What are lead scoring and grading? How are they different? Which one should be used or how to use both of them together? These questions top the trending list nowadays. So what exactly is lead scoring and grading?
As leads are generated for your brand and they start understanding and interacting with your offerings, the next step comes where they want to speak to a member of your sales team. And this is the stage where a sales team representative need to be patient because if he speaks too soon, he may end up wasting time as the lead might not be ready to take a decision and could be the incorrect target. That is how most of the leads undergo stages of becoming, from a regular lead to marketing qualified lead and then finally sales qualified lead. Lead scoring versus lead grading –
First of all, we need to understand that there is a big difference between the two. And most of the companies get confused between two or they actually end up using them incorrectly. So let's get the differences made clear first and foremost.
Lead scoring
The term lead scoring is referred to a process or methodology which is used to rank prospects against a scale that presents the perceived value which each of the lead represents to the organization. Marketing leads are often scored on the basis of particular activities that show the interest in the certain solution. Various lead scoring metrics calculate the average for all activities, which describe the level of interest of a lead and if the level interest meet the required ranking, then that signals to carry on with a prospect. In simple words the higher the score, the more interested a lead is and better fit for sales conversation.
Importance
Lead scoring is a tedious job, so it requires a dedication and efforts for the work and outcomes. According to a report 66% of businesses are unaware of and does not practice lead scoring. And in the B2B world only 21% of the firms have started a lead scoring practice.
The benefits of lead scoring are numerous and substantial. Lead scoring gives you a better view to understand the interest level of a lead and suggests you the right time to speak with the lead in order to persuade them to take action. It aligns the marketing and sales departments, in today's world of the internet where online buying is at its peak. In such a scenario it is important for the sales and marketing teams to work together for achieving the same goals. Hence a proper lead scoring methodology brings sales and marketing team together in order to update and tweak lead scores. Lead grading
Most scoring models get attention from the sales team and marketing leads are scaled according to attributes which define the individual and business associate who has responded to a marketing representative. The ranking system differentiate usually differentiate between leads with the alphabets A,B,C etc and the highest grade attainable is A where the lead is ready to take an action. But at the same time lead grading is not applicable to all of the leads generated. Grading is regulated based on demographic information after understanding the buyer’s profile or target accounts.
Importance
Grading helps in identifying the interested and engaged lead and guides you how to approach the lead in the best you which can guarantee you of transforming the lead into a customer. Grading helps companies to monitor the profile criteria within a prospect record.
Although lead grading is critical but it helps your business grow by delivering result and by helping you in acquiring interested leads and targeting them. Grading saves your time and makes it easy for your business to take an action out of box and be a leader in lead scoring and turning leads into your loved and loyal customers.
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