Scoring leads is how your sales team can identify high quality prospects and choose which ones to pursue. A strong lead scoring model not only improves the efficiency of your sales funnel and team but also drives increased conversion rates and velocity.
So how do you build a strong lead scoring model? The key is in the attributes you measure. Your model will evaluate both explicit attributes: a prospect’s target market resemblance; and implicit attributes: their interest in your company, your product, and your content.
In terms of implicit criteria, you’re probably already analyzing things like email click-throughs, subscriptions, visits to particular web pages, and webinar attendance. But are you evaluating their video viewing behavior? Since video can increase landing page conversions by 80% and improve purchase likelihood by up to 85%, you might want to jump on that bandwagon and take note of your prospect’s viewing behavior.
Why Score Video-Based Attributes?
With all the content you produce and the opportunities for engagement with your brand, there’s a long list of implicit lead scoring attributes you could add to your model. But not many of them will offer you as much insight as video.
- Lead 1 downloads an ebook, realizes it’s not relevant and immediately exits the PDF.
- Lead 2 downloads the same ebook and finds it extremely valuable after reading through fully and re-read sections multiple times.
But guess what? In text-based assets, you can’t see this level of detail. In fact, lead 1 and 2 would probably receive the same score because you can’t tell how they interacted with your content past a download. But with a video marketing platform integrated with your MAP or CRM, you can see both the leads have viewed a unique video as well as how much of that video they’ve watched. In short, you get a second-by-second look at their interest in you and your content.
As it stands today, video is the only content medium that allows you this kind of in-depth look at your leads’ behavior. But thanks to this handy info, you can now infer a lead’s level of interest in your content, your company, and your product/service.
Putting Video Lead Scoring into Practice
In practice, there are really three main ways you can use a lead’s interaction with video to determine their lead quality: (1) topic-based video lead scoring; (2) percentage-based video lead scoring; and (3) volume-based lead scoring.
1. Topic-based Video Lead Scoring: which videos has a lead viewed?
Since you’re probably already mapping your videos to the buying journey (at least I hope so!), understanding the specific videos your leads have consumed will provide insight on their current stage of the buying cycle. For example, maybe a lead has only watched one top-of-funnel promotional campaign video. While their score should still see an increase, they definitely should have a lower score than a lead who’s viewed your webinar and product feature videos – content that likely indicates they’re closer to converting. Take a look at the example below to see this in action.
In this example, Lead 2 would take precedence over Lead 1 today given their higher score and implied greater likelihood of conversion.
2. Percentage-based Video Lead Scoring: how much of a video has a lead viewed?
A lead that views an entire video of yours is likely of higher quality – and should therefore receive a greater score – than someone who didn’t make it all the way through. You can account for video completion in your lead scoring like this:
To continue our example from (1), Lead 1 and 2 might be scored like this:
Notice here that with this method, Lead 1 received a higher score instead of Lead 2. This is because they were more engaged with the content and is exactly why it’s a best practice to use a combination of these three lead scoring methods in order to account for the different scores in each type.
3. Volume-based Video Lead Scoring: how many minutes of video has a lead viewed in total?
This method of scoring allows you to understand a lead’s level of interest in your company or product overall. A lead who’s spent a lot of time consuming your content is, logically, a better quality lead and likely closer to purchase. Here’s an example of volume-based lead scoring:
Lead 1 and 2 may look like this:
Which means that their total scores for video were:
From this example, we can see that Lead 2 is more qualified – at least based on their total video consumption. But should sales contact them yet? Maybe. It all depends on what your sales and marketing team have agreed on as your threshold for a “sales-ready” lead: something that may vary widely from company to company (and of course, the rest of your model).
Remember that the quality of your leads will only be as good as your lead scoring model. Even if you have a phenomenal lead scoring plan and implement it without a problem, if it’s not scoring the right or ‘best’ attributes, it’s not going to be making the productivity, conversion, and monetary impact you were hoping for.
Periodically take a step back and evaluate the success of your lead scoring model. Look at Sales Accepted Leads, the number of opportunities accepted by your sales team as worthy of pursuit, or monitor metrics like the MQL-to-closed-deal conversion rate, lead velocity, and of course, the bottom line.
Your video assets and viewership data can have a huge impact on how you determine which leads to prioritize. So don’t skip out on this efficiency- and conversion- improving information.