If your law firm is generating leads through its current marketing efforts, but having trouble converting those leads into bonafide new clients, a system for lead scoring could be what you’re missing. Lead scoring allows you to focus priority on the leads that are most likely to convert while you continue to nurture those that might still need a bit more convincing.
How Lead Scoring Works
The basic idea behind lead scoring is that each of your leads will be assigned a score based on different factors. The scoring scale usually ranges from 1 to 100. In general, leads with the highest scores are considered to be “sales ready,” and sent to a member of your staff who will take care of the closing and bring them on board as a new clients. Those with lower scores are usually left to be handled by marketing, who will continue to nurture the relationship.
With a properly designed lead scoring system in place, it becomes easier to prioritize your prospects, make more efficient use of staff and resources, and ultimately, convert more clients.
Lead Scoring Factors
Depending on the practice areas your law your firm handles, the factors you use to generate scores can vary. If you practice corporate law, for example, you might give higher scores to executives who are decision makers within their companies. If you are in criminal law, however, you might raise or lower scores depending on what a potential client is being accused of.
Explicit and Implicit Lead Scoring Factors
Most factors used to generated lead scores can be broken down into one of two categories: implicit or explicit factors.
Explicit scoring, sometimes referred to as demographic scoring, is derived from factual information that you have gathered about your prospects. This could be information they’ve given you directly, through a form on your website for example, or information you’ve obtained from other sources like a geolocation database, or public social media information.
Implicit scoring, also known as behavioral scoring, helps to rank prospects based on what prospects do, either on your website or through other channels such as social media. By looking at actions like subscribing to a newsletter, downloading PDF documents or asking questions on Twitter, you can get a better idea of what someone is really looking to get out of their relationship with your law firm.
You might also want to use negative scoring, which deducts points based on factors that make a lead more unfavorable. Unsubscribing from a newsletter or being located in another city might be valid reasons to take some points away from a prospect’s score.
Lead Scoring Can Greatly Improve Sales And Marketing
Lead scoring should help your sales staff to be more efficient and more effective. They’ll be working with the leads that are most important, and most likely to take the next step and sign on as clients.
By referencing lead scores with marketing sources, your marketing team will be able to improve their targeting and make the most of your marketing initiatives. They will get better at attracting the right kind of leads. Eventually, sales and marketing form a more cohesive force as they work together and tune the system for maximum efficiency.
No matter how you use lead scoring, in the end it will help your firm to generate more revenue. Everyone on your staff will automatically be putting the most effort into the prospects that are most likely to pay off.