Many brands build out prospect lists by capturing emails on a website homepage or purchasing lead lists from traditional providers. But having those leads in your pocket isn’t enough to be able to act strategically. It has become increasingly necessary to be able to prioritize those leads to optimize sales and marketing outreach.
At Faraday, we employ lead scoring to help brands efficiently reach the best prospects, whether it’s by email, direct mail, or even over the phone. These are some of the practices we’ve found to be helpful when scoring leads.
1. Introduce third-party data
Lead scoring has only been enhanced as access to third-party data has increased. Because lead scoring is the process of ranking individual prospects by their propensities to perform a desired action (e.g. buying a product after receiving a sales call), it’s necessary to know more about your leads than just their names and/or contact information in order to make an accurate behavioral prediction. Third-party data gives deeper insight into a prospect’s behavior and can help to indicate whether or not they are a high-priority lead — or simply a qualified one!
2. Know when to score your leads
At Faraday, we score leads either in real time or on a scheduled basis. The source of the lead (e.g. email capture, purchased lead list) and the urgency of engagement tend to determine when we score incoming leads. For example, a captured email may be scored in real time because there might be an immediate — think seconds later — follow-up email sharing a special offer or discount. On the other hand, a brand may buy lead lists each month, at which time those lists are automatically scheduled to be scored before they are sent out to call centers.
Scoring in real time may sound cutting edge and exciting (and it is!), but it might not be entirely necessary if your outreach doesn’t happen within seconds of acquiring your leads. Understanding which method is applicable to your acquisition strategy can save you from wasting too much money on a complex, real-time scoring system — or missing an opportunity because of a more latent scheduled system.
3. Make sure you are prepared to act
Lead scoring can be a transformative piece of your outreach strategy, but only if your systems and teams are set up to make those scores actionable.
While there usually isn't a reason to overhaul your marketing stack, do ensure that whatever program or software you are leveraging to score your leads can integrate with your existing technology and communication platforms so your lead scores are ready to support the sales initiatives and marketing campaigns you're running.
Additionally, there may be a human component to your outreach, such as call center representatives or a team sending out mailers. Make sure that your team is aware that there is a process of prioritization when it comes to engaging with your lead lists so their work can be done as efficiently as possible.
Interested in learning more about how Faraday helps brands innovate their lead scoring strategies? Don't hesitate to reach out.