Surprise! We're talking about HubSpot tools again.
(We'll stop talking about HubSpot tools when we run out of tools to talk about.) The subject of today's Tool Time is Lead Scoring.
Lead Scoring: the process of assigning a value to each lead to prioritize outreach.
HubSpot offers two types of Lead Scoring: Manual and Predictive. Manual is offered at the Professional and Enterprise levels, where Predictive is offered only for Enterprise.
Lead Scoring lives under the settings gear in your top right navigation, and from there, Marketing > Lead Scoring.
The first step in the process is to define all the actions, traits, etc. that would make a contact valuable to reach out to. It's helpful to break it down even further to what makes a contact valuable as a Marketing Qualified Lead (MQL), and then a Sales Qualified Lead (SQL). Once you have your list, you'll assign each a value correlating to the likeliness they'll become a customer.
A practical example:
If a contact has visited the site once, we'll assign them a value of 2. If, they visit the site a second time, we give them another value of 2. That contact now is assigned a 4. If they've viewed more than five pages, let's give them another 2. Now they're at a 6. If they viewed the pricing page for more than 20 seconds, that's a value of 4. This contact (now a lead) has a value of 10, and they're ready to be contacted by sales. These of course are all arbitrary values, and your values will inevitably differ greatly.
Additionally, each Lead Scoring rule you set up gets awarded a positive or negative value. For example, an action that warrants a positive value may be subscribing to your blog, where an action that warrants a negative value would be unsubscribing from your blog.
When your values are all squared away and assigned, the next step is to create a 'smart list.'
This is where your MQLs and SQLs come in again. Your first smart list can consist of all of your MQLs. If the maximum contact value is 50, and by your calculations a contact needs a 10 to become marketing qualified lead, then you'll set the criteria for you smart list to be "HubSpot Score is greater than or equal to 10."
For an SQL, your sales team will have assigned their values after contacting them. For example, the MQL came into the list with a value of 15. Your sales team contacted them and they scheduled a demo, so the salesperson assigned them a value of 25 for that action. Their score is now 40, putting them in the SQL category. A smart list can be created with the criteria of "HubSpot Score is greater than or equal to 40." Now you have a hyper-vetted list of leads with a high probability of becoming a customer.
These steps only scratch the surface of the ways to automate this process. For example, rather than your salesperson manually assigning the value of 25 when a lead schedules a demo, it can be done automatically when the lead does so on the website. Then, a workflow can be set up to email a list of the daily, weekly, etc. SQLs to your sales team for them to move on.
It might sound complicated, but the process is straightforward, and can only yield positive results for your company.
Predictive Lead Scoring: A tool that uses an algorithm to predict which contacts in your database are qualified or not qualified.
For this Enterprise feature, there is no effort required. An algorithm looks at the customers generated and their shared attributes, and automatically applies values to make a list of quality leads.
If you made it to the end of this blog, I'm mentally assigning you a Lead Score of 6,000. And, if you understood my Tool Time reference, 6 million.
Tune into the episode for an in-depth walk-through of Lead Scoring, and some more practical examples!
Key Takeaways From This Episode:
- Lead Scoring is the future. If you have access to it, utilize it, because it can help improve the quality of your MQLs and your SQLs.
- 10 Amazing HubSpot Features
- How to Use Manual Lead Scoring to Automate Your Lead Qualification
- Understanding HubSpot Lead Scoring
- Lead Scoring 101: How to Use Data to Calculate a Basic Lead Score
- Traditional vs. Predictive Lead Scoring: What's the Difference?
- How to Expose the Best Leads to Your Sales Team
- Use Lifecycle Stages in HubSpot
Questions about Lead Scoring? Comment below, or email us at firstname.lastname@example.org.
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