Using Social Signals to Improve your Lead Scoring
So how do you know when it’s time for a sales person to reach out to them? How do you know if these leads are qualified in the first place? And finally, how can you ensure that the you’re constantly engaging in relevant and meaningful conversations with the leads that are qualified?
Have you Tried Lead Scoring?
A lead scoring system addresses all of these challenges. It helps you determine prospects’ level of interest in your company, their current place in the buying cycle, and how closely aligned they are to your ideal customer. Using all of this information, you can tailor more personalized content to drive higher engagement and revenue.
Technically speaking, the best lead scoring models incorporate three key dimensions to determine whether prospects are sales-ready or need to be further nurtured. These include:
- Demographics – such as age, gender, nationality, and income.
- Firmographics – such as company size, industry, and job title.
- Behavioural – such as clicks, keywords, and website visits.
Why Is This the Best Thing to Happen Since Sliced Bread
If you’re having second thoughts about why you should implement a lead scoring system, then here are just a few striking statistics to change your mind:
- Drive More Conversions: 32% increase in qualified lead conversion rates
- Strengthens Revenue Cycle: 125% improvement in average lead conversion time, allowing marketing and sales to increase revenue more quickly
- Secure Higher ROI: 77% boost in lead generation ROI
It’s important to understand that currently, all of the data that marketing automation has on your prospects is gathered from three key places: your website, your emails, and your CRM platform. In other words, anytime a lead downloads a whitepaper, signs up for a webinar, or clicks your emails, these actions are automatically synced with your CRM and marketing automation platforms, helping you build a strong lead scoring model.
How Can We Make This Even Better?
As you can imagine, the more data sources you have, the better you can score leads. While your email, website, and CRM are all equally important, what about the leads who have taken action on other platforms like social media? Leads who have clicked on your social posts or tweeted about your conference?
In our latest infographic, we highlight how 55% of B2B buyers search for information on social media and 84% of CEOs and VPs use social media to make purchasing decisions.
Here’s a snapshot of the infographic, click here to view the rest.
This high level of lead engagement on social media reflects the need for social data in marketing automation. In fact, not including social lead data in marketing automation means you have major blind spots in your lead scoring system. On the other hand, tapping into these social signals will help you identify relevant prospects and get in front of them.
Using Social Signals to Score Leads
More and more B2B companies are beginning to realize the significance of social data for a more solid lead scoring system. There are a number of ways that you can approach this:
Evaluate Lead Quality
One way to effectively leverage social data in your scoring model is to determine which leads closely fit your company’s ideal customer profile. To get started, your marketing team would first need to establish what defines a ‘qualified lead’ or an ‘ideal target buyer’.
Next, you can align certain social actions to this ideal buyer: for example, you may decide that a prospect who clicked your social posts is a lot more important than someone who simply shared it. Going with this example, you could give a ‘social click’ a much higher score (15) than a ‘social share’ (5). The more social actions you consider in your scoring model, the easier it will be for you to push qualified leads down the pipeline.
While most activities get a positive score, there are some social actions that deserve a negative score. For example, if a lead hasn’t engaged with your social content in over a week or if a lead posted a negative social comment on your wall. Use these negative scores in conjunction with other methods for a stronger lead scoring system.
Identify Sales-Readiness of Leads
Similar to the example given above, you can also use certain social actions as an indicator of sales-readiness. For example, giving a higher score to a lead that registered to webinar versus a lower score to a lead that clicked to view a blog post via social media.
Besides focusing on specific content actions like webinar sign-ups or whitepaper downloads, you can take a different approach by positively scoring networks. For example, you may have noticed that a majority of leads in your database have converted from LinkedIn. Therefore, you can decide that from now on, a prospect who converts from LinkedIn deserves a higher score than a prospect who came from Twitter or Facebook.
When building your scoring model, you should take into consideration what leads are interested. In other words, key topics that have been highly influential in pushing leads over the line. For example, someone who constantly clicks on or converts from a content piece about ‘social listening’ may be seen as highly relevant to your sales team.
A sophisticated lead scoring system is your gateway to more revenue. The goal is to have as much information about how your leads are behaving and what they are interested in across all channels and platforms. By combining your lead scoring system with the additional layer of lead actions taken on social media, you can benefit from more opportunities to generate qualified leads and accelerate your lead-to-customer conversion rates.