Are your sales teams spending too much time on leads that never convert?
Or
Do you find it impossible to decide which prospects you can trust?
If your company is facing any of these problems, then you’re not alone. We understand that there is nothing worse for a business owner than assigning resources to leads that are bringing no value. This leads to wasted time, lost opportunities, and diminished growth for your company.
But what about solving this issue to a great extent? What if you could automatically identify the leads most likely to convert? That’s where lead scoring comes into the market. By scoring individual leads based on the actions they take and the data they provide, you can focus on those leads that are most likely to be your best customers.
In this blog post, we’ll learn how to make a lead scoring system in Salesforce that works, and we’ll show you step-by-step how to do it so you can begin to save time, boost productivity, and convert more leads to customers. Let’s get started!
What is Lead Scoring?
Lead scoring is the process of identifying prospects and ranking them based on their behaviour, demographics, and how closely they align with your Ideal Customer Profile (ICP).
A clearly defined lead scoring model can help businesses to focus more on the highest-potential leads, resulting in better conversion rates, shorter sales cycles, and a more effective allocation of sales resources.
Methods of Lead Scoring
There are various approaches to lead scoring, and your method will depend on your business needs and the tools available to you. Here are some standard techniques:-
1. Behavioral Lead Scoring
Behavioral lead scoring emphasizes how a lead engages with your website, emails, social media, and other touchpoints. Actions such as opening an email, visiting specific pages, or downloading content can be scored to indicate the level of engagement with the lead.
2. Demographic Lead Scoring
Demographic lead scoring looks at details such as job title, company size, industry, and location. A lead that fits your ideal customer will get a higher score than one that doesn’t, no matter how much they engage with your content.
3. Predictive Lead Scoring
This method takes into account both behavioural and demographic factors and automatically adjusts the scores over time as more data is collected, and also helps you to analyse leads that convert into customers.
4. Manual Lead Scoring
With manual lead scoring, you assign scores based on predefined rules that a sales or marketing team manually adjusts as needed. As it is more time-consuming and it is recommended for businesses with specific lead attributes or complex sales processes.
Benefits of Lead Scoring
Lead scoring does more than improve sales; it delivers key business benefits that can help your team perform at its best.
1. Improved Lead Prioritization
Using a lead scoring system helps your sales team focus on the best leads, which saves time and resources.
2. Higher Conversion rates
Concentrate your efforts on the leads that are most likely to convert. Maximize overall sales performance by cultivating leads most likely to close.
3. Shorter Sales Cycle
Lead scoring helps you simplify your sales process by allowing your team to quickly identify where a lead is in the buyer’s journey. This means they can tailor their outreach and accelerate the decision-making process.
4. Better Alignment Between Sales and Marketing
This system fosters a shared understanding between marketing and sales teams. With clear, quantifiable criteria, both departments can collaborate toward the shared goal of converting qualified leads.
How Lead Scoring Helps in Sales?
According to the Salesforce State of Sales Report, sales reps usually spend 9% of their time researching potential clients, 8% on finding new leads, and another 8% on sorting leads and opportunities.
An effective lead scoring system in Salesforce can provide your sales team with a roadmap for focusing on the highest-quality prospects.
Here are a few benefits you should know before starting lead scoring in Salesforce:-
1. Targeted High Quality Leads
Lead scoring helps your sales team create more individual, relevant clients, which means that there is a high probability of conversion based on the interests and behavior of these people.
2. Increased Revenue
If you invest more time and effort in high-scoring leads, your sales can significantly improve conversion rates and eventually lead to increased revenue.
3. Enhanced Productivity
With lead scoring, the sales team will not waste time chasing leads that will hardly be closed, and that improves the general efficiency of your business.
Lead Scoring in Salesforce
Salesforce has an AI assistant tool known as Einstein that automatically creates a custom lead-scoring model using your company’s data. In Salesforce Einstein, you can use built-in insights or create custom segments based on your lead criteria.
Einstein Lead Scoring leverages data and technology to understand how your business transforms leads into customers. It offers a more innovative and accurate method for scoring leads, compared to older methods, and also helps you to focus on more accurate leads.
Einstein can recognize similar meanings across different field values, improving accuracy that may have different values but similar meanings.
Important Data for your business that is present in Salesforce Einstein is given below:-
- Average Lead Score by Lead Source
- Conversion Rate by Lead Score
- Lead Score Distribution: Converted and Lost Opportunities
How to Create a Lead Scoring Model in Salesforce?
To create a lead scoring model for Salesforce that enhances revenue and strengthens customer relationships, you have to follow the steps outlined below.
1. You have to first access the Salesforce Platform and then select “Setup.”
2. Click and turn on “Einstein Lead Scoring” in the Einstein Sales section.
3. Continue with the default configuration to utilize the Einstein predictive model, or set up your preferences.
4. To personalize your model, select a conversion and then click save & next.
5. To segment your leads, click on “Segments of Leads, give the group a name, and set your rules.
6. Next, select the relevant lead details under “Included Fields” you want Einstein to use in its model.
7. Examine your settings, then click “Score Leads.”
Now your lead scoring data will appear conveniently alongside your prospect information, and you can also understand your lead scoring system by monitoring KPIs like conversion rate, cost per lead, response time, average lead score, average lead value, and customer lifetime value.
How We Can Help You Build an Effective Lead Scoring System?
CRM Master’s Infotech is a Salesforce Implementation Partner that helps businesses set up and optimize lead scoring systems in Salesforce. Our expert team can guide you through the entire process from defining your ICP to creating a custom lead scoring model that works seamlessly within Salesforce. Whether you are looking to improve your existing system or build one from scratch, we have the expertise and experience to help you succeed.
Why Choose CRM Masters Infotech?
Tailored Solutions:- We take the time to understand your business, ensuring that your lead scoring system and funnel align with your unique goals and challenges.
Salesforce Expertise:- With 9+ years of experience working with Salesforce, we will ensure your system is fully integrated and automated for maximum efficiency.
Continuous Optimization:- We don’t just set up your lead scoring system; we help you monitor and optimize it for constant improvements.
Source – How to Build a Lead Scoring System in Salesforce That Works?
