How to Implement a Good Lead Scoring System (Feat. Videos)
Odds are that you may already have a lead scoring system in place.
But, do you wonder if your lead scoring process could be even more rewarding?
Lead scoring is crucial to create a healthy sales pipeline, because a sales team that wastes time on unqualified leads is set for disaster.
Did you know that a few smart tweaks to your lead scoring process here and there can help you boost conversions.
Why? Because, you’d be spending your most valuable resource - your time wisely.
Implementing an easy-to-understand yet robust lead scoring system can take enormous pressure off your mind.
This blog post is all about learning how to use data-driven insights and video heatmaps to understand the behavior of your leads.
We shall start with having a look at what exactly is lead scoring, what are video heatmaps and gradually move on to understanding how to use the StoryXpress platform to implement an end-to-end lead scoring system.
Let’s dig in.
What Is Lead Scoring?
On average, organizations generate 1,877 leads per month and 1,523 MQLs. (Source: https://www.hubspot.com/marketing-statistics)
However, not every single lead you generate has a strong buying intent.
Some of the leads are cold, some are warm and very few of them are hot - and these hot leads are the ones you should be interested the most in.
Since every lead has a different buying intent, it makes no sense to treat all of them with equal attention.
And here is where lead scoring comes to your rescue.
Lead scoring is a numerical system that businesses can implement to understand which leads are cold, which ones are warm and which ones are hot.
Thus, lead scoring means assigning (often) numerical values to every lead you generate, in order to decide which ones deserve the most attention.
Lead scoring is a great practice for sales and marketing teams to prioritize leads. It helps you save a lot of time, effort and energy and keeps you from wasting resources on unqualified leads.
Also, with lead scoring, you respond to every lead in a personalized way, and eventually increase the conversion rate, because you are focused on the right leads.
Here is a quick video from HubSpot to help you understand what lead scoring is.
How Can You Assign Scores to Your Leads?
You can score your leads based on multiple attributes, such as their demographics, their business background (especially if you’re selling B2B), online behavior, email engagement, and social engagement, to begin with.
But, how you collect this information is what makes all the difference.
Conventionally, teams used to collect data using static landing pages. However, the issue with these conventional landing pages is that once a lead lands on the page, you can’t really assess their behavior.
Sure, you can implement website heatmaps using tools such as Hotjar, but then again, there is a limitation on how engaging a static landing page can be.
So, what’s the way out?
The way out is inserting a video on your landing page and then using a video heatmap to score leads!
Sounds interesting? We know, right?
StoryXpress not only allows you to create awesome screen and webcam recorded videos with custom branding, but also lets you insert CTAs and forms to collect information from leads.
Plus, with videos, you can score the leads better because you have real time data on how long the leads watched the video, if they replayed any frames and so on.
Such parameters certainly help understand the lead behavior better as compared to a static landing page you’d use to collect the basic contact information.
Now that we have the context, let’s further understand what video heatmaps are and how they are employed in lead scoring.
What are Video Heatmaps?
A video heatmap is a graphical representation of how a specific viewer watched your video.
Heatmaps indicate any specific interaction or engagement your viewers had with the video.
Some of the questions that a video heatmap can help you answer are -
Are there any specific topics that are interesting to viewers from your entire collection of video assets?
How many viewers are actually watching the videos till the end?
Which segments of your videos are viewers replaying?
When are the viewers most engaged while watching your videos?
Video heatmaps allow you to derive a lot of information and interesting insights regarding how exactly your viewers are receiving your videos.
It is this information only that you use to score leads and understand which ones are the most interested in your product.
In the next section, we shall see how you can use video heatmaps in StoryXpress to understand your leads better and segment them accordingly.
Scoring Your Leads With Video Heatmaps in StoryXpress
StoryXpress is a video recording, hosting and analytics platform using which you can implement an end-to-end lead scoring system.
Let’s see a step-by-step process following which you can score your leads better and create a rich sales pipeline.
Here is the template that we have used in the process.
And yes, we shall keep this free of any numerical and figures. This will be more about getting an idea of how exactly to assign the numbers rather than what the numbers should be.
There is no rule for businesses to use the same scoring scale. The numbers will be different for your business and your lead scoring criteria.
Step 1 - Visit Your Buyer Personas
For every lead, the first step is to see if they check off all the characteristics on your ideal buyer persona list.
Assigning Points
Assign more points to leads who closely resemble your ideal buyer persona as they are more valuable to your business.
Why?
If you are selling a product analytics platform, a research student who watched your video to prepare a case study for their thesis should be given lesser points as compared to the CMO of an enterprise who watched your video so that they can add a new SaaS product to their software stack.
Why? The research student most probably won’t buy the premium version of your product, but the CMO may.
Step 2: Creating a Sample Set of Videos
In case you don’t have any videos created, ideate a set of around five videos meant for buyers at different stages of their buyers journey.
Next, create screen recorded videos for these themes using StoryXpress screen and webcam recorder.
