Every product or service-based business wants to be the best at what they offer. However, its ROI is usually measured by the number of customers it has and how much revenue it can build; yet, to achieve this, it must employ strategies and tools to drive consistent revenue growth (aka sales and marketing).
To help drive consistent revenue growth, organisations use strategies such as Lead Scoring. This strategy helps organisations track and control the process of assigning values to their leads, allowing their sales and marketing team to quickly identify the most promising customers in the sales funnel and convert leads into opportunities, faster.
How is Lead Scoring related to Revenue Growth?
Before we get into it, we must first understand what Revenue Growth is and how it relates to Lead Scoring. Did you know that determining how successfully an organisation sells its products and/or services is based on revenue growth? Revenue Growth reflects how well a company’s overall commercial business is performing.
In its simplest form, Revenue Growth refers to the amount of money an organisation has achieved during a given period as compared to the same period the previous year. According to Patrick Campbell (Founder & CEO of Profitwell), any organisation with a revenue growth rate of greater than 10% is deemed successful, but more importantly, is how they achieved this growth and what strategies a company should use to boost its sales and profits?
The following are a handful of them:
- Increasing your prices.
- Attracting new customers.
- Increasing sales to current customers.
- Increasing the number of sales by providing sales specials to potential customers.
- Expanding and growing into new markets.
Lead scoring should be applied to all these tactics to be used.
Why can Lead Scoring transform Revenue Growth?
Lead scoring may impact revenue growth in the following ways:
- It helps you target the best leads for your company, which, of course, will help you acquire more profitable business and boost the health and wealth of your organisation.
- It also allows you to save time that would otherwise be squandered on less fruitful activities, allowing you to devote that time to the growth of your business.
- Also, bear in mind that lead scores may change from day to day as new information becomes available and events occur, so knowing and implementing solutions that may help you deal with these changes is highly beneficial to the organisation.
A great place to start is to ensure you have (or as close to it) a single view of your customer.
We recommend trying to achieve this by unifying your data before importing it to your existing tool or platform or capturing this data directly through a Revenue Growth Automation platform like SharpSpring by Constant Contact.
SharpSpring by Constant Contact is a great choice for an organisation wanting to modernise, streamline and track all its customer’s information. This is especially true for Mid-tier and Small Business organisations who are still using spreadsheets or multiple disparate tools to manage their customers information.
Once you have a leads information obtained from your Lead Scoring strategy, including their likelihood of buying from you, you can develop list segments and relevant content to increase and expedite the decision-making process. You need to focus on the leads that can help drive revenue growth for your organisation. However, you should always look to nurture other less likely leads in case their needs change and they remember your business could help them.
In summary, Lead Scoring assists marketing and sales teams to identify when a lead is ready to engage and have a real conversation about moving forward with your services or products. Finally, it helps drive your company’s growth like you may have never experienced before.
There are more than 8000 different marketing technology-based tools in market that can help build or drive revenue growth. Often these are single point solutions and most organisation simply aren’t ready for them or struggle to get the best from them.
Lead Scoring is a key strategy to driving revenue growth for any organisation. SharpSpring by Constant Contact not only includes this as standard it also provides many other features and functions that can help deliver revenue growth.