Lead scoring is an essential process in today’s B2B marketing landscape. However, marketers face challenges when it comes to analyzing leads and confidently scoring their potential value to the company.
These hurdles were discussed in a recent webinar in which representatives from Mintigo and SmartBear Software talked about how predictive lead scoring could be the answer to many of these pain points and in turn, help boost revenue.
Of all the challenges marketers face with lead scoring, the biggest struggle is deciding what data is the most significant in describing the company’s ideal buyer. With the amount of data filling up company databases, the most valuable data is oftentimes overlooked.
Other challenges include:
- Lack of accurate data to make credible scoring decisions;
- The amount of time and resources required to collect quality data; and
- The growing complexity of scoring multiple personas for multiple products.
SmartBear, a software company that provides tools for software developers, quality assurance engineers and IT professionals, struggled with several of these lead scoring challenges. Offering 12 different products with an average of five buying personas per product, managing and effectively scoring new leads required a lot of data, which ultimately makes the collection process near impossible to maintain manually.
“Our biggest challenge is making sure that data is accurate and up to date,” said Gary DeAsi, Senior Marketing Manager at SmartBear. “If you lose accuracy, you lose confidence and credibility with your sales team, and ultimately, this effects the entire business.”
It takes a lot more time than any marketer would like for them to collect the data they need to accurately score their leads, according to Tony Yang, Director of Demand Generation at Mintigo.
“Many marketers are playing a game of ‘Pin the Tail on the Donkey’ when it comes to choosing the correct data to score leads,” Yang explained. “These marketers are not really quite sure the data points being used are the correct ones to be using.”
Predictive Models Ease Data Pains
Implementing predictive capabilities is one of the clear ways marketers are addressing the lead scoring debacle. With technology that leverages predictive lead scoring to highlight important metrics that identify the ideal buyer, marketers have fewer concerns regarding data’s credibility and the overall value of a lead.
“Technically, lead scoring is meant to be predictive in nature,” Yang said. “It’s to show how closely matched unknown leads are to your ideal buyer profile. So predictive capabilities can be extremely beneficial.”
Leveraging a combination of Mintigo and Marketo technology, SmartBear was able to enhance its lead scoring in a variety of different ways, including custom master indicators (MIs), and enhanced cross-sell and predictive scoring capabilities.
“User personas, for all of our products, are all over the map,” DeAsi noted. “There are so many intersections between our audiences, things do get difficult and challenging. You need to find the audience overlap in order to make connections, prioritize the most valuable metrics.”
Click here for an on-demand version of the webinar.