The process of lead ranking is beneficial for your business. This is important for entrepreneurs running a huge enterprise with an established sales and marketing team. But, lead ranking is also just as beneficial to a budding entrepreneur.
However, determining the right leads and ranking them according to a specific scoring model can be very tricky. You have to narrow down your list of potential leads into qualified sales opportunities. Fortunately, there is already a tool that will help you simplify this very complicated process.
A lead scoring tool has been proven effective in helping businesses generate more sales. You have to make sure that you do everything right. Otherwise, your company will suffer some serious consequences. So, why is lead ranking important? Read further to find out.
Key Take Away
Lead Ranking is an essential part of an effective business marketing strategy. By ranking leads your business can dedicate greater resources to leads that are ready to convert. While utilizing inbound marketing strategies to warm up colder leads.
Reduces Lost Sales Opportunities
One study revealed that poor follow-up of potential leads have resulted in 70 percent lost opportunities. Many sales representatives are provided with a list of leads that have not been sorted out well. So, they have difficulty determining which lead in the list is sales-ready or not. Thus, the professionals behind Breadcrumbs.io highly recommend that businesses must employ a lead scoring tool. The sales reps often find themselves not knowing which lead is most qualified or not. But, this was before the emergence of lead scoring tools. Today, the sales team will be able to rank their leads. They can now sort which among their list needs the most attention.
No Time is Wasted
Your sales and marketing team can save much time by using a reliable tool for scoring leads. This helps them rank their leads in order of sales-readiness. They don’t have to spend several hours guessing which lead needs immediate follow-up. Otherwise, they might lose their chance of being able to increase their sales. Your team will know where a certain lead is when looking at your sales funnel. This spares them from experiencing frustrating hours of determining qualified leads. Your team will be able to immediately work on their lead management plan. Your sales representatives can then start pursuing your “hot” leads. Moreover, your marketing team can double their efforts in terms of marketing automation. Besides, your “warm” leads will also be nurtured right away.
Improves Sales Productivity
You can accelerate your sales process when you have a smaller pool of “hot” leads. Lead scoring enables efficient lead ranking. Your sales team will become more adept at prioritizing the most qualified leads. Lead ranking highly encourages better alignment of all efforts exerted by your sales and marketing staff. This leads to improved productivity in your company’s sales cycle. This will occur once an objective definition of a qualified lead is established. The sales cycle will also move efficiently so your business will have increased conversions. This results in your business gaining huge revenue and profit.
Better Ability to Achieve Higher ROI
Lead scoring enables a more efficient lead ranking. This reduces wasted time on unqualified leads. It will also result in a higher return on investment both in terms of money and time. A study showed that lead scoring helps businesses boost their ROI for more than 70 percent. This reduces unintended adverse consequences caused by inefficient lead generation. Do not waste resources on leads that are not ready to pay for your products and services. The likelihood of qualified leads being mixed with the bad ones will be reduced through lead ranking. So, there will be no more massive waste of precious resources.
Improved Marketing Performance
Your marketing team can easily measure the effectiveness of the strategies they use if they rank their leads. The lead ranking should be done using an objective scoring method. It enables your workforce to take a close look at every marketing channel. This helps them see which of these are producing highly qualified leads. So, they can come up with effective targeted marketing campaigns. The result would be improved marketing performance in no time.
Supports Informed Decisions
You will be able to make informed decisions with the help of lead ranking, which can easily identify which area in your marketing efforts needs more focus. Allowing you to determine which aspects of it should you reinvest your money to keep your revenue soaring. You can also improve the way you nurture your leads when you opt for lead scoring. Not to mention your improved ability to identify where your leads are in the buying cycle. In turn, you can then come up with targeted content that is highly relevant to your leads. Content marketing will now become more effective.
Your customers will start trusting your brand when you are able to produce targeted content This paves the way for a wider network of paying customers that will grow your business for life. In other words, the lead ranking takes away most of the guesswork. It will serve as your basis for every decision you make in your business. Your sales team can now decide which leads to pursue. Your marketing people will also know which campaigns are working. The result would be greater efficiency that takes your business to a higher level.
Lessens the Duration of Sales Cycle
Ranking your leads according to sales-readiness is important for the success of an inbound marketing strategy. This process enables marketers to conduct better monitoring of their leads. This way, your MQLs or Most Qualified Leads don’t remain as leads forever. You can shorten the entire sales cycle and allow your MQLs to become SQLs or Sales Qualified Leads soon. This leads to faster movement of your products and greater profit in a short period of time. All these are made possible with a scoring and ranking tool in place.
If your business has not tried any lead scoring tool, now is the best time to do so. It would mean you are doing your company a disservice if you don’t use this tool. Never deprive your business of all the benefits that a lead ranking and scoring tool provides. Try using it now and start seeing your company working its way to the top. Of course, this statement is more of a fact than a mere cliche.