This is the happily ever after story about the introduction of lead scoring at Blackboard, an enterprise technology company focused in the education space. Like many happily ever after stories, it begins with some doom and gloom: the sales team was frustrated with the marketing team for sending over too many unqualified leads and, in their opinion, wasting their time. They wanted to be closing deals, not qualifying raw leads.
The marketing team heard the alarm trumpets and rode in to the rescue! Okay, so it wasn’t all blazing saddles and overnight success – it took eight months of work before the celebration feast could begin. What happened during those 8 months, you ask?
First, the sales and marketing stakeholders at Blackboard gathered together in a room to agree on the best scoring criteria. This wasn’t simple because they really needed to think about each of their 8 vertical audiences separately. (Happily, the marketing team knew that having different scoring models inside of the Eloqua application wouldn’t be a problem!)
Next, the marketing team built the well-loved Contact Washing Machine* into their Eloqua processes. They took the jumble of titles in their “Title” field and created standardized values in the new “Job Title” and “Primary Role” fields. This data was important to make sure that the explicit (demographic) piece of the lead score would be as accurate as possible.
In order to build the implicit (behavioral) piece of the lead score, the marketing team performed an audit of all the content on the website to ensure that they were offering the right information to their audience and were also scoring on the correct pieces of content. They received buy-in from the sales team by vertical as to which items indicated true buyer engagement in that particular vertical.
Lastly, the team looked at how all new leads should be routed based on lead score, and put rules in place to determine whether leads should go directly to sales reps or to a queue for further qualification and nurturing. Each model was tested before launching, and after launching the results were reviewed by everyone to determine effectiveness.
The result? Blackboard now has 8 well-oiled lead scoring models -- they rolled out one each month for each of the 8 months -- which they review and evaluate every quarter with the verticals teams. During the discussions, they evaluate every aspect of the models and determine if anything needs to be adjusted in order to optimize leads. Sales now trusts the leads that marketing provides, knowing that they will be of high value. In addition, the sales team is more efficient because they’re not wasting time with unqualified leads that just aren’t ready to buy.
- Increased Quality: With lead scoring in place, the marketing team has been able to convert 34% of their inquiries into Marketing Qualified Leads (MQLs) and nurture the remaining 66%. This is significantly higher than their previous conversion numbers.
- Better Targeting: Blackboard is now able to see which profiles are making purchase decisions, with reporting broken down by score to ensure that the correct profiles are being targeted in ongoing and future campaigns.
And let’s not forget the happily ever after result of a more productive, less frustrated sales team who is able to close deals faster.
Are you ready for your own fairy tale ending? Is it time for your organization to implement (or make changes to) a lead scoring program? You’ll find that it’s incredibly easy to do in Eloqua10. Take a look at the Resource Center here in Topliners for screen shots, instructions and other helpful links.
If you have questions about updating to Eloqua10 or adding extra Lead Scoring models, your Account Director/Account Executive can help! Fill out this form to request more information!
ALSO - We have a recorded webinar demo of the Lead Scoring Module - check it out: Spotlight on Success - Lead Scoring
(*Looking for information on a Contact Washing Machine? Check out these posts: