Lead Scoring: All About Getting More Bang for Your Lead Generation Buck.

What’s a qualified lead? Are qualified leads marketing ready or sales ready? Should 100% of the qualified leads result in conversions? Can a meticulous tracking and reporting system augment the efficiency of a lead generation program?
Quality is a paramount factor in lead generation; so is an effective lead scoring system. Since not all leads are equal, it is imperative to have a reliable methodology to gauge the quality of every lead that a program churns out. Experts in lead generation swear that a minuscule improvement in lead quality results in an astounding increase in sales productivity.
Lead scoring refers to a method where every prospect is assigned a point based on his interest in the product or service offered. These points are in turn based on a set of criteria defined jointly by the lead generation agency and the client’s marketing/sales team. The higher the score, the more likely a prospect becomes a customer. The scorecard could either have an alphabetical rating system (A,B or C) or a numerical system (1,2 or 3), where the first is a hot lead, second a warm lead and third a cold lead.
Both explicit and implicit information need to be considered while creating an accurate scoring model. The former usually refers to the basic data–designation, company size, vertical, location, etc. The latter is a lot more complex–it’s about tracking and analyzing a contact’s responses and behaviors. When a comprehensive scoring system is adopted, the true potential of every record in the database is realized. It’s also easy to figure out the list that needs to go to sales for immediate conversion, and the one that needs to go to marketing for further nurturing. What’s more, a provision has to be made for negative scoring too!
Different marketers and lead generation companies have different criteria for judging the quality of their leads. Some might focus more on the lead generation methodology, list quality and messaging perfection while keeping the scoring process simple. Some of the others might bank on an automated system that manages and simplifies the most complex of lead generation processes. So the most critical question now is: How can a business pick the right scoring system for its lead generation program? The answer is quite simple–it’s again a question of whether the business wants to do it now or do it slowly and steadily! The smartest marketers and business consultants are the ones who like to make it fast, sure and steady. In other words, they are the ones who know where and how to get more bang for their lead generation buck. 

Lead Generation: Changing Leads Into Lucrative Deals

A lead is usually a prospective customer or someone who has evinced interest in a company's product or service. Sales personnel across industries are constantly on the lookout for quality leads, which in turn can be converted into profitable deals.

Lead generation is an activity that has gathered momentum in recent years, thanks to the advancements in technology. Today's smart businesses are deploying intelligent lead generation tactics to make things easier for their sales force. In fact, many have placed the conventional method of physical cold calling on the back burner. Alternatively, they count on online directories, credible references, telecalling, direct mailing, emailing, mobile marketing, blue casting, promotions and advertising, among others. Albeit most of these methods are not new to the marketing domain, the degree of sophistication in the modus operandi has undergone a major transformation...

When it comes to an effective lead generation program, the difference between success and fiasco lies in the level of experience, expertise and persistence of the people executing the same. This fact becomes more obvious, especially in the B2B space where the stakes are very high. And the cost of customer acquisition could also be on the higher side since the exercise might be outsourced to a specialist agency. Unlike B2C marketing, B2B lead generation is a lot more focused thanks to the reason that the target audience belong to a niche segment. Just to cite an example... a prospect for a broadband connection can be a student, homemaker, store owner, professional, or even a CEO. On the other hand, a person who evinces interest in ordering a dozen stethoscopes is invariably from a medical college or a hospital. Having said that, it's a no-brainer that the quality of leads has a direct impact on the sales performance of an organization.

Though the objective of every lead generation program is pretty much the same, the strategies vary. A typical B2B lead generation drive involves the steps of goal setting, prospecting, conversion, follow up, and analysis. If done right, the lead generation effort will help get more bang for the marketing buck. So a combination of all the aforementioned methods will work best, irrespective of the business or the geography.

So it's time to say good bye to labour intensive sales efforts! Let's get smarter and practice the next gen lead gen strategies. Because they really help build the sales pipeline and the company's bottom line too!