Building a Lead Scoring Model

Why Lead Scoring? Not all leads are created equal. A lead scoring model helps you prioritize your sales efforts by assigning points to leads based on their demographics, behavior, and engagement with your company. This allows your sales team to focus on the leads that are most likely to convert into customers, improving efficiency and maximizing ROI.

 

Step 1: Define Your Ideal Customer Profile (ICP)

​

As discussed previously, a well-defined ICP is crucial. Your lead scoring model should reflect the characteristics of your ICP. The more closely a lead matches your ICP, the higher their score should be.

 

Step 2: Identify Lead Characteristics and Assign Points

​

Think about the key characteristics that make a lead a good fit for your business. These can be categorized as:

​

• Explicit Data: Information that the lead provides directly (e.g., job title, company size, industry).

• Implicit Data: Information gathered through the lead's behavior (e.g., website visits, content downloads, email opens).

 

Assign points to each characteristic based on its importance. Characteristics that strongly indicate a good fit should receive more points. Here's an example (adjust these based on your business):

 

Explicit Data:

​

• Job Title (Marketing Manager/Director): 20 points

• Company Size (50-200 employees): 15 points

• Industry (B2B SaaS): 10 points

• Location (United States): 5 points

 

Implicit Data:

​

• Visited Pricing Page: 10 points

• Downloaded a Case Study: 15 points

• Opened a Demo Request Email: 20 points

• Attended a Webinar: 25 points

• Engaged with Social Media Content: 5 points

 

Step 3: Set Scoring Thresholds

​

Determine the minimum score a lead needs to reach to be considered "sales-ready." This threshold will depend on your sales process and resources. You might have different thresholds for different lead stages (e.g., Marketing Qualified Lead (MQL), Sales Qualified Lead (SQL)).

​

Example:

• MQL: 50 points

• SQL: 75 points

 

Step 4: Implement Your Lead Scoring Model

​

You can implement your lead scoring model in several ways:

​

• CRM System: Most CRM systems (e.g., HubSpot, Salesforce) have built-in lead scoring features. This is the ideal solution, as it automates the process and integrates with your sales workflow.

• Marketing Automation Platform: Marketing automation platforms can also be used for lead scoring, especially if you're focusing on implicit data.

• Spreadsheet (Initially): If you're just starting out, you can even use a spreadsheet to track lead scores manually. This is a good way to test your model before investing in more sophisticated tools.

 

Step 5: Test and Iterate

​

Your initial lead scoring model is just a starting point. You'll need to test and iterate to ensure it's accurately identifying your best leads.

​

• Track your results: Monitor which leads are converting into customers. Are your high-scoring leads converting at a higher rate than your low-scoring leads?

• Talk to your sales team: Get feedback from your sales team on the quality of the leads they're receiving. Are they finding the high-scoring leads to be truly qualified?

• Adjust your model: Based on your data and feedback, adjust your lead scoring model as needed. You may need to change the point values assigned to certain characteristics or adjust your scoring thresholds.

 

Key Tips for Startups:

​

• Start simple: Don't try to make your lead scoring model too complex at first. Focus on the most important characteristics.

• Focus on quality over quantity: It's better to have a smaller number of highly qualified leads than a large number of low-quality leads.

• Align with your sales team: Work closely with your sales team to develop and refine your lead scoring model. They are the ones who will be using it, so their input is essential.

• Regularly review and update: Your lead scoring model should be a living document. Regularly review and update it as your business evolves and you learn more about your customers.

 

By implementing a well-designed lead scoring model, your startup can significantly improve the efficiency of its sales and marketing efforts, leading to increased conversions and revenue. It helps prioritize your sales efforts by identifying the most promising leads, allowing your sales team to focus their time and energy on the prospects most likely to close.