions.