Join Dina Shapiro for an in-depth discussion in this video Stage in buying process, part of Lead Generation Foundations.
- We've talked about how to entice leads and qualify leads. Next, in this chapter, we'll dive into how to transform those leads to customers. This video, we'll start with learning how to identify when a lead is ready to make a purhcase and when you should follow-up. Let's say you're considering replacing an aging appliance in your home. You start with some brief research online to evaluate options, you find a couple of options, but decide to hold off on that purchase for right now.
The next thing you know, sales people begin to contact you but you're not yet ready to buy. In this example, the salesperson who contacts you won't be welcomed. But if you were further along in the buying process, let's say you've conducted all your research and evaluated options by reading product descriptions, pricing, reviews, or even downloading sales brochures. Wouldn't you be more receptive to engage with a salesperson now? So, how does a business determine when a customer is ready for sales contact? By Lead Scoring.
This is identifying when a lead is ready to buy and assigning a value to that lead based on their information and behavior on your website. Before anything, make sure your sales team receives enough quality leads, does appropriate follow-up with leads, and has sufficient data to procede. You'll recall we discussed all of this in the previous chapter. Now that you're ready to get started with a Lead Scoring model, let's talk about how to get there. Define a qualified lead with marketing in sales.
Because you can only start scoring leads when everyone agrees on the definition. Then, sales will only receive high quality leads and marketing will provide fewer, but higher quality leads. Examples of qualifiers could be a decision-making job title such as VP or above, or a list of the top five company industries that align best with your business. Collect Demographic and behavioral data on your leads through your online forums or other great sources like LinkedIn Profiles.
Demographic examples could be years of experience, or length in their current position, or their budget ranges. Then you'll know whether that lead is a decision maker. You can get behavioral data through a lead's actions on your website. Determine their stage of the buying journey. Are they only considering options at this time? Or ready to buy? Here's how you can tell when a lead is ready to buy. They'll fill out a Contact Us form, request a free trial, search by company name, or view a pricing page.
Now that you've collected the information, you're ready for your Lead Scoring model. Now, there are a lot of models out there. I've included an exercise file with one approach to a Lead Scoring model to help you get started. Input your criteria. Use a simple point system ranging from one to ten. Assign a score to all criteria, and the spreadsheet will auto populate the scoring system. Lead Scoring can be done manually which is a great way for a new or small business to get started.
However, a lead's behavior will change over time based on the stage of their buying journey. Consider upgrading from a manual system to Lead Management Software which will help you manage the qualifying criteria and lead's data to keep your scoring system current. After you've developed your Lead Scoring model and launched, make sure to consistently evaluate and adjust. Your criteria may evolve as your business evolves over time. And, many Lead Scoring models are optimized over time with learnings.
Talk with your sales team frequently to make sure they're receiving high-quality leads and following up. Look for potential missed opportunities that can be incorporated into your Lead Scoring model. An effective Lead Scoring model will provide you with insight to understand what buying stage leads are in, understand when they're ready to purchase, and when you should follow-up.
Finally, discover how to monitor your customer's experience after the sale, reward their loyalty, and measure your program's performance. By the end of the course, you'll have the tools and action plan to keep optimizing your lead generation strategy and expand your customer reach.
- Setting goals
- Publishing engaging content
- Creating compelling offers and calls to action
- Optimizing landing pages
- Developing databases
- Transforming leads into customers
- Making the purchase process clear and simple
- Monitoring social channels
- Measuring results