5 Steps to Lead Scoring
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Lead scoring is a shared Sales and Marketing methodology for ranking leads to determine their sales-readiness. Our Marketo Marketing Operations expert, Jessica Kao, will equip you with helpful tips, step-by-step guide and customizable worksheets to get you started with lead scoring right away. Watch this recording to learn how to: -Build a global automated lead scoring program with minimal effort -Ensure success with a proven, standard scoring model used widely in the Marketo community -Avoid common pitfalls that delay or prevent lead scoring success
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5 Steps to Lead Scoring
- 1. 5 Steps to Getting Started with Lead Scoring Jessica Kao Marketing Operations Consultant Marketo
- 2. • This webinar is being recorded! Slides and recording will be sent to you after the webinar concludes. • Have a question? Chat in the bottom left, and I’ll get to your questions after the webinar. • Posting to social? Use our hashtag - #mktgnation Housekeeping
- 4. What is Lead Scoring Demographic Channel Behavior
- 5. • Global approach and strategic planning • Start with the end goal in mind • Continued optimization Keys to Robust Lead Scoring Model
- 6. Key Components of Lead Scoring
- 7. • Demographic/Firmographic – job title, company size, revenue, location • Global Behavior – email clicks, website visits, unsubscribing • Channel Behavior – tied to a specific tactic Score Types
- 8. • Minimum – ie. 0 • Maximum – ie. 100 • When the score goes above 100, score is reset at 100 • When a score goes below 0, score is reset at 0 Scale
- 9. • MQL – threshold where a prospect has accrued a certain number of points (ie 80) and SDR is expected to follow up Threshold
- 10. • Negative behavior • Visits career page • Unsubscribe • Lack of behavior • No website visit in past 30 days Decay
- 11. • Lead Score/Person Score (0 – 100) = Beh + Demo • Behavior Score • Demographic Score - <25 - 30% of Lead Score Additional Custom Scoring • Predictive • Account Score Score Calculations
- 12. Global Lead Scoring: Points and Activities
- 13. Score Types • Behavior • Global Activity • Channel Activity • Demographic/Firmographic • People • Company • Decay
- 14. Global Behavioral Score - Web
- 15. Standard Channels and Progression Statuses
- 18. Decay
- 19. Build it in Marketo
- 20. Score Type of Field Definition Lead Score/Person Score System Field Cumulative Behavioral Score Custom Field Activities Demographic Score Custom Field Person or company data Scoring Field Set Up
- 21. Let’s Start Building • One Global Scoring Program
- 22. Create local tokens for each score
- 23. Create Smart Campaign for each behavior Web Behavior Increase Lead and Behavior score
- 24. Create Smart Campaign for each progression status Channel Behavior Increase Lead and Behavior score
- 25. Create Smart Campaign for each category Demographic/Firmographic Increase Lead and Demographic score
- 26. Create Smart Campaign for each category Decay
- 27. • Share with Marketing, Sales, SDRs Training
- 28. • Review top scorers • Review distribution with Lead Performance Report • Adjust points • Regular monthly check Review and Adjust
- 29. • Understand Components • Define Lead Scoring Strategy • Build in Marketo • Deliver Training • Review and Adjust Summary: 5 Key Steps www.marketo.com/scoring
Editor's Notes
- Thanks Amber, As an marketing operations consultant I’ve worked with a lot of different companies and seen a lot of different scenarios and what I’m going to share with you today is the best practice in how to build a really robust lead scoring model for your company. At the end of this webinar you will have an actionable plan, you will know what your next steps are and will have all the tools you need to go and build a lead scoring model. So stick with me for the next 45 minutes and we will get you there. Presumably, you’re here because you know already know why lead scoring is important, but I do want to take a few moments to go over the benefits that go beyond just marketing so if you find your self needing to educate, a new team member, new boss, sales, etc, you are can confidently accomplish that. Because as we all know getting buy in is equally important as what you are building. - MODERATOR SLIDE 2 - SCRIPT: Before we get started, I’d like to run through some housekeeping items. Our webinar is being recorded, and slides will be sent to you after the presentation If you have questions, please enter them in the chat box in the bottom left corner of your window, and we will get to as many as we can after the webinar. Please share thoughts and takeaways on social using #mktgnation And with that, I’m going to hand it over to [Speaker Name]!
- LS is at the heart of M and S alignment. When M and S are aligned, your DG and sales lead follow up moves like a well oiled machined, and everybody wins. When you have that conversation and agreement with sales about who to follow up with first and how to prioritize, that is at the crux of your lead scoring conversation. Lead scoring model is the engine that drives the delivery of those leads to sales. And Your lead scoring model plays an equally important role in how sales provide feedback to marketing for optimization. And when you as a marketer get this right, you become a hero to Sales. And who doesn’t want that? What exactly is lead scoring?
- Lead Scoring is a shared sales and marketing methodology an agreed upon methodology for ranking leads in order to determine their sales readiness You award points as a way to differentiate leads for prioritization and this can be based on several types of information such as demographic, channel related, and global behavior.
- Where do you get started and how do you set yourself up for success. First you want to take a global and strategic approach. This is just a fancy way of saying to plan and document your plan for scoring for all of your behavior based activities, channel based activities, and demographic based characteristics. Sometimes we get excited, we come back from a tradeshow and we really want to score everyone who came by the booth 10 points and put that in a local flow step. Bad idea, start with a wholistic plan first. Don’t’ worry. I’ll walk you through all the steps. Second is keep in mind what our goal is. Lead scoring is a way to prioritize leads so that when they cross a magic threshold we want sales to be all over them. The goal is not to put 10 ppl in a room some from sales and some from marketing to determine how much downloading a white paper is worth. I see this all the time and I made this mistake myself when I was a newbie 7 years ago. That is a guarantee way to no where fast. We’ll touch on this a little bit later when we talk about that magic threshold. Finally, continued optimization. You will not get lead scoring right the first time so don’t even try. Every body’s data is different, I don’t have a crystal ball, I have no idea how your leads will flow through your scoring model, but you need to have data in order to fine tune and adjust, so the sooner you put something out there and for it to start collecting data, the sooner you can adjust. Don’t try for perfect because there isn’t one.
- What are the key components of lead scoring. You can think of this as the ingredients that go into a lead scoring model
- When getting started there are generally 3 main score types, Demo and firmographic scores, these are based on fixed characteristics like your job title, company size. If you are going after only large enterprise companies, this is where you might want to give a boost for those companies that fall within a particular bracket. Global behavior are those that are generic and aren’t associated with a specfic Channel/Marketing tactic. These are typically associated with the website and email such as filling out a form, clicking an email. I separate Channel behavior from Global behavior because we think of them slightly differently and they are built differently in Marketo. So it makes it easier when you transition from planning to building. Channel behaviors are those that are tied to a tactic such as a tradeshow or a webinar, each of these channels will have multiple progressions statuses some of which will be awarded points. For example for a webinar, you will award points for registering, those that attended ,and attended on demand. Next, you’ll need to determine a scale.
- The reason we have a scale is so that the score is meaniful. You need to have a min and a max. Without a scale, the number doesn’t mean a whole lot. If someone has been in your system for 4 years and has a score of 390 but someone who came in last week and is all over your website has a score of 50, which one should be prioritized. At the end of every day, you can have campaigns that lopp off the top and bottom. When the score goes above 100, the score is reset back at 100. When the score goes below 0, the score is reset at 0 I like to set the min and max and 0 and 100 for several reasons. We all understand a 100 pt scale, we all went to school, we aim for 100%. Lead Scoring is something that you will have to train the sales team on, they will need to understand what it means, keeping it simple the better. Next up. Threshold. The magic
- This is about drawing a line in the sand. The conversation with sales should be more about a consensus of when follow up should happen. What I mean by this is, marketing asking sales, do you think every lead who attended a webinar should be followed up, yes or no. Sales says probably too soon. If a lead attended one webinar and downloaded a meaty piece of contact like a big ebook, should that person be followed up, let’s say sales says yes. Now you have your north star and benchmark relative interest and you have an idea from sales at what point a person should be following up. Determining the actual number of points that is awarded falls into marketing/MOPs. I see a lot of people obsessing over if it should be 50 pts or 65 or 80 and the fact is it is more important to draw a line in the sand, have a fixed point and adjust the number of points given for the various behaviors. The reason why I recommend 80 points is because it gives enough breathing room for having demo/firmo scores. If your threshold is too low, then your fixed scores make up a larger proportion of your total score and it makes the behavior part less meaningful. Finally, decay Keep it simple Ask “When should a person be followed up?” Consensus with sales and other stake holders Let the data speak to you
- A lot of times we forget that negative behavior, no behavior or in action is also an indication of interest or lack of interest
- How are all the scores related to each other? Your Lead Score/Person Score has a scale let’s say from 0 – 100. This is made up of beh and demo. You want to make sure that your demo score isn’t taking up a huge chunk of your total lead score. There are additional custom scoring types out there that could be additional components to your lead score, but if your just getting started just focus on these. If you haven’t figured out your demographic score you can always implement that part later.
- This is probably the part you’ve been waiting for. The part where you get to give points out.
- Here’s our score types again. We have our behavior score, there are 2 types, global and channel. For Demo/Firmo there are again two types, one related to people, and one related to the company, and finally the decay related scores. I’ve listed them here in this particular structure because this is how I actually set up my folders and campaigns in marketo. The next step is creating several worksheets for each of these categories and populating them. With your scale and your threshold, now you are ready to document your scoring model. Let’s take a look at the global behaviors
- Reason for creating a spread sheet like this is two fold. Not only does this capture your work in progress, but now you have documented your lead scoring model, and WHEN you are completely finished with your worksheets, you use this when you go to build it, these are your instructions. Once the worksheets are done, building it can be completed in a few hours. You have your min and max, you have your threshold, In your worksheet you have the name of the activity, a very specific description and the number of points. In your description you want to be as specific as possible because this will feed into your smart list criteria. Every company that I have worked with, I use this as a starting point, don’t feel like you have to reinvent the wheel. Let’s take a look at channel behviour. They are based on the channel tag in Marketo. What?
- In the admin section under tags, click on channels, and under each channel you can designate the status.
- In your channel behavior, your worksheet is set up slightly different. Your channels are your marketing tactics, like Roadshows, content syndication, sponsored emails, webinars, tradeshows. These should mirror your channel tags in marketo. Under Progression column, list out the progression steps in each of the channel tags, and then have a column for score. This is also a great way to Document your channels and progression statuses. Hint hint. I’m a big fan of documenting. For a webinar we have these different statuses, invited, reg, no show attended, attended on demand, and in the score column you will put your score, These are cumulative. Meaing if I reg for a webinar and then I attend I et 45 points if I then attend on demand I get a total of 85 points for the whole campaign. Does that work for you? If not then adjust the score. You can actually score on percentage viewed but that’s for another discussion. Let’s look at our next worksheet Demo/Firmo
- for each demo firmo characteristic, you’ll need to further define that category and award those points. For job level you might have multiple tiers, and they get an extra bump. In your spread sheet, column 1 is your characteristic, column 2 I like to use primary, secondary, etc, This will be important when building our your scoring campaings. column 3 is your values, column 4 is your scores.
- And finally your decay behaviors. I mentioned earlier that scoring is where your sales can give you feed back and don’t mean the kind where they stop by your desk demanding for more leads. I mean an automated way of providing feedback. Just as prospects and their behavior can affect scores. Response from sales can also affect the scoring. Change in lead status in you CRM ie sales disqualifying a lead set score = 0. This is where the feedback loop happens. If you send a ton of leads to sales and they disquaulify them all setting your scores back to 0 means you might want to take a look at what you are sending.
- The hard part is over, you have your worksheets, your instructions, time to build. This is the easy part. Let’s see what these look like in Marketo.
- The first thing to do is to set up any necessary fields. Person score is a Marketo system scoring field its already there. Create new custom scoring fields for beh and demo. Does sales need visibility? If they do then first create these fields in your CRM and they will then sync over to your Marketo.
- Create one global socring program. Having one program, simplifies managing your infrastructure and also makes tis scalable. See there are my folders, and oh look, we have one worksheet for each of those categories. How convenient.
- For every single line in your worksheet, create a token and plug in your score. Using tokens makes changing scores easier because there is one place to go to change your scores.
- For the Global Behavior, create a smart campaign for each behavior. This is a trigger campaign, in this case opens email is any. Flow step will increase both the lead and behavior score. You have two flow steps, one for beh and one for lead score, you use tokens local tokens for the score. Scores are not additive in Marketo. Meaning you can’t add beh + demo = lead score.
- For Channel behavior, I like to create a folder for each channel, and create one smart campaign for each progression status that receives a score. The smarlist for the smart campaign is a little different. In this example where I want to award points for attending a webinar, I set the trigger for a program status change, in any program where the new status is webinar>attended. That is what it is listening for. The caveat is that in order for the scoring to happen, people need to be set to their appropriate progressing statuses in a program. This is something that you should already be doing. The flow step is the same, changing both beh and lead score by the amt designated in the local token.
- Demo/Firmo smart list is set up slightly differently. If a lead is created or there is a change in value and that field isnt’ empty. Remember triggers are always or logic, then give me my points, In this case I want to add a certain number of points for different employee size so I use choices. If the value is between 200 – 499 then add this number of points, if the value is greater than 499 than add this many points. I repeat the same thing for lead score, bec scores are not additive between scoring fields.
- Share your documentation with marketing but more importantly, before you kick off your lead scoring, train sales on what to expect, what do the points mean and what is expected of them to make the hand off of the leads go as smoothly as possible. I’ve found it helpful is to position it as I want sales feedback, I’m not going to get it right the first time and I want your help so that I can bring you better leads. Use the lead status field, to give that feedback to marketing so we can get better.
- Finally, Review and adjust, Create this report and break out your leads by groups of ten. You can filter this by any number of criteria. Review your top scorers, Does it make sense, are they getting too many points, is there a rogue campaign that you need to pull back. Have a monthly check in with sales and review 5-10 leads that have made it to the MQL threshold, walk through the activities that got them there and get confirmation, is this person worthy of being followed up by sales right away, Yes gives you affirmation from sales, gives them an opportunity to have that open dialogue, no means, an opportunity to refine your model.