How to Set Up Lead Scoring in Marketo
As a popular marketing automation tool, Marketo offers lead scoring capabilities that help businesses rank prospects based on their likelihood to convert. But it has its limitations, especially around predictive analytics. As businesses scale and start getting a larger volume of leads, they need a cutting-edge, AI-powered predictive analytics tool like MadKudu.
Whether you're a seasoned Marketo user or just getting started, this guide will walk you through how to set up your lead scoring. We’ll then show you how MadKudu can enhance your lead scoring model to surface prospects at the precise moment they’re ready to buy.
Understanding Lead Scoring in Marketo
Lead scoring is a strategic process that assigns a numerical value to each of your leads based on their likelihood to convert. This scoring system is a blend of data analysis and your unique business insights, enabling you to evaluate each lead's potential based on their behavioral and demographic traits.
In Marketo, lead scoring can be implemented in two ways: explicit and implicit scoring.
Explicit Scoring
Explicit scoring involves assigning points to leads based on specific attributes, such as demographic information, company details, and online behavior. This method is more straightforward and relies on the information that the lead provides either directly or indirectly.
Implicit Scoring
On the other hand, implicit scoring uses machine learning to analyze hundreds of different data points to determine the lead score of a particular prospect. This method is more sophisticated, as it involves analyzing the lead's online behavior, such as their interaction with your website, their response to your emails, and their engagement with your content. Implicit scoring allows you to understand the lead's interest level, providing a more comprehensive view of their potential.
Marketo's lead scoring capabilities allow you to customize your scoring model based on your unique business needs. You can assign different point values to different attributes and behaviors, and you can also set up automated actions based on a lead's score. For example, you can set up an automation rule that automatically sends a follow-up email to a lead once they reach a certain score.
How To Set Up Lead Scoring in Marketo
Here’s a step-by-step guide on how to get your lead scoring set up in Marketo:
1. Identify the actions and behaviors that indicate a lead's interest in your product or service. These could include visiting your website, downloading a whitepaper, or attending a webinar.
2. Assign a specific number of points to each criterion. The number of points should reflect the significance of the action in indicating a lead's interest.
3. Go into Marketing Activities, create a folder called “Scoring” inside the “Learning” folder, right-click the Scoring folder and select “New SmartCampaign”.
4. Write “Change Score” in the Name field, and then in the” Smart List” tab, drag the filters and triggers you need from the “Triggers” folder on the right into the gray box area on the left.
5. Name the form, and then in the “Flow” tab, drag “Change Score” from the right into the gray box.
6. Assign a value to the score-change field for this particular action, then go to the “Schedule” tab, check the Smart Campaign Settings and edit them if needed. Then, click “Activate”.
7. After setting up your scoring model, you should test it to ensure its accuracy and effectiveness. This involves monitoring your lead scores and adjusting your criteria and point values as needed.
Remember, lead scoring isn't a perfect science, and it requires continuous refinement and adjustment based on feedback and performance. It's also important to align your lead scoring model with your overall business goals and ideal customer profile (ICP).
However, while Marketo's built-in lead scoring capabilities are powerful, they don’t take into account the breadth of data that’s now required to accurately score leads. This is where a tool like MadKudu can significantly enhance your lead scoring model.
Enhancing Your Lead Scoring Model with MadKudu
As your business scales and the volume of leads increases, the need for a more predictive scoring system becomes apparent. This is where MadKudu steps in.
MadKudu is a predictive analytics platform that uses artificial intelligence to analyze your product, sales, and marketing data, surfacing prospects at the precise moment they’re ready to buy. This allows you to prioritize your best-fit inbound leads based on key characteristics and behavioral analysis.
MadKudu offers a more nuanced and dynamic scoring model that adapts to changing data and market conditions. It provides real-time scoring, allowing your sales team to react quickly to high-potential leads. MadKudu also provides context behind your lead and account scoring by surfacing relevant details, such as what technologies a company is using, what roles they’re hiring for, and key behaviors in the product.
Unlike Marketo, MadKudu can integrate with all of your data sources to get a full picture of your leads and accounts. It includes additional enrichment data from HG Data, Clearbit, and PredictLeads to further bolster your understanding of the ICPs you should be prioritizing. Moreover, MadKudu empowers marketing ops professionals to own their scoring model. You can easily create model overrides, build computations and aggregations, and evaluate model performance by segment without waiting weeks for engineering to make changes.
While Marketo offers robust lead scoring capabilities for businesses with a smaller volume of leads, MadKudu provides a more predictive scoring system that can be beneficial as your business scales. And, on average, our customers experience 20-30% more revenue prediction coverage.
Whether you're a marketing ops professional looking to enhance your lead scoring model, or a business leader seeking to understand the potential of predictive analytics in lead scoring, MadKudu offers a powerful solution that can transform your marketing efforts and drive business growth. Get a personalized demo today and see it in action for yourself!