Have you ever wondered what lead scoring is all about? Companies use lead scoring as a strategic way to generate predictable revenue. It targets the needs of individual customers while building strong relationships along the way. But you might be wondering, “What exactly is lead scoring?”
Lead scoring is a business strategy that helps companies differentiate between prospects at different stages of the buyer's journey. Simply put, offers and ads are custom-tailored to people who show interest in your product or service. Prospects who show minimal interest are not presented with an offer.
Think of lead scoring as a designer store selling suits. If a customer walks in showing interest, the sales representative will dedicate time to show different options and work out pricing. If a customer walks in saying, “just browsing around”, the sales representative might get an indication that there is no buying intent. As a result, not much attention is given to that customer. But is that the smartest thing to do?
The problem with lead scoring is that you give priority to customers who show interest. Although that might seem okay, you may miss out on prospects who lack interest even though they’re interested in buying. There are many occasions where people shop with no intention of purchase, but still come out with a product in their hands. So how do you fix that?
The best way to fix this is by creating ads for different stages of the buyer's journey. So if a customer has no intention of buying, you can still send them emails, ads, or messages that are custom-tailored to their needs. On the other hand, customers who are in the final stage of the buyer's journey can be treated differently with offers and promotions. But you might be wondering, “Is lead scoring for everyone?”
Let’s dive deeper into lead scoring and identify the pros and cons if it is added to your business. And let’s look at industry-winning strategies to help your company win in 2020.
Although lead scoring is perfect for targeting the needs of individual customers and prospects, it poses a huge problem that companies face every day. And that issue is time. As quoted by Benjamin Franklin, “Lost time is never found again."
The best way to target individuals is by creating ads for each stage of the buyer's journey. But how long will you spend creating advertisements? If your company wants to send an advertisement to an audience, you have to create multiple messages to target different people. So if your goal was to originally create one ad, you might end up doing 5 times the work developing multiple custom-tailored ads. And the same thing goes for emails and Facebook posts. So what’s the solution?
Well… there really isn’t one. You could create 5 general advertisements for each type of prospect, but people might get tired of seeing the same thing over and over again. A proper advertisement, email or post requires new creativity each time to grab a buyer's attention. Your goal with each ad is to move prospects up the buyer's pyramid, and chances are you won’t by sending out the same ad. If you choose to spend extra time creating ads, it can potentially be extremely beneficial for your company when done correctly. Generally, keep in mind that lead scoring is very time consuming.
Although advertising is important for your company, it’s important to understand the other side where lead scoring can be useful. There is software online to help you with lead scoring by analyzing aspects such as country, email, and education. In simple terms, it can figure out which leads are ready to purchase compared to leads that are less engaged.
One of the most sought after lead scoring software is Velocify, which uses algorithms to help optimize leads. It was ranked as the leader for lead management in 2020. As mentioned in an article titled, "Velocify Lead Manager Reviews", they say that, “Velocify helps sales teams prospect with more precision, accelerate lead engagement, and implement optimized workflows, ultimately helping sales teams find and convert more leads.”
This software ranks leads autonomously and determines which customers are ready to receive product offers. It also tracks the behavior of clients based on how they react to the content you share.
From this, you have the option to create ads and offers only for people who show interest based on Velocify’s algorithm. But remember, there are cases where prospects show no interest but still an intention to buy. For example, someone who wants an iPhone may have never visited Apple’s website. So although lead scoring works 95% of the time, there are many cases where engagement is not entirely true. But what does that mean for you?
Well… You might be missing out on customers who have a buying intention, with their only restriction being no presented offer. Sometimes you're better off showing your entire audience the offer, but just be cautious that people might become turned off by a pushy sales pitch if they aren’t ready.
Lead scoring can be used in any type of business model. But the determining factor to incorporate lead scoring is the type of offer you present. Specifically, high-ticket offers versus low-ticket offers. Lead scoring is best if the product or service you sell is listed at a high price of $1000 USD or more.
The reason why high-ticket offers work best with lead scoring is that prospects take longer to buy products of higher value. Think about the average sales of a car versus a shirt. The average car dealership sells 2 cars a day, while the average clothing store sells hundreds of shirts a day. There is more thought in making bigger purchases compared to buying inexpensive items.
For high-ticket offers to work with lead scoring, you have to guide customers through the buyer's journey by addressing their problems and slowly introducing your solution. Your goal throughout the buyer's journey is to build trustability and see which messages appeal to certain people. The people who seem interested can be presented with an offer using a perceived value. Meaning you structure an offer where a prospect pays 1X dollars for a product worth 10X what they paid.
Typically, low-ticket items don’t require you to track who’s interested or not. You could still use lead scoring for a low-ticket item but just think about the customer acquisition cost when doing so.
Generally, lead scoring is crucial ONLY if your company revolves around high-ticket offers. Low ticket offers will still work, but it might be extremely time consuming and not worth the acquisition cost.
What if I told you there was a way to skyrocket your lead scoring metrics? And what if I told you that there was an expert who knew everything about your industry? Here at Copywriters.com, you find the best industry-specific writer to create custom-tailored offers for every stage of the buyer's journey.
So if you choose to implement lead scoring for your company, a copywriter can create ads that appeal to every individual regardless of their stage. We save precious time so you can focus on other aspects of your company.
Our copywriters are certified and prioritize on getting prospects to the final stage of the buyer's journey. We have skills in producing revenue-generating copy that appeal to the needs of individual customers.
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Lead scoring is a way to help prospects across the buyer's journey and determine individuals who are ready to buy. You can create customer-tailored ads for each individual while using software to identify which buyers are ready for purchase. Lead scoring is best if you sell high-ticket offers rather than low-ticket offers. People take longer to make purchases of larger value, so it’s important to guide them along the journey. Lead scoring is feasible for low-ticket offers but might end up increasing your customer acquisition cost.
If you are interested in hiring a certified copywriter who understands your business, click here to hire a copywriter, and let us produce results that your company deserves.
Noah Nanan is an on-demand copywriter who is trained and mentored by industry-leading professionals in producing revenue-generating copy. He is strictly focused on producing results and practices his skills everyday to perform at peak conditions. He has a 10-year history in Martial Arts and a huge passion for working on cars.Hire Noah