Last week’s Eloqua Experience brought together more than 2,000 customer-obsessed, modern marketers in San Francisco. This was my first Eloqua Experience and one of the most thought-provoking user conferences I’ve been to. While Wednesday’s keynote was informative - it featured Eloqua product news and a bonus interview with Breaking Bad creator, writer, director and producer Vince Gilligan - the really good stuff came from sessions featuring Eloqua users who follow the 5 tenets of modern marketing:
- Targeting the right buyers
- Engagement with prospects and customers in a meaningful way
- Conversion of potential customers into active customers (revenue)
- Analytics to measure marketing effectiveness
- Marketing technology that enables the entire organization
One of my favorite sessions addressed the top challenges for B2B marketers: generating leads and improving lead quality. In other words, how to target the right buyers. Jeffrey Yee, former Eloqua user turned Eloqua consultant, demonstrated how an effective lead score method will drive feedback and improve alignment between sales and marketing; prioritize sales follow-up; and identify holes in future revenue.
First, make sure you have standardized data that can be used for lead score criteria. Something tells me that your database, like so many others, is filled with contacts from a variety of sources with a variety of values. One contact may have entered their job title as “Director of Marketing” while another used “Dir. Mktg.” If you’re planning to use job function or job level as a criteria to gauge lead quality, use a contact washing machine to standardize your data. A contact washing machine will map variables to a standard value. For example, “Dir. Mktg” would map to the Job Level “Director” and Job Function “Marketing.”
Once you have standardized your data, create a lead score model for each target persona. That’s right – if you have four personas, create four lead score models. You do not want to try and combine models for multiple personas. And each lead score model should only have five to nine criteria: two to four profile criteria (job level, job function, industry, etc.) and three to five engagement criteria (downloaded an asset, opened an email, attended an event, etc.).
While Jeffery said lead scoring is not right for every organization, it’s a necessary measure if your company needs marketing-qualified leads (MQLs) with an increased conversion rate and higher average deal size.
Do you have any tips for setting up an effective lead score model?