Being the Digital Marketing Manager at a startup means that my day-to-do activities range from scheduling social media posts in Hubspot to putting together comprehensive paid advertising strategies every quarter. Recently, I was tasked with setting up a full lead scoring model within our marketing automation platform, Hubspot, to improve the qualification of our leads.
SiriusDecisions defines lead scoring as “a methodology used to rank prospects against a scale that represents the perceived value each lead represents to the organization. The resulting score is used to determine which leads a receiving function (e.g. sales, partners, teleprospecting) will engage, in order of priority.”
Lead scoring exists because not all leads are created equal. The implementation of a lead scoring model allows marketing teams to prioritize and rank leads in a strategic way before handing them off to sales teams. Lead scoring models augment existing strategies built within a marketing automation tools, such as lead stages, giving sales teams a bigger advantage because it allows them to focus on the opportunities that have the biggest probability of being a closed-won deal. It’s not hard to see how an effective lead scoring model can increase revenue and have a direct impact on a business’s top line.
As I sat down and started to formulate my ‘big strategy’ for implementing a lead scoring model I considered our existing lead lifecycle stages, how different actions a prospect might take changes their place in the funnel, and how much these specific actions should be weighted (scored) to maximize pipeline and opportunity growth.
I started by setting values for demographic scores (job title, number of employees, industry, etc.). This part was easy. Things quickly became more convoluted, however, when I started to consider behavioral scores. It’s easy to fall into a subjective trap when assigning behavioral scores, so it’s important to consider the lead lifecycle stages and to be mindful of how much weight specific actions have on the lead’s overall score.
As social media is becoming increasingly important in the marketing funnel, I realized that I needed to add in scores for social media engagement. Side note – while Hubspot limits the type of engagements that can impact scores, other tools like Marketo have a more broad range of activities that can be scored.
In Hubspot, I implemented the following scoring criteria that assigns 2 points for clicking on one or more links on each platform (not pictured – the score continues to increase the more a lead engages):
By implementing this, we can now pull specific reports and data around social engagement and determine if interactions are directly correlated to closed-won deals. Here is a small glimpse into more attributes that we score in Hubspot:
The social metrics are highlighted in yellow at the bottom, but it’s important to understand how much social engagement can impact the entire. At Automox, we believe that social media engagement is as impactful as a visit to our website. You can also see that if a lead comes from social media (Lead Source), the prospect recieves another point.
It’s important to take the time to set up lead scoring models, especially as your business starts to scale and grow. There’s not a formula for the perfect model, and your company should decide what’s best, and most insightful and useful, for the business.