If you have videos created already, directly get started with creating a sample set of videos out of your existing video assets.
In case you have a lot of videos, you can start with the ones that have the highest number of views and gradually scale the process.
With StoryXpress, you can see how many views and impressions a video has. Not just that, you can see the play rate, total watch time and average watch time as well.
These parameters can help you decide what your top performing video assets are.
Furthermore, you can also select the top performers based on the respective engagement graphs.
Every video uploaded to StoryXpress has an engagement graph that looks somewhat like this -
Thus, if you are not sure which videos you should start analyzing first, see the engagement graphs.
Step 3 - Reviewing Video Analytics
Once you’re done creating a sample set, you are all set to score your leads.
Factor 1 - Which stage of the buyer’s journey does the video belong to?
Not every video you’ve published is crucial to sales.
How? Well, a prospect who has watched your product demo video is certainly more likely to buy your product as compared to someone who just watched some backstage fun videos.
Not sure which kind of videos should be included in which category?
Here is some quick help!
Top of the Funnel Video Assets
- Commercial Advertisements
- Promotional Videos
- Educational Videos
- General Brand Videos
- FAQ Videos
Middle of the Funnel Video Assets
- Explainer Videos
- Product Videos
- How-to Videos
- Company Culture Videos
- Competitor Comparison Videos
- Videos Flaunting Features
Bottom of the Funnel Video Assets
- Testimonials and Case Studies
- Customer Success Stories
- Product Review Videos
- Demonstration Videos
- Personalized Videos for their Specific Use Case
Assigning Points
The maximum number of points go to leads who have watched the bottom-of-funnel video content. Why? Because, these have the strongest buying intent.
And, who should get the least number of points? Yes! The leads who have watched the top-of-the-funnel content only.
Factor 2: How engaged the lead is?
Next, your leads earn points for exactly how much of the video they watched.
Because, if a lead happens to click on a video related to the product features and pricing only to close it five seconds later, it makes little sense to chase them.
On the flip side, another lead who has not only watched the video till the end but also replayed it once or maybe filled out the lead generation form you embedded in the video must be paid attention to.
Assigning Points
Assign more points to prospects who watch an entire video (especially a longer one) as compared to the one who only watched the first 30 seconds.
For the sake of this experiment, you can give full points to anyone who watched more than 50% of the video. For everyone who dropped off before the 50% mark, you don’t give any points or lesser points.
If you host your videos using StoryXpress, you can analyze how much of a video was watched very easily and that too on a per user/email id basis.
Factor 3 - Did they replay any frames?
Did any of your leads replay a certain section of the video?
If yes, this indicates they were more engaged with the video as compared to someone who just watched the video once.
Assigning Points
Assign more points to the leads who replayed certain sections of the video.
You can see if any of your leads replayed parts of the video using color-coded heatmaps in StoryXpress.
Shown above is the video heatmap in the StoryXpress dashboard for four different leads.
Understanding Video Heatmaps in StoryXpress
GREY represents sections of the video that haven’t been watched even once.
Illustrated in GREEN are the frames that have been watched only once.
YELLOW indicates the frames that were played twice.
While, RED shows frames that were watched more than two times.
Factor 4: Did they respond to your CTAs?
StoryXpress allows you to insert engaging CTAs in your videos such as buttons, forms, banners and booking meetings.
You can assess how qualified a lead is on the basis of how they responded to your CTAs.
Assigning Points
Assign more points to leads who have responded to your CTAs.
This means anyone who has clicked on a button, filled your lead generation form or booked a meeting will get more points.
Factor 5: Additional Lead Characteristics
The video analytics in StoryXpress reveal some important characteristics of the leads for you to assign scores to them smartly.
For instance, if you are selling a browser extension, you can use the heatmaps to see what browser your leads are using.
If your product is a browser extension that is supported by Google Chrome only, it makes more sense to pitch it aggressively to those who already use Google Chrome rather than a MacOS user.
However, it doesn’t mean that you should stop pitching to those who don’t use Google Chrome! It’s just that those who are already using your browser of choice are hotter leads and there is little overhead.
For those who are using Safari, you may first have to request them to switch to Google Chrome, which they may or may not agree with.
These additional factors that affect the score a lead gets will vary from case to case.
Assigning Points
Those who already have the prerequisites your product needs to run will bag more points in your lead scoring sheet.
Once you are done with all the above steps, this is how the sheet would look like -
That’s about it. We hope this post comes in handy while you refine your sales and marketing strategies further.
Lead scoring sure is important but it doesn’t always have to be complex. It’s just that you should have access to the right tools and resources.
StoryXpress can be the tool of choice if you are looking forward to implementing an end-to-end lead scoring system.
And yes, not only can you quickly create screen and webcam recorded videos using this but also host your videos in a premium, ad-free environment.
The powerful data-driven insights on your videos can entirely change the way your sales and marketing teams operate.
Find out more about StoryXpress here.
Good luck with lead scoring!