In today’s competitive business landscape, the sales and marketing functions of a business must work together at every level for achieving the common goal of securing greater revenues and helping their company grow. However, aligning sales and marketing in today’s era has become difficult in practice as compared to the past. This has happened due to misaligned goals between marketing and sales, which unintentionally encourages them to sacrifice organizational profits to accomplish their own goals. So, what’s the solution? The solution lies in having a continuous flow of qualified leads that can be readily closed by the Sales team. Now, this could be made possible by having in place a sophisticated lead scoring system for better prioritization of leads.
What is the Need for Lead Scoring?
While a major priority for marketers is to have constant flow of closable leads, only a small percentage of the leads generated by the marketing team are deemed sales-ready. According to statistics gathered from recent industry research, around 40%-50% of all inbound sales leads aren’t followed up by the salespeople. And even if they do so, a lot of time had already passed by for leads to be converted to customers.
A key aspect of lead management, lead scoring helps marketers make the most of all the leads generated. By providing an objective way of sorting through all visitor interactions and ranking them basis their likelihood to buy the company’s products, lead scoring divulges details about the most sales-ready leads besides providing insight about how and which leads should be nurtured. By helping organizations rank their leads basis several behavioral and demographic factors, marketers can determine and focus on the most potential leads.
Evolution of Lead Scoring Tools and Capabilities:
Having information about which leads to follow up and which to ignore can be more of a speculation than science. Lead scoring provides sales and marketing experts a head start on the lead qualification process, which otherwise is time-consuming. Before the recent developments in technology, lead scoring was conducted manually and included making a detailed research on potential customers, recording their details on a database, and finally scoring them.
Today, Marketers have access to tools and capabilities that can help them rank, manage and nurture leads, so that more leads carry a higher probability for positive sales results. Automated capabilities and processes provide powerful ways to handle lead scoring and nurturing to help get the most from every visit to the website.
CRM assisted Lead Scoring:
Since, the task of manual lead scoring was strenuous and time-consuming, CRM (customer relationship management) systems emerged as the savior by automating and simplifying processes. With a robust CRM in place, businesses were able to gather data regarding every single lead and scoring them basis the selected criteria. While integrating a robust CRM system like Salesforce improved the manual way of scoring leads, it still lacked the efficiency required to quickly score leads basis their quality with sales and marketing teams still spending a lot of time gathering details about leads.
This paved way for another innovation i.e. marketing automation. While marketing automation is doing its bit by analyzing and processing a wide variety of data in an automated way, it doesn’t provide the efficacy to differentiate between visitors who are actually interested in making a purchase and those who are simply visiting the site without any intention of making a purchase. This has left space for a new player that offers a solution to all the lead scoring woes i.e. predictive lead scoring using artificial intelligence.
Predictive Lead Scoring: A Game Changer
Powered by Machine learning and Artificial Intelligence, predictive lead scoring allows businesses to determine the criteria for defining a strong lead, creating models for lead scoring based on the specific needs of your company while adapting themselves in a changing market. The Einstein AI capability of Salesforce provides lead scoring an altogether new approach by streamlining a variety of tasks associated with it. Right from automatically collecting and analyzing CRM data for determining strong leads, creating finely tuned lead scoring models to gathering account insights, using Salesforce Einstein AI for lead scoring will augment the efficiency of sales and marketing teams by saving their time significantly. However, you must get in touch with a reliable Salesforce consulting company for any assistance regarding lead scoring including the creation of appropriate lead scoring formulae.
The Bottom line:
The value of determining the strongest leads that are most likely to convert is immeasurable. However, analyzing humongous data to figure out sales-ready leads isn’t something easy to accomplish manually. With a sophisticated lead scoring system in place, businesses will not just be able to align their sales and marketing teams but will also be able to make better use of resources, shorten sales cycles, improve conversion, all of which will translate to increased revenue. By focusing on strong sales-ready leads, sales and marketing staff would be able to close more deals and forge a strong relationship with their customers.
Salesforce with its wide array of features and functionalities has become a popular choice amongst businesses. However, to realize it’s complete potential, it’s proper implementation should be ensured. It’s always good to partner with a trustworthy Salesforce implementation partner to make the most of this cloud-based CRM.