by Randall CraigFiled in: Blog, Business Development, Data, Insight, Make It Happen Tipsheet, MarketingTagged as: CRM, Marketing Automation
Often times, the greatest insights happen at the intersection of two areas, and this is certainly true of the intersection between marketing and business development. Typically, what lives here are leads.
Marketers develop initiatives that build leads. Then sales “works” the leads, hopefully converting them into clients. This is true, in one form or another, in every industry.
Yet over the last several years, marketing has changed dramatically. Consider the impact of inbound marketing and content strategy, PPC advertising, social media and the web, mobile, marketing automation, and more sophisticated models such as the Trust Curve. (See here and here.)
Sales has also changed: It’s less about old-style professional selling skills (see here and here), and more about the sophistication of account planning, research, process, CRM, and reporting.
An unintended – and very fortunate – byproduct of these changes is data: the question is what can be done with it. The answer is simple: identify leads that might not otherwise be visible through traditional marketing and sales activities. These are the hidden prospects that may nibble here and nibble there on the different marketing food that is offered, but never stay long enough to capture your attention.
Consider the touchpoints (and the underlying data) that is now available:
The question is how to use this data. One answer is with Lead Scoring, which is both incredibly simple and incredibly powerful. This is how it works: Each time a person engages anywhere within your ecosystem, they gain (or lose) points. Then any person that has over a particular number of points are passed to business development for follow-up. That’s it.
There are ten key steps to implement Lead Scoring:
To give a flavor for Lead Scoring rules, here are several examples:
Even if you don’t have the systems in place, you still can work on the algorithm. This week, go through the first few steps: Codify the journeys, identify the data captured at each touchpoint, etc. If you just want to play around with the concept, then try this instead: are there one or two touchpoints that, if triggered, will more likely result in a lead? This week, use existing systems (internal and external) to see who might be flying under the radar, and reach out to them.
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