If you have ever worked in a PLG company. Generating quality leads for your business is a top priority. With only a tiny slice of leads converting into customers, it's essential to zero in on the ones that really count. A simple solution could be what makes or breaks your business success!
Lead scoring is the key to unlocking potential customers and converting leads into sales. A lead's score reflects their engagement with your business, allowing you to determine how likely they are to become a customer - be it negative or positive! By assigning scores based on pre-defined attributes like page visits and email opens, you can quickly identify who your top prospects are in an instant.
Account scoring takes lead scoring a step further by taking into account the "big picture" of user behavior within an entire account. Looking at more than just individual attributes, this process allows us to understand how dozens or even hundreds of users are interacting with our site as one entity - giving us invaluable insight on where our message resonates most strongly!
All lead-scoring models are based on either demographic data or behavioral data.
How to set up lead scoring in HubSpot? To utilize the lead scoring you will need to setup data ingest of all the behaviorial data from your website (click data) as well as event data (actions within the app) to HubSpot
When it comes to lead scoring features in Hubspot, the platform offers two scoring tools: predictive scoring and manual scoring. You can access both of these features in the settings underneath the properties tab in the left sidebar menu.
Hubspot Score is only available for HubSpot pro account users and Predictive Scoring is available to enterprise users only.
With predictive lead score HubSpot, uses machine learning to review your data points, this includes
Hubspot analyzes all of this information across your entire contact base to identify trends and associates this information to a property called "Likelihood to Close."
This predictive score is calculated by analyzing similarities across your customers and cross-referencing that information against leads that failed to close. Hubspot uses this information to give each contact record in your database a probability of closing within the next 90 days.
The downside to this approach is that this predictive scoring is that you don't have any control over how the model is interpreting your data. You can access this feature by heading to the navigation bar and clicking on contact properties underneath settings. From there you just need to search for the "Likelihood to Close" field.
Hubspot lead scoring tool also uses a feature called Hubspot Insights, which automatically populates default company properties like annual revenue, city, country, industry, state/region, address, phone number, website URL, etc.) It analyzes what information your customers have in common and cross-references it against your leads who failed to close.
With Hubspot's "Hubspot Score" property, you have the power to customize your approach when it comes to sales and marketing. Utilizing this feature allows for a more granular lead scoring experience by awarding or deducting points based on user-defined attributes. Create positive/negative lists of fields that matter most to measure progress with ease; alternatively, construct custom score properties tailored specifically towards optimizing efforts throughout all stages of the buyer journey!
Lead scoring in Hubspot allows you to segment contacts and accounts into custom-made lists, allowing your sales reps to take action in real time. You can also create targeted campaigns that serve as qualifiers for leads based on their interest or awareness level - essential capabilities when it comes to boosting conversion rates!
One of the challenges with lead scoring in HubSpot is that the data housed within the platform is mostly sales related. In most early-stage PLG companies the sales-related data isn't that relevant. The CRM is essentially used to store a finite number of up-sell leads.
Also, it doesn't make sense to ingest all your signups (low quality) into Hubspot as it will clutter the CRM and make it harder for you to score without any matching metadata around these leads. And if you're not using Hubspot for email marketing, you don't have access to relevant campaign data either.
Over time it won't matter how many fields you create in Hubspot because the platform cannot capture certain data types. Getting access to this data in Hubspot is difficult because your data team either has to download/upload manual CSVs or build and maintain another data pipeline(s) to keep the data up to date.
Most early stage PLG companies aren't setup with pipelines and a Data Warehouse just yet. They are focused on building the product!
The source of truth for these companies is existing tools such as Stripe and Segment and some of the customer demographic information may be in RDS and upsell leads in a CRM.
PLG companies also use different marketing automation tools for different purposes
First, if you are a PLG company with rapidly increasing user sign ups you want to definitely need to set up PQL metrics for every stage of your user journey
Second, you want to decouple your marketing automation tools from the persona creation for every stage. For full automation you want users to be moved from one journey to another based on qualification criteria and a single place to manage all your personas.
Humanic is purpose built for you to connect your data, define test and learn the right PQL metrics and drive marketing automation across multiple marketing automation tools.