If you’re not living in a cave, you’ve probably heard about the benefits of lead scoring. But what you probably don’t know is that there are different types of lead scoring. There are essentially three scoring methodologies: quality, behavioral and action based.
Lead quality scoring is the most common method, but it’s also the most expensive. Quality scores use a formula to calculate a score based on the lead characteristics such as demographic or geographic data, product interest or other quality indicator. Often, quality scores are predictive or leverage statistical models to determine probability of conversion. Companies like TargusInfo or eBureau provide these types of lead scores, but expect to pay a lot of money to get your leads scored.
The second type of lead scoring is derived from a prospects behavior prior to the lead being generated, such as frequency or time spent on your website, and downloading of whitepaper or other content. This type of lead scoring is typically leveraged in the B2B sector and is rarely used by insurance providers. Companies like Marketo and Eloqua provide these types of lead scores.
The third type of lead scoring is commonly referred to as “action based”, meaning a value or rank is assigned after a lead has been generated based on status, temperature or probability of conversion. Action based scoring is especially useful for insurance agents and other B2C organizations because companies can quickly and easily prioritize calls and lead follow-up. Lead prioritization is quickly becoming one of the “buzz” words for insurance agents because the competitive nature of online lead generation programs. The most successful insurance agencies are implementing lead management software such as Leads360, with built-in action based lead scoring and a customizable lead prioritization engine.
In a recent study on call frequency and optimizing follow-up by Leads360, the company found that six call attempts was the optimal number to maximize contact rates. That same study revealed that more than 50% of leads are only called one time. That’s bad news for insurance professionals who are trying to grow their agency, because half of your agents are not effectively working the leads you’re giving them.
While it’s relatively easy to buy quality leads from companies like AgentInsider, InsuranceAgents.com and Insureme, having poor follow-up practices is like fishing without a hook; you’re just wasting bait. Implementing a lead prioritization system using action based scoring is the single fastest way to higher conversions and more policies. You will be able to quickly and easily ensure that you and your agents are maximizing their leads by making follow-up calls at least six times.
What type of lead management and scoring does your agency use?
Was this article valuable?
Here are more articles you may enjoy.