Ask any successful B2B brand, and it will tell you that the golden thread between its sales and marketing teams is its lead scoring system. According to Marketo, only 25% of new leads are sales ready, and B2B marketers are pros at measuring consumer readiness to buy and nurturing them down the purchase funnel. On average, B2B companies using lead scoring systems increase close rates by 30%, revenue by 18% and revenue per deal by 17% (Eloqua).
Despite having the same ultimate goal – sales revenue – B2C companies’ larger volume of customers and highly independent, often automated purchase processes have led them to skip traditional lead scoring all together. Instead, most B2C companies measure and track page-level and event data in attempt to herd consumers through checkout. However, without insight into consumer identity and the ability to pinpoint the behaviors driving performance, this tactic most often results in a game of cat and mouse.
Here are 3 tips B2C brands should use to develop a successful lead scoring strategy that builds consumer relationships and boosts shopping cart conversions.
1. Establish Identity
It may sound obvious, but many B2C brands fail to complete the first and most important step of lead scoring: authenticating consumer identity. One way to let your customers leave your site without verifying their identities is by asking for too much information; the other is by asking for none at all. Too many businesses allow consumers to anonymously peruse their pages or checkout as guest, while 12% of consumers admit to having abandoned a purchase because the site required too much information (Invesp).
Offering frictionless registration, login and checkout processes is key in increasing consumer identity capture while minimizing abandon. Social Login allows consumers to register for and login to your site or app with the click of a button using their existing social media accounts. It also enables brands to request permission-based access to specific data points housed in users’ social profiles, which can then be used to create more tailored user experiences and pre-populate checkout fields.
2. Gamify Consumer Signals
In assigning “points” to “rank” potential customers based on particular actions and signals, B2B marketers are essentially unknowingly gamifying prospect interactions. This same “gamification mindset” can be leveraged by B2C marketers to gauge and influence consumers’ intent to purchase.
Gamification allows brands to reward consumers for completing specific actions that ultimately impact KPIs, such as registering, sharing content, or making purchases. Rewards can take the form of badges, public recognition, coupons, gifts and more, and foster feelings of exclusivity, value and prestige that effectively drive desired behaviors. Not only does gamification foster valuable consumer conduct by assigning value to actions and events that lead to conversion, but it also gives brands the ability to identify brand advocates and where potential customers sit within the purchase funnel. These insights can then be used to shape future messaging and interactions.
The most successful gamification strategies bridge channels and devices to connect both virtual and real-world experiences. One brand with an exemplary gamification strategy is hotel and casino giant Boyd Gaming with its B Connected Social program. Participants can earn points by booking hotel rooms, sharing promotions with friends and checking in at any Boyd Casino. These virtual points can then be exchanged for real-world rewards like vacations and slot dollars. This gamified, cross-channel reward system has produced exceptional results, including over 35,000 social media shares at more than 3 social referrals per share.
3. Tailor Touchpoints
By successfully authenticating consumer identity and pinpointing users’ place in the buying process, brands can create more personalized user experiences that help consumers “level up” within the purchase funnel. With the insights garnered via Social Login, including users’ interests and media preferences, marketers are able to tailor content, product showcases, exclusive discounts and more to users’ real-time wants and needs. In addition to prompting 40% of consumers to buy more (Monetate), personalized experiences develop authentic relationships that result in customer retention, trust and lifetime value.
To do this successfully, brands need a single view into consumer actions and behaviors across channels and devices. Implement a robust, dynamic-schema database that automatically gives you the power to collect and consolidate cross-channel consumer identity data. This database should also enable bi-directional synchronization with existing third-party marketing platforms to engage every channel in the lead scoring and nurturing process.