Yes, it’s true. Most businesses learn the hard way that almost 94% of their total leads go to waste. Ideally, businesses should be able to isolate and process the final 6% of the ideal prospects to have a 100% sales success.
CRM lead Scoring allows you to predict and analyze the probability of your business acquiring a particular customer. This involves combining multiple factors to objectively calculate the probability of achieving a particular customer. Within lead scoring, you can also apply adequate business intelligence to help you make smart decisions.
This objective measures your customer objectives and business intelligence to make smart decisions.
Why you desperately need a Lead Scoring System?
And again, all Leads are not equal – either in making or in actual intent.
Most Businesses try to be just and consider all leads as equal opportunities. They try to play just with every lead and consider all of them as equal opportunities. But in retrospect, all incoming leads are not equal. And some of them are simply an exercise in time wastage.
According to market research, only 6% of the incoming leads get finally converted to customers. All the rest of inquires gets dropped due to various reasons at various stages of lead processing.
While the final 6% is not a discernibly focused customer segment to focus your attention, it may be possible to significantly narrow-down from the initial set of leads.
With a careful analysis, you can filter down to the final 25% of your customer base. This enables you to filter down to a customer base. You can further analyze and integrate different insights and intelligence into your procedures.
Rather than a definitive figure, you can categorize each lead as hot, cold or warm. This enables you to categorize each lead, while including certain parameters for lead classification.
This system also helps you to consistently improve your time expenditure and process evaluation.
Elements of a successful Lead Scoring System
The purpose of lead scoring is to successfully measure and categorize each lead at its shortest time.
In essence, a successful lead scoring system needs to be automated or as close to automation to ease your daily workload. While this could be a possibility, one needs to first clearly discern and distinguish critical components of each business.
For this, you need to create a lead scoring system that considers multiple facets of customer management.
Evaluate Customer Engagement
The willingness of customers to engage could be an important factor in deciding prospects of conducting business with a particular customer.
As per study, interactions that go beyond five attempts are unlikely to yield. Further, this can lead to customers actively disengaging or avoiding particular customers. This allows you to readily discriminate prospects as hot, warm or cold.
Set Specific Milestones for each meeting
Sometimes, prospect engagement could be going forward, buy yielding nothing. Each customer needs to set specific milestones that mark each stage of customer interaction.
For example, the first meeting could attain a sound understanding of both parties. By the 3rd meeting, you could be expected to reach a common consensus about conducting business.
You can take decisions to elevate or demote each prospect position according to acquiring the milestone target.
Acquire Marketing Knowledge and apply right insights
Most businesses struggle to keep-up with the constantly evolving marketing arena. Often, most marketers get obsessed with adapting to latest marketing buzz and using the latest marketing lingo.
While these make you appear flashy, one need to possess adequate market knowledge for making the right moves.
By a lead scoring system, you can isolate the final quarter of successful prospects. This enables you to acquire successful insights that help you drive your future marketing efforts. It can also achieve a rightful understanding of future market dynamics.
This helps you re market to your concerned prospect circle, enabling you to get closer to your targeted customer base.
You can also acquire a better understanding of the target customer aptitude and preferences.
By the open-nature of internet, you need to have a clear perspective for evaluating and managing leads. CRM lead scoring allows you to score prospective customers to give better direction to your entire process management.