Lead scoring is the method of assigning points to contacts or potential prospects based on how closely they resemble your ideal customer profile. The higher the lead score, the more likely the lead is to be a good fit for your product or service.
BANT is an acronym that stands for Budget, Authority, Need, and Timeline. It is a sales lead qualification framework designed to identify and evaluate the worthiness of potential leads. This methodology helps sales teams assess whether a prospect has the necessary budget, decision-making authority, a clear need for the product or service, and a defined timeline for purchase.
Lead qualification is a systematic process utilized by businesses to evaluate potential customers based on their financial capacity and willingness to purchase. This critical procedure helps identify which prospects are the most viable sales targets and plays an integral role in any effective sales strategy.
Co-dynamic distribution is a lead scoring practice in which leads are scored based on both fit and activity, and their lead scores are updated in real time based on the recency and frequency of activities.
Workflow triggers are actions or events that trigger specific workflows or processes to run; in lead scoring, workflow triggers are actions a lead takes that may move them from one category to another.
Lead routing is the process of distributing incoming leads to your sales staff; each business will likely have their own lead routing system based on a number of different factors.
There are four dimensions in a high-performing lead scoring model, each of which indicates how effective your lead scoring model is: Conversion, Velocity, Value, and Volume.
In lead scoring, frequency assesses the value of a lead’s action based on how often the specific action was taken. Users taking certain actions more often are given slightly higher scores.
Recency in lead scoring determines how impactful an action is based on when the lead took it; strong lead scoring models will have time-decay built into the system to account for when a lead took a specific action.
Activity in lead scoring takes behavioral data into account to determine which leads are the most high-intent (or the most likely to convert). Activity can help your sales team identify high-intent leads alongside opportunities to upsell, cross-sell, or prevent churn from existing clients.
Fit in lead scoring utilizes firmographic data to help determine whether or not a contact closely aligns with your ICP (and whether or not they’re likely to convert).