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Everything you need to know about HubSpot’s new lead scoring model
Your campaigns are generating conversions and new leads are flowing into your CRM. That's a good thing. However, you also want to know which leads are genuinely interested in your offering. HubSpot's new lead scoring model can help you find out.
First, let's quickly refresh your knowledge. Or add to it, if you're not already familiar with lead scoring.
Lead scoring is a strategic process that assigns scores to leads to predict how likely they are to convert into loyal customers. You can then use these scores in reports, workflows, and lists.
Hubspot's old lead scoring model was simple and worked like this:
Criteria like clicking on a blog page or filling out relevant forms increased a lead's score. This allowed you to see which leads showed the most engagement with your brand.
Criteria such as an employee or applicant email address lowered the score because these leads were not relevant.
While this type of scoring was effective, it had limitations. For example, the scoring was static, there was no score decay over time, and there was no way to exclude certain contacts. The new model addresses these limitations.
The new lead scoring model offers more personalization options. Instead of one scoring system, HubSpot now introduces three different scoring types to give you more insight into your leads:
Engagement Scores score leads based on their interactions. Think website visits, newsletter signups, and CTA clicks. By analyzing interactions, you can see which leads is genuinely interested.
Fit Scores score leads based on their demographics, such as age, job title, company size or revenue. These scores are ideal for determining which leads are closest to your ideal customer/target audience.
Combined Scores combine both engagement and fit criteria into one score, providing insight into both behavioral and demographic aspects of a lead. It's the best of both worlds!
The fundamentals of lead scoring in HubSpot remain the same: You can choose both positive and negative criteria to score leads.
In addition, the new model introduces many features that require a little more thought and precision to implement but allow you to score leads in a more precise way.
Score decay automatically reduces an event's score over time. For example, six months after a contact form is completed, the score can be halved. This keeps scores up to date and relevant.
Advanced scoring allows you to set event-specific and group limits. These limits prevent leads who repeatedly fill out the same contact form from receiving high scores. This keeps your lead scoring fair and balanced.
Inclusion and exclusion lists help you choose which contacts to include or exclude from scoring.
Score thresholds make it easy to categorize leads based on their overall score. Color-coding helps you see at a glance which leads are ready to convert.
AI scores are useful for scoring your contacts and providing recommendations based on their accumulated scores. You need a sample size of at least 50 contacts to use this feature.
All of these new features make lead management more efficient and targeted. For example, by scoring specific contacts from your CRM, you can set separate engagement scores by service line.
You can also use automated workflows to automatically pass on leads with a certain score to the sales team. Or you can combine the scores of different contacts within a company and set a threshold to pass them on together. Whichever option you choose, you'll strengthen collaboration between marketing and sales.
HubSpot's updated lead scoring model has a lot of potential. To realize that potential, you also need a well-thought-out lead scoring strategy.
To define a lead scoring strategy, you need to reach internal consensus on scoring criteria and align those criteria with your business goals. It is also important that your marketing and sales teams regularly review the lead scoring model. This is essential if you want to keep the model relevant in a context that is continually evolving.
Are you struggling to determine how many points or what percentage to assign to certain events or groups? The new lead scoring model now includes model preview. This allows you to preview what your settings will look like and how many leads you will be able to define. Problem solved!
By capitalizing on your most promising leads, you save valuable time and resources. An effective lead scoring strategy not only optimizes your available resources but also gives you the ability to proactively address customer needs.
High-scoring leads are the ones who keep coming back to your brand and learning more about your offerings. They are the most likely to convert. Knowing who these leads are allows your marketing team to be more targeted and increases the effectiveness of sales calls.
And the leads that don't score high enough? They're not a waste of time or effort. On the contrary.
Your marketing team can screen them and gradually interest them in your offer through relevant content, such as effective mailings, engaging online posts, and targeted ads. Once these leads show enough interest, they too are passed on to sales.
HubSpot's new lead scoring model gives you more insight into your leads than ever before with the introduction of multiple score types and advanced features like score decay and AI-driven recommendations. You can proactively address customer needs and increase customer engagement. And by reaching consensus on scoring criteria and conducting regular reviews with both marketing and sales, you can leverage lead scoring to meet your business goals.
After reading this blog, do you feel like you could use some help with your lead scoring model? Get in touch with Evelyne!
Contact Evelyne to know more about Hubspot's new lead scoring model
Evelyne Berden - Digital marketer