The marketing challenge
We were working with a third-party vendor on our lead score model when they were acquired by another company. Due to timing, the acquisition, and current requirements from sales – It was time to seek out new help on a revised lead score model. Leadership tasked the marketing operation team to find a solution to maximize inbound lead impact through prioritization and internal processes and ensure the right responses/prospects are worked by the right sales team depending on the product.
In the beginning
To be successful with this program, we needed to identify the most likely purchasers based on firmographic fit AND engagement when it was applicable. We wanted to be able to:
- Engage with leads quickly - quickly identifying the leads with the most potential (customer fit is “good” or “very good”), the sales team can reach much faster.
- Increase sales efficiency – keep low quality leads out of the funnel
- Have better marketing campaign performances – Instantly know when marketing campaigns are generating good leads or bad
- Improve outbound lists/event attendees – Find out which leads were quality leads on lists
After months of demos and meetings of deciding on which third-party to integrate with Eloqua and our CRM for our lead score model, a decision was made. Next steps were for the team and leadership to decide on lead status assignments. These are based on the marketing team (i.e. Paid Digital), the offer (i.e. whitepaper), and the third-party lead score company’s score (i.e. 80-100). For example if a lead came in through paid digital and they downloaded a whitepaper, depending on firmographic information and other information gathered, they would be scored a grade of A, B, C, or D. The team and leadership made decisions that a score from the third-party lead scoring company of an “A” or” B” would be a marketing qualified lead (MQL), a “C” would be considered an inquiry and a “D” would be a suspect lead.
The marketing operations team quickly started implementing the new lead score model and created a program in Eloqua to support the integration into our CRM so the sales team could get right to work.
The first was to figure out the flow of the lead.
This step is when a visitor comes to the website. They could have arrived on a landing page with a form by a link from an Eloqua email, an ad on social media, organic SEO, paid SEO ad, an event or any other campaign a marketing manager set up. On the back end of the web form, the marketing operations team and the marketing technology team set up a few things to track campaign details:
- Query strings – the link to the landing page with the form includes a query string on the end. For example, a link that was clicked on through an email would have the query string:
Each query string always has the CRM Campaign ID, the lead source (outbound, paid digital, event, etc.) where it came from, and the type (email, social, direct mail, etc.) of marketing campaign it was.
- The landing page form will be coded in the backend with the CRM campaign ID, any event IDs if it’s a webinar, the offer, lead source and product.
Eloqua Transfer Hub (Eloqua Program)
The Eloqua Transfer Hub is a master program that was set up for lead routing. All leads that come in from forms will run through the transfer hub going through many decision rules based on our business so we can properly route the lead/contact to our CRM.
Eloqua Update Team (Eloqua Program Builder)
After the lead has gone through the Transfer Hub Program, we send it to a Program Builder that was created to update the Marketing Team and Campaign Group. This is designed to run a match/deduplication rule against companies, members in all CRM campaigns, get the campaign group for lead scoring and update the campaign group on the lead.
Eloqua Update Product (Program)
Internally we call this Update “Sub Type” – but to keep it simple and relatable for all businesses, I’m referring to it as “Update Product.”
This is also a large master program the marketing operations team set up that we look for the product that came in with the lead, send it to an update rule to update the product or “Sub Type” on the contact record.
Eloqua Lead Score (Program)
Once the lead has been through the Update Product Program, we send it to the next Eloqua Program: Lead Score. Most of our products are on the old lead score model, but our main product is on the new lead scoring model.
On the new model, we use a predictive scoring attribute that scores a lead based on how close the lead is to a customer from our ideal customer profile. This is based on engagement, firmographics and other attributes set by our company and the third-party scoring partner. By using the third-party lead scoring company, we’re able to add the following predictive attributes:
- Customer fit
- Likelihood to buy
- Lead grade + score
- Contact enrichment
- Company enrichment
- Beta fields (i.e. predicted revenue, predicted traffic segment, budget)
Depending on the attributes above, the marketing team, and offer – we stamp the lead with a score of A, B, C, or D. This was a lot of building of update rules (19!) based on scores decided upon by the leadership team.
In the example above, we created a new field on the contact called “Lead Rating”, and if the third-party lead score was set to 50-100, the field would be populated with the value “A” and if the score was 49 or below, the field would be populated with a value of “D.”
Update CRM (Program Builder)
Once the lead is given a score, we send the lead to the Update CRM Program Builder. In this program, we clean the leads of any %20 values (blank spaces), check for CRM contact and lead IDs and check for blank last names or companies. Once it has successfully ran through the Update CRM program builder, it is gets pushed into the CRM and the sales rep has full visibility of whether the lead is valuable and they are ready to purchase, needs nurturing or a lead that is disqualified.
Since implementing the new lead scoring model, we have seen an increase in new business and have even been over plan. This increase in new business can be attributed to the lead prioritization of the new lead score model. By better prioritizing leads, our sales team was able to put their main focus on higher quality leads that marketing qualified as likely to buy. By focusing on these higher quality leads rather than sifting through bad and good leads, the team was able to convert more leads, therefore increasing new business and revenue. Another interesting metric we observed after putting in place the new lead score model, was an increased eNPS (employee net promoter score), which we believe is partly in due to higher quality leads and more sales.
Marketing Cloud Courses influenced – Oracle Eloqua B2B