Have you ever felt like your website is just not doing quite enough, but you're not quite sure what it would take to get more traffic? If so, a HubSpot lead scoring model could be the key to unlocking your site's success. In this guide, we'll teach you everything about what lead scoring is and how it can help your business.
HubSpot is one of the most popular marketing automation software on the market. Its lead scoring model is especially useful when you want to send targeted messages to your leads. Here's a complete guide to setting up and managing your own hubspot lead scoring model!
Hubspot lead scoring is a system that helps you to score leads, based on the various criteria.
The main objective of this system is to help your sales team identify potential customers who are ready for buying and which ones need some more work before they can be converted into buyers.
This process also ensures that you do not lose any deal because it will only happen if there’s something wrong with them or their business.
And since Hubspot has all the data about these clients, it makes sure nothing goes wrong in terms of sales activities/activities done by your employees so as long as the data is correct, you will get no complaints.
Lead scoring is a feature that was introduced in HubSpot 3.0, but it has been extended to include many more factors than just the number of contacts you have on your list.
The way this works is simple: You add each contact (or lead) into one of four categories –
Then you assign an overall score from 1-10 to each category based on how well they fit with what your business needs them to be doing at any given time; for example if you have a B2B business and most of your leads are sales people, then the score for that category will be high.
The more contacts you have in each area (A-D), the higher their overall value is to HubSpot. So it's not just about how many quality contacts you have on your list; it's also about how much those contacts contribute to what kind of results your company needs at any given time.
Lead scoring can help improve lead generation by giving HubSpot users insight into which areas they need improvement and where they should focus their efforts first before they start to generate more leads.
Hubspot Lead Scoring System:
1. HubSpot Leads are scored based on their readiness to buy (RTB) score- The first step in this process involves scoring your leads from 0-100% depending on how ready they are for buying and if it’s worth spending more time with them or not.
2. Score each lead's interest match against buyer personas- To understand what type of buyers your clients want to target, we need to look at their buyer personas. Hubspot has all the buyers' information and this is how you can see what type of clients they are.
3. Score your leads based on their readiness to buy- Once you have scored each lead, it will be easy for you to understand which ones need more work before being converted into buyers.
This helps in identifying potential customers who are ready for buying but not yet willing to purchase from us or others as well as those who just aren’t interested in our products at all (they might still need some convincing).
4. Add a discount code- If your lead is ready for buying, you can offer them a discount code which will help in increasing the chances of their purchase.
This also helps to increase your conversion rate as well since it's not always about how many people are interested in purchasing but how many actually do so once they get what they want.
5. Follow up with leads who were scored 100%- The next step involves following up with those leads that have been scored above 80%.
It’s important here to make sure that you don't let this opportunity go because if someone has shown interest, there might be something wrong and it might be worth investigating further.
6. Score your leads based on their responsiveness to your score- This is yet another step where we will look at how responsive the lead has been towards our emails and messages.
We need to make sure that they haven’t just ignored us or have responded with something vague so as not to commit themselves in buying from us.
If there are any potential buyers, then it's important for you to follow up with them more often than usual because if someone isn't interested anymore, chances are high that they won't respond to your follow up emails anymore.
7. Score the lead based on their interest in your product- We now have to score our leads because they are ready for buying, but not yet willing to buy from us or others.
This is where it's important that you don't get too excited about scoring a potential buyer over 80% (or even 100%) as there can still be some things which might make them turn away from purchasing and instead go with other options which would mean less profit for you if they do so.
For example, if they are interested in your product but they have a problem with it, then you might want to look into that.
8. Score the lead based on their willingness to buy from you- This is where we get down and dirty because if someone has shown interest, then there's no way around it now.
We need to make sure that our leads are willing enough for us so as not to lose them forever by selling something which isn't good enough for them or just being too expensive (if necessary) for what they're looking at buying. If all goes well, then we will score them at 95% or above.
9. Score the lead on their ability to pay for your product- We now score our leads based on what they can afford.
If someone is interested in buying from you but they don't have a lot of money, then we need to know if that's okay with them or not because it may affect how much profit you will get out of them.
For example, if someone has $50 and wants something which costs $100 (or even more), then chances are high that this person won't buy anything at all unless he/she gets some kind of discount so as not to break his/her budget.
Now that we've covered the basics of lead scoring, let's get into how you can set up a lead scoring model in Hubspot. First off, take note that this is optional and should only be done if you want to go with it.
Step 1 - Create a new project (if not already)- Open up your hubspot dashboard and then click on the "Project" button at the top-right corner of your screen so as to access all projects which are currently open for editing within this particular account; or else just create one from scratch by clicking on "Create Project".
Step 2 - Edit the lead scoring model Once- you're in your project, click on "Edit Lead Scoring Model" at the top-left corner of your screen.
Step 3 - Add a new field to score leads- Now that we've reached our first step which is adding an additional field (we do this because there are several fields already present within Hubspot), let's add one more so as to get things started. Click on "+ New Field".
Step 4 - Select 'Lead Score' and type out how it should be scored- The next thing that I'd like you guys to do is to select the "Lead Score" field and then type out how you want it scored.
For example, if a lead score of 100 indicates that this particular person has bought something from your company before, then you can just input 100 for this field so as not to confuse yourself when it comes time for calculating the total amount which will be added up in order for Hubspot to calculate its final profit margin percentage.
Step 5 - Add leads (if necessary)- Once we've reached step 4 where we have already set up our first lead scoring model within Hubspot, let's add some more leads in order to get things started.
To do this, just click on the "Add" button located at the bottom-right corner of your screen and then type out a few leads' names so as to make it easier for you guys later on when calculating profit margins.
Step 6 - Set up lead scoring model- Next thing that I'd like you guys to do is set up our first lead scoring model within Hubspot by clicking on "Edit Lead Scoring Model".
Once we've reached step 5 where we have already added some more leads, let's go ahead and edit our current one which is the first one.
Step 7 - Add lead scoring rules to your model- As I've mentioned earlier, we are now going to edit our current lead scoring model which is the first one that we have set up within Hubspot by clicking on "Edit Lead Scoring Model".
Once you guys reach step 6 where you have already added some more leads and then reached step 7, let's go ahead and add a few more rules so as not to confuse ourselves later on when it comes time for calculating profit margins.
For example: if someone buys something from us with a total amount of $200 or more, then they are considered as a lead which means that we would like to add this one into our model.
Step 8 - Add a few more rules to your model- Now that we have already added our first lead scoring rule, let's go ahead and add another one.
To do this, just click on "Add" button located at the bottom-right corner of your screen and then type in some names so as to make it easier for you guys later on when calculating profit margins.
Step 9 - Calculate Profit Margin Percentage- Once all leads are added into Hubspot (and they're not actually required), let's go ahead and calculate how much money would be made from them by using our current lead scoring model.
For example, if we have just added a few leads and they are all considered as "leads", then how much money would be made from them?
To do this, let's go ahead and click on the button which is located at the bottom-right corner of your screen (which looks like an arrow) so that you guys can see what I'm talking about.
Lead scoring is a set of rules that you use to assign points to each lead in your database. While this sounds simple, there are literally thousands of different ways people use the term; so many that Google lists over 5,000 totally different results for it!
That being said, if we look at it from the point of view of an analyst creating scorecards and criteria for customer acquisition models (for marketing teams), then we have quite a few more options.
The major distinctions between these popular methods fall into three categories: Qualitative vs Quantitative, Boolean Logic Modifiers versus Variables and Attributes , and Exact vs Fuzzy.
Let's see how Hubspot is using these three methods to score leads:
In this case, Hubspot uses three different scoring models depending on which one best fits your business.
For example if we were trying to determine how many customers would be acquired from our new marketing campaign then we'd want a model that was most accurate (and thus easiest) but also quick and easy.
In addition it should be scalable so that we can use it to determine how many customers would be acquired from our next marketing campaign.
