This type of lead scoring is based on information such as job title, industry, company size, and annual revenue, and is critical for a marketer because it shows you how interested you are in a prospect with similar characteristics. The more closely a lead matches your ideal customer profile, the higher the compatibility with your offer—and the higher the score.
Some demographic and firmographic factors to consider include:
Position/Role - Will the sales pitch resonate with this prospect? Does he/she have access to the company's budget?
Company Size - How big could a potential deal be with this client?
Industry Sector - Is this prospective company one of those that typically needs offers like ours?
Of course, the success of demographic assessment depends on having a clearly defined ideal customer "persona".
Adding data
In some cases, you will not have all the information needed for demographic scoring. This is where adding information to your database can be helpful.
There are special services that collect and supply the necessary information. The efficiency of using their services reaches 70%, the best results are achieved in relation to public companies.
Another benefit of using data appending services is that they allow you to reduce the size of your lead forms and landing pages while still retaining all the information you need to qualify your leads. If your lead form currently has 8 fields, reducing it to 5 can increase conversions by 30% or more. This alone is often enough to justify the cost of using a third-party data appending service.
BANT
BANT is an acronym for Budget, Authority, Need, and Timeline, commonly used attributes for determining sales readiness.
Budget:
Can your target audience really afford to buy your product or service?
How much is budgeted for this solution? Always keep in mind that different departments have different budgets.
Powers:
Is the potential client a decision maker?
What is his/her position?
Do they have the right to manage funds? There are many singapore phone number data types of authority in business: influential people; decision makers (those who sign the contract); end users.
Need:
Do potential customers need your solution?
More importantly, what is the compelling reason for the need? If, for example, your internal management processes are manual and inefficient, then you are losing money for your company - that would be the reason for the need for a third-party solution.
Deadlines:
When is a potential customer ready to buy a product/service? A purchase decision is usually associated with an event of undeniable importance. For example, it could be a major event that would be impossible to hold without your hardware/software. Or it could be something simple, such as the need to spend the allocated budget before the end of the year.
In certain situations, explicit scoring, which relies on information that the prospect shares with you, can be useful—meaning that this method has its limitations. That’s why it’s important to also use implicit information when scoring leads.