What is an LQS and Why Should You Care?
What is an LQS?
Ok, so I’ll admit it…LQS is a term I made up. However its a term I use myself everyday which stands for ‘Lead Quality Score’. Its a simple metric for both Sales and Marketing teams to use to understand the quality of their enquiries coming through. With this information, you will be able to run simple automated strategies to help that enquiry through your sales pipeline. It also provides your marketing team further insight into how good the enquiries are that are coming through, and can attribute marketing efforts to the quality.
So how is it measured?
I use a simple 4 Step process in grading enquiries. Check them out below:
This is your ideal enquiry! It ticks all the sales teams boxes and the marketing team are smug because the enquiry is perfectly within your defined target audience. You know you’re going to build a great relationship with this customer.
This is a good enquiry. They may not be asking for all of your services or may just be looking for additional information, but you feel there is an opportunity to develop a good relationship.
This is an ok enquiry. The customer may be a bit on the fence initially and may need further nurturing before they purchase.
This is someone who has enquired with you but may not be ready to purchase just yet, or may not understand what it is you do.
Tracking your LQS
I’d recommend ranking your enquiry as soon as it comes in (I use a Google Doc Spreadsheet for this!). Once you begin to track your enquiries, you will quickly be able to compile that data into daily, weekly and monthly reports.
What can I do with this data?
The aim in understanding your LQS is to correlate this data with your marketing activities and make changes that increase or maintain your score.
When you gather this data, you will soon learn the types of marketing activities that yield the best types of leads, and those that don’t. This will help shape your strategy moving forward and make your marketing far more effective.
This data will also help your sales team to close deals more efficiently. If your sales team have a list of leads and attached quality scores, they will know to offer a different approach depending on their score. You may also find that certain members of your sales team are better at closing low-quality leads than others, and you can prioritise your lead distribution across the team.
Your LQS is another metric you need to understand to help grow your business. It offers further insight into your marketing activities and allows your sales team to be far more efficient in their approach. Also – It’s simple to implement! It’s just a ranking from 0 – 3 but could make a massive difference to your pipeline.