Create a lead-scoring algorithm that analyzes win rates against data points to maximize the effectiveness of your sales team.
If your company generates hundreds or thousands of leads per month, that’s a great problem to have; however, it is a problem. Manually trying to determine which leads are high quality and how to route them can be time consuming.
Create a Lead-Scoring Algorithm
Create a lead-scoring algorithm that analyzes win rates against data points from Ideal Customer Profiles (ICPs).
For example, imagine you have 100 qualified leads from a product webinar. Historically, your strongest win rates come from
- mid-sized companies in manufacturing
- more than 500 employees
- use Salesforce
- own at least five trucks
- deliver to Northeast Pennsylvania
Use these attributes to create a lead-scoring algorithm to rank the webinar leads. You can determine which attributes are most important, or even deal breakers, then create a scoring mechanism for each attribute.
Now you can route the highest-quality leads to your top- performing account reps while automating interaction with the lower-quality leads.
The Algorithm Feeds the Sales Funnel
Equally important to the Lead-Scoring Algorithm is your process of feeding the sales funnel. Every lead that arrives must be scored and then placed in the proper sales funnel. Top scoring leads should get immediate attention while lower scoring leads are sent to an automated marketing process. Some leads may be discarded altogether.
Create flags for anomalies such as a low-scoring lead turning into a significant sale, or a discarded lead that generates referrals. Tracking these leads can help you refine your algorithm over time. Reevaluate your algorithm quarterly or annually depending on your volume of leads.
Required tools for your Algorithmic Sales Funnel
You’ll need to develop and use the following:
- a data collection mechanism or data sources
- a lead-scoring algorithm based on ICPs
- CRM (customer relationship management) software or other routing platform
- Two sales funnels based on lead quality
- a mechanism for flagging anomalies
- a process for quarterly or annual evaluation of the algorithm and sales process
Mediastead can be of assistance along every step. We will create great online forms for data collection, automate input into your CRM, and study analytics to identify the best sources of data.