Boosting lead conversion with lead scoring and firmographic data

Lead generation is the process of identifying potential customers who are interested in a company’s products or services. Lead scoring is a crucial component of lead generation as it helps to prioritize and categorise leads based on their likelihood to become a customer. By using lead scoring, organizations can focus their resources on the most promising leads, maximizing the conversion of leads into sales. In this blog post, we’ll explore what lead scoring is, the types of data typically used for lead scoring, and how firmographic data can help to better prioritize leads for sales teams.

What is lead scoring?

Lead scoring is a numerical value assigned to each lead based on their likelihood to convert into a customer. Lead scoring takes into account a range of data points, including demographic information, firmographics, behaviour, and engagement with a company’s content and marketing efforts. This data is then analysed to create a score for each lead that reflects their level of engagement and their potential to become a customer. Lead scoring enables sales and marketing teams to prioritize their efforts by focusing on leads with the highest scores. By prioritizing leads in this way, organizations can increase the efficiency of their sales and marketing efforts and maximize the conversion of leads into sales.

Types of data used for lead scoring

There are several types of data that can be used for lead scoring, including:

1. Demographic data: This type of data includes information such as a lead’s name, job title, company size, industry, and location.
2. Firmographic data: This type of data includes information about a company, such as its size, revenue, industry, location, tech stack, and more.
3. Behavioural data: This type of data includes information about a lead’s engagement with a company’s content and marketing efforts, including the number of website visits, downloads of whitepapers, and attendance at webinars.

Using firmographic data to better lead score and prioritise leads

Firmographic data is a valuable tool for sales and marketing teams looking to prioritise leads and increase the efficiency of their efforts. By including firmographic data in the lead scoring process, organisations can gain a deeper understanding of a lead’s potential to become a customer. For example, leads from companies in a specific industry or of a certain size or with a particular set of employee roles may be more likely to convert into customers. By building out an ideal customer profile (ICP) and incorporating this company-based information into the lead scoring process, sales and marketing teams can prioritise leads based on their potential to become a customer. Additionally, firmographic data can also help organisations to identify leads from high-value companies. By focusing on these high-value leads, it’s easier to maximize the return on sales and marketing efforts.

Implementing lead scoring in an organisation

Implementing lead scoring in an organisation requires a clear understanding of the sales process, the types of data that will be used for scoring, and the tools required to manage the process. The following steps can help organisations to successfully implement lead scoring:

1. Define the sales process: The first step in implementing lead scoring is to define the sales process, including the stages a lead goes through before becoming a customer. This will help to identify the key data points that will be used for lead scoring.
2. Identify data sources: The next step is to identify the data sources that will be used for lead scoring, including demographic, behavioural, and firmographic data.
3. Determine lead scoring criteria: The third step is to determine the lead scoring criteria, including the weights that will be assigned to each data point. This will help to ensure that the lead scoring system accurately reflects the potential of a lead to become a customer.
4. Choose lead scoring software: The fourth step is to choose a lead scoring software that will be used to manage the lead scoring process. There are several lead scoring tools available, including marketing automation software, customer relationship management (CRM) software, and standalone lead scoring software.
5. Train sales and marketing teams: The final step is to train sales and marketing teams on the lead scoring process and the tools that will be used to manage the process. This will help to ensure that everyone is on the same page and understands how to use the lead scoring system effectively.
6. Measure and refine: Once implemented, it’s important to monitor and have a continuous feedback loop between sales and marketing to ensure that the leads being prioritised are converting at a higher rate and no key leads are being left behind.

Tools needed for lead scoring

The following tools are typically needed for lead scoring:

1. Marketing automation software: Marketing automation software like HubSpot and Marketo is used to manage and automate marketing processes, including lead scoring. This type of software typically includes a lead scoring module that allows organizations to score leads based on their level of engagement and potential to become a customer.
2. CRM Software: CRM software like Salesforce and HubSpot is used to manage customer interactions and data, including lead scoring. In most cases where companies are using multiple tools, lead scoring rules may be managed in a marketing automation platform but exposed to sales teams through the CRM.
3. Standalone lead scoring software: Standalone lead scoring software is designed specifically for lead scoring and is used to manage the lead scoring process. This type of software typically includes a range of features, including lead scoring criteria, data sources, and reporting.
4. Data enrichment tools: You need to have good data to score against. You can get this directly from prospects through form completions, leverage existing CRM data, connect with software tools like the above for behavioural data, and also external B2B databases (like Firmable, ZoomInfo, Clearbit, etc) for firmographic and demographic data.

Conclusion

Lead scoring is a crucial component of lead generation, enabling organisations to prioritize their efforts and maximize the conversion of leads into sales. Using a range of data, including firmographic data, can allow sales and marketing teams to gain a deeper understanding of a lead’s potential to become a customer, enabling them to prioritise their efforts and increase their efficiency. By following these steps and using the right tools, organisations can successfully implement lead scoring and take their lead generation efforts to the next level. Not sure where to start? Get in touch with Firmable, the definitive B2B database in Australia.