Using Third Party Data and Analytics to Help You Manage Online Lead Quality: Part 2

good, better road signTo follow up last week’s blog post on Validation, Verification and Data Appends, we’re going to take a look a closer look at lead scoring and how B2C marketers are using scoring to improve the quality of the leads purchased through online channels.

Note: B2C lead scoring should not be confused with B2B lead scoring. Many of today’s marketing automation services offer lead scoring, but it’s a very different approach, using behavioral rules versus data-driven statistical models.

Lead Scoring to Predict Outcomes
Using scoring to improve online lead performance goes beyond just identity verification and data appends. Automated scoring techniques predict outcomes for each and every lead. Marketers today are using scoring to predict multiple things, from initial contactability, to high lifetime customer value, as well as likelihood to apply, register, enroll and convert, pay, etc.

Imagine what you can do when every lead generated is ranked high-to-low, in real-time, based on the outcome you want to predict.

Lead Scoring as Verification 2.0
More and more, lead scoring is being used to predict “right party contact”— the likelihood you will actually get ahold of the person listed on the lead. Using lead scores this way allows buyers to simply reject the lowest scoring leads as non-contactable, in the same way they rejected leads based on lead verification. Contactability scores give you more flexibility to tighten or loosen your verification parameters. Additionally, since the scores rank order the contact rates, you can see how contact data quality is trending by vendor or their sub-sources.

Conversion Scoring for Operational Efficiency
Lastly,  lead buyers commonly use lead scoring to predict actual sales conversion. There are many ways to make good use of conversion models. One example is to use conversion scores to determine how to deploy contact center resources in the most effective way. 

It can look something like this:

  1. High Scoring Leads (900-999): Use your best contact center agents to immediately phone high scoring leads to maximize conversion rates and long term value. Don't under pursue high scoring leads!
  2. Med/High (500-899): Have your contact center agents phone these leads, but at a lower priority and frequency than the highest scoring leads.
  3. Low/Med (100-499): use telemarketing resources more sparingly, and rely more on email.
  4. Low (< 100): Send only email initially, or avoid buying very low scoring leads altogether. Don’t over pursue leads that aren’t worth it!

Early Warning Indicator: An added benefit
How many times have you activated new lead vendors and sources only to realize too late that the quality of their leads weren’t up to par or had declined? Lead scores can be powerful “early warning indicators.” Many lead buyers compliment scoring services with accompanying SaaS or web dashboard that help monitor ongoing quality of sources and sub-sources in real-time, identify trends and helping to manage the qualify of leads.

In closing, we’ve outlined the logical, discrete steps for lead buyers when using third party data and analytics to manage online quality. We’ve also shown that you can streamline the entire process by using a single rolled-up scoring solution, with supplemental data and insights appended. This lets you use a 2-3 digit score to make decisions that matter most for your business, because all the data behind validation and verification are naturally incorporated.

If you are new to lead buying, this might all sound complex. Fortunately, there are third party data and scoring services that exist today to make it easy, automated and cost effective!

How are you using scoring today to manage lead quality for your business?

Read eBureau’s full white paper A Comprehensive Guide to Managing Lead Quality with Data and Scoring to learn more and to access your six-point checklist for working with verification and scoring providers.