Basics of Classifying and Assigning Priorities to Leads

Basics of Classifying and Assigning Priorities to Leads Do you wonder how is it that marketers are able to accurately give out the right marketing materials to the right person without ever making mistakes? When you are handling a lot of leads, after all, it can be quite difficult to remember what to advertise to someone. The answer to that is lead classification and lead prioritization. The Importance of Lead Classification and Lead Prioritization As a marketer yourself, it is important for you to understand the importance of lead classification and lead prioritization. It is important also to understand the roles it plays in the whole process of lead nurturing and management. Lead prioritization and classification are indeed very important. Through these two processes, you can accurately segregate your leads and decide what exactly to do about them. It helps you to streamline your lead management process because you are able to assign the right leads to the right persons to handle them. By organizing your lead database, you are not looking at a clutter but an organized stack of papers, figuratively speaking. To get a further look at lead classification as well as prioritization, let us define each process to understand them better and to apply them effectively in your lead nurturing system. Lead Classification Lead classification is the process of segregating leads according to several relevant factors. There are several criteria according to which leads can be classified and grouped, and these include the following: Category. The category is basically just the campaign category through which information about the lead has reached your attention. This criterion is generally useful when measuring the effectiveness of an advertising campaign. Product. The product criterion, on the other hand, signifies what product or niche the lead is interested in. This is directly useful in categorizing what products and offers should be sent next to the lead so that you can follow up on their interest to give them something else they might be interested in. Relationship. This criterion just defines the relationship this lead has with you or the company you are handling lead management functions for. Values for this criterion would generally be Existing Customer or New Customer. Level of confidence. This measures your level of confidence in the lead. Lead score is usually utilized for this criterion, as a lead score is the measure of the probability that the customer will buy the product being offered to him. The higher the lead score, the higher the probability of a purchase would be. In a way, a marketer is also highly confident that the customer will close a deal when offered. Lead Prioritization Once the leads are classified and organized, they should be given a priority rating. With a priority rating, salespersons as well as marketers would know or judge what to do with the lead. There are several factors that marketers consider when applying priority ratings to their leads; these factors differ with the business model that the company applies and how they treat or assign importance to their leads. For example, if a company thinks that a lead that has an existing relationship with it should be prioritized, then a high priority is assigned to that lead. Otherwise, if it thinks that the new customer should be treated more importantly, then new customers are assigned high priority ratings. The considerations in assigning priorities to leads depend solely on the preference of the company. In other words, the formula for arriving at a priority rating for a lead is dependent on one or two factors that have more weight in accordance with how the company handles and considers its possible clients. Content provided by: www.leadscoring-info.com Visit our lead management software sponsor: www.leads360.com