/ How to use marketing analytics for better lead scoring and qualification

How to use marketing analytics for better lead scoring and qualification

Marketing analytics is critical for any business that wants to stay competitive. By understanding your marketing data, you can make informed decisions about where to allocate your resources for the greatest return on investment.

However, sifting through all of your marketing data can be daunting. That’s where business intelligence (BI) comes in. BI tools can help you identify patterns and trends in your data so that you can make more informed decisions about your marketing strategy.

One area where business intelligence can be particularly helpful is lead scoring and qualification.

Lead scoring is the process of assigning a numeric value to each lead based on factors like demographics, firmographics, engagement history, and more. Lead qualification is the process of determining whether a lead is ready to be contacted by sales.

Both lead scoring and qualification are essential for any business that wants to generate quality leads and close more deals. By using marketing analytics, you can streamline both processes and make them more effective.

 
domo
 

Why lead scoring and qualification is essential for businesses

Lead scoring and qualification are essential for any business that wants to generate quality leads and close more deals. By using marketing analytics, you can streamline both processes and make them more effective.

There are several different methods for lead scoring and qualification, but they all have one goal in mind: to help you identify the best leads so that you can focus your sales efforts on them.

Lead scoring and qualification can help you:

  • Save time by identifying hot leads that are ready to buy
  • Increase sales productivity by focusing your sales team’s efforts on the most promising leads
  • Improve lead quality by weeding out unqualified leads
  • Increase conversion rates by making sure that you’re targeting the right leads

 

How BI can help with lead scoring and qualification

There are two main ways that BI can help with lead scoring and qualification: first, by identifying patterns in your data, and second, by automating repetitive tasks. Let’s take a closer look at both of these benefits—plus a few more that can help you take your operations further.

1. Pattern identification

As we mentioned before, one of the main benefits of using BI is that it helps you identify patterns in your data. This is especially helpful when you’re trying to score and qualify leads because it allows you to quickly see which leads are most likely to convert.

For example, let’s say you’re looking at a list of leads who have visited your website in the past month. Using BI, you could quickly see which of those leads came from paid search ads, organic searches, and email campaigns.

You could also see how many times each lead visited your website, what pages they viewed, and how long they stayed on each page. This information would allow you to score each lead based on their engagement level so that you could prioritize follow-up accordingly.

Over time, and with enough data collected, patterns will start to emerge in the data. Marketers can then use these patterns to better score and qualify leads.

For example, organic searches might be more likely to convert than other kinds of traffic, based on historical data. Using this information, marketers can then score their organic searches appropriately.

When you can identify patterns in your data, you can make better decisions about which leads to pursue and how best to engage them.

 
domo
 

2. Repetitive task automation

Another way that BI can help with lead scoring and qualification is by automating repetitive tasks. This is especially helpful if you’re working with large amounts of data.

For example, imagine you have a list of 10,000 leads you need to score and qualify. Rather than manually going through each one individually, you could use a BI tool to automate the process. Simply create a set of rules—for example, “Leads from paid search ads who visited the pricing page 3 or more times are qualified prospects”—and let the tool filter out the rest.

This would free up your time so that you could focus on other tasks while still getting accurate results. Automation has the potential to revolutionize the way businesses score and qualify leads, and it’s one of the many ways that a BI tool can help.

3. Improved data accuracy

Another benefit of using BI for lead scoring and qualification is that it can help you improve the accuracy of your data. This is important because the quality of your data directly impacts the quality of your leads.

Think of it this way: if you’re using inaccurate data to score and qualify leads, you’re more likely to end up pursuing bad leads and missing out on good ones. However, if you have accurate data, you can be confident that you’re making the best decisions possible.

When you have the ability to clean and organize your data, you can be sure that you’re using the most up-to-date information available. This, in turn, will help you score and qualify leads more accurately.

4. Increased efficiency

Finally, using BI for lead scoring and qualification can help you increase the efficiency of your processes. When you have accurate data and the ability to filter out unpromising leads, you can be sure that you’re using your time in the most efficient way possible.

If you’re manually going through a list of leads, it’s going to take you a lot longer than if you’re using a BI tool to automate the process. Not only that, but you’re also more likely to make mistakes.

Using a BI tool can help you streamline your processes so that you can focus on other tasks. In the end, this will save you time and help you be more productive.

5. Better decision making

Ultimately, using a BI tool for lead scoring and qualification can help you make better decisions. When you have accurate data and the ability to identify patterns, you can be confident that you’re making the best decisions possible.

This is important because the quality of your leads directly impacts your bottom line. The better your lead scoring and qualification processes, the more likely you are to close deals and achieve success.

 
domo
 

Tips for implementing BI for lead scoring & qualification

If you’re interested in using BI for lead scoring and qualification, there are a few things you can do to get started. Here are some of the top tips:

1. Define your objective

The first step is to define your objective. What are you hoping to achieve by bringing in a BI solution? Do you want to improve the accuracy of your data? Automate repetitive tasks?

Once you have a clear objective, you can start to look for the right tools and processes to help you achieve it.

2. Identify the right tools

The next step is to identify the right tools for your needs. There are a lot of different BI tools available, so it’s important to take the time to find the ones that will work best for you.

When choosing a BI tool, consider your specific objectives. For example, if you’re looking to connect to a certain other tool, you’ll need to ensure that the tool you choose has that capability.

3. Implement a process

Once you have the right tools in place, it’s time to implement a process. This will vary depending on your specific objectives, but you should keep a few things in mind.

First, make sure that your data is accurate. Remember, your data quality directly impacts your leads’ quality.

Second, automate repetitive tasks whenever possible. This will save you time and help you be more efficient.

Finally, ensure that you’re regularly reviewing your process to ensure it’s still effective. Things change over time, so it’s essential to keep your process up-to-date.

4. Train your team

If you’re going to be using BI for lead scoring and qualification, it’s important to train your team. Remember, they’ll be the ones using the tools and processes you’ve put in place.

Make sure that they understand your objectives and know how to use the tools effectively. The more informed they are, the more successful your BI implementation will be.

5. Monitor your progress

Finally, it’s important to monitor your progress. Be sure to track your leads and sales to see if there’s been any improvement since you started using BI.

This will help you identify any areas that need improvement and make adjustments as necessary.

Implementing BI for lead scoring and qualification can be a great way to improve your process. By following these tips, you can be sure that you’re on the right track.

 

The bottom line

Business intelligence tools can be extremely helpful for businesses that want to score and qualify their leads effectively. By identifying patterns in your data, BI can save you time and help you close more deals. If you’re not already using BI for lead scoring and qualification, now is the perfect time to start.

A business intelligence tool can help businesses score and qualify their leads effectively. With a BI tool, you can easily identify patterns in your data and automate repetitive tasks, which will save you time and help you close more deals.

Additionally, BI tools offer a variety of features that can help you make better decisions, including data visualization, reporting, and collaboration tools. If you’re not already using a BI tool for lead scoring and qualification, now is the perfect time to start.

Check out some related resources:

Data Never Sleeps 10.0

POV: Next-Generation Banking

Domo Showcases ESG Solution for Gartner BI Analytics Showdown

Try Domo for yourself. Completely free.

Domo transforms the way these companies manage business.