Sign up for the beta list
Thank you, we have received your contact details!
Please check your inbox to verify your email address.
Oops! Something went wrong while submitting the message.
Lead Scoring and Prioritisation

September 6, 2022

Sales Process

Lead Scoring and Prioritisation

If you're not using lead scoring, you're missing out on one of the most powerful tools in sales. Here's what you need to know about lead scoring and why it's so important.

Lead Scoring, Score, Lead Prioritisation, Priority, Lead Strategy, Lead, B2B Lead, Sales, Sales Strategy, Artificial Intelligence

What is lead scoring?

Lead scoring is a popular methodology used by marketing and sales teams to determine the likelihood of their lead’s purchasing. It is a process in which you assign a score (often between 1 and 100) to your leads.

Why is Lead Scoring and Prioritisation needed?

You're probably an experienced B2B marketer or sales rep who understands lead generation and lead prioritisation. As a B2B marketer, you have likely worked with sales representatives; most sales representatives used to evaluate leads based on experience and gut instinct—unfortunately, that combination of gut instinct and experience isn't insufficient. In addition to poor results, this process is time-consuming because most things are done manually.

The number of closed deals with gut instinct is consistently lower than expected, indicating that a more robust evaluation methodology was required. At one point, this refined methodology needs to identify time-consuming, not-so-ready prospects so you can focus on the right ones. There is a need for lead scoring or prioritising to prioritise leads most likely to close.

In short, lead scoring lets you see how far down the sales funnel your prospects are, so you know whom to focus on and what action to take to convert them into clients.

But how could we identify the prospects with the highest conversion potential? What is the best strategy for bringing the best lead to the surface? Frontline salespeople are empowered by lead scoring, guiding them to the best prospect and providing visibility into comparable opportunities' performance.

Companies can achieve a typical impact of approximately 3 -6% improvement in Return on sales (ROS) by utilising rich, data-based guidance on deal prioritisation and insights that reflect the specific characteristics of the prospect.

How does Lead Scoring work?

Deal scoring uses four key steps to score deals in real-time:

  • Identifying key variables such as deal size, customer, and channel used by the prospect.
  • Segmenting deals using, for example, K-means and machine learning. K-means clustering is an unsupervised algorithm for organising large amounts of sales data to generate competitive insights about your company.
  • Scoring deals and providing a colour code defines a prospect’s quality.
  • Integrating scores into core sales processes, such as adapting incentives based on the quality of the deal and directing the deal to the appropriate level in the deal approval processes.

A machine learning algorithm determines the deal score — the higher the number, the better the value for you.

What are the Lead Scoring models?

Lead scoring models specify the context in which values are assigned to each lead. The lead scores are usually assigned on a scale of 0 to 100. There are two types of lead scoring:

  1. Explicit Scoring: This score is determined by information acquired directly from the lead. The category includes attributes such as demographic and firmographic data, e.g. job title, region/location and Company size.
  2. Implicit Scoring: The score is determined by data points based on observed behaviours and inferred information, such as online actions, which are referred to as scoring attributes.

Benefits to Lead scoring

Lead scoring offers the following advantages:

  • Lowers the resources used in the marketing and acquisition process.
  • Discover both unqualified and qualified leads
  • Less time is used in the conversion rates and sales cycle.
  • Higher revenue achieved.
  • Sales reps learn about the types of leads they should focus on in the future.

Additional Insights on Winning probability in support of Lead Prioritisation

What happens if you use a winning probability? You are not only prioritising leads by a score but also calculating the likelihood that it will be won. Many tools assign this lead or deal score to prospects or leads; Dealcode is a unique Winning probability SaaS that uses machine learning and Artificial intelligence to give the likelihood of a prospect turning into a signed deal. The score increases with actions recorded in the CRM used by sales reps. Dealcode’s predictive lead scoring tool also uses these actions and the data-driven winning probability to give recommendations. If you are using Pipedrive and Hubspot as your CRM and are interested in winning probability, you should definitely check out Dealcode!

EASY TO SET UP TOOL

  1. Connect your sales sources, in Dealcode’s case - Pipedrive or CRM . The data is cleaned and normalised using Dealcode AI analytics tools.
  2. Dealcode’s ML algorithms find patterns in your sales data, customising and determining its winning probability. With each new course and data point (from the activity), the model becomes better.
  3. Check the winning probability, prioritising what prospect to follow up on, increasing your ROS by approximately 30%.

Related SalesLeaks

Erfolg im Sales messbare machen: Ein Leitfaden zur Sales Velocity

Erfolg im Sales messbare machen: Ein Leitfaden zur Sales Velocity

Man kann nichts verbessern, was man nicht misst. Wenn Sie Ihren Umsatz steigern wollen, müssen Sie die Sales Velocity verstehen. In diesem Beitrag zeigen wir Ihnen, wie Sie die Sales Velocity messen können und warum sie so wichtig ist.

September 27, 2022
Lead Scoring und Priorisierung

Lead Scoring und Priorisierung

Wenn Sie kein Lead Scoring verwenden, verpassen Sie eines der leistungsstärksten Tools im Vertrieb. Hier erfahren Sie, was Sie über Lead Scoring wissen müssen und warum es so wichtig ist.

September 6, 2022
Verloren im Sales Tool Dschungel?

Verloren im Sales Tool Dschungel?

Immer mehr Vertriebsteams setzen auf digitale Sales Tools. Doch wieso und was sollte bei der Toolauswahl beachtet werden?

August 18, 2022
How to Measure Success in Sales: A Guide to Sales Velocity

How to Measure Success in Sales: A Guide to Sales Velocity

You can't improve what you don't measure. If you want to increase sales, you need to understand sales velocity. In this post, we'll show you how to measure sales velocity and why it's so important.

September 27, 2022
Lost in the sales tool jungle?

Lost in the sales tool jungle?

More and more sales teams are turning to digital sales tools. But why? And what should be considered when choosing a tool?

August 18, 2022
Just as important as followers in social media: Follow-ups and Tasks in the Sales Process and How They Improve Your Success Rate.

Just as important as followers in social media: Follow-ups and Tasks in the Sales Process and How They Improve Your Success Rate.

In social networks, the more followers the better. What many sales reps don't know is that the situation is similar in sales with follow ups. The more follow ups you do, the better your chances of success. In this article, you'll learn why it's important to do follow ups and what task management has to do with it.

July 19, 2022

#WeHackSales

Stay updated and Make your B2B Sales Data-driven

We will help you grow with great content.