Every B2B lead generation agency looks to fill its marketing and sales funnel with as many qualified leads as possible. The reason behind such expectations is getting an opportunity to convert more leads and achieve sales goals quickly. B2B lead scoring, in this matter, assists marketers remarkably while identifying and nurturing qualified leads. Recent studies reveal that in the contemporary B2B market, about 63% of global companies are using the method of lead scoring to understand their target audience appropriately.
Let us understand lead scoring better and its importance in the B2B set-up in the following sections-
What is B2B Lead Scoring?
B2B lead scoring identifies high-quality leads with the highest possibility of converting into investing clients while generating leads. It is a quality assessment of the generated charges depending on their ongoing attributes, such as demographics and behaviour.
While evaluating the attributes of the leads, marketers learn about their possibility of making buying decisions. Following the data from lead scoring, marketers can prioritize the information to invest in their business and start nurturing them to convert.
It is also called a predictive procedure, as B2B lead generation companies can easily predict how many leads will be converted after adopting lead scoring.
The Process of B2B Lead Scoring
B2B lead scoring methodology consists of a few segments where companies score their leads on the observations of their online behavioural activities on a scale of 1 to 100. For example, when running an email marketing campaign for lead generation, marketers give a prospect five points if they open the pitching mail.
Similarly, the ones who tap on the link in the email are given 10 points. Those who check out at least three website pages after being directed to the landing page by clicking the link get 30 marks.
In this way, leads are ranked based on their attributes and interests, and the highest-ranked charges are considered the more valuable ones who can easily convert into clients.
The drawbacks of not identifying qualified leads
- Waste of time and resources: Lead nurturing takes a lot of time, and if marketers spend equal time with their hot and cold leads, it can be considered a waste of time and resources as the progress will take them nowhere. This can also lead to a conclusion where valuable leads feel ignored and change their decision to invest in your business.
- Low conversion rate and limited sales: The inability to recognize valuable leads can directly impact the lead conversion process. No matter how effectively lead generation specialists nurture the authorities, they cannot increase the conversion rate as many of the prospects have minimal interest in their offerings. As a result, the sales get stuck and companies need help to achieve decent ROI.
- Failed marketing endeavours: Identifying high-quality leads indicates that the marketing initiatives of the concerned B2B lead generation company must be more effective. All the investment in the marketing activities has gone in vain.
Benefits of Utilizing B2B Lead Scoring Methods
B2B Lead Scoring can be beneficial for marketers in many ways, including-
- Prioritize hot leads: Marketers will quickly identify high and low-quality leads while adopting lead scoring. Therefore, they’ll be able to prioritize qualified leads over cold leads.
- It saves time and resources: Appropriate lead scoring helps recognize the hot leads who will be nurtured on priority. This helps in compressing the shortlisting process of the authorities, saving time and effort.
- Lower cost, higher conversion: Companies usually spend a lot of time on lead generation and conversion. However, they do not achieve profitable numbers while converting leads. Under such situations, B2B lead scoring can be a tactic that is not only cost-effective but also beneficial in terms of boosting lead conversion rates.
- Increased ROI: A higher conversion rate suggests increased sales, and B2B companies can attain higher ROI by growing sales. So, lead scoring is the ultimate formula in the B2B industry to earn a profit by simplifying the lead identification process.
B2B lead generation and nurturing are critical yet lengthy procedures to work on. Companies adopt several marketing strategies to identify their target audience and persuade them to invest in a business. Such marketing tactics can cost marketers a lot at times as these require in-depth data and a longer time to assess the data. Even after investing time and resources, B2B lead generation companies must classify the essential leads within the lead pile and uplift their business endeavour.
B2B lead scoring, in this regard, is a strategy that analyzes the leads based on their real-time interests and attributes toward making buying decisions. With this method, marketers can accelerate their lead-generation process more effectively.
CandorWorks, is a B2B lead generation company implementing the best lead scoring method for years, bringing efficiency to our client’s marketing endeavors. If you need any related B2B marketing services, reach out to our executives without hesitation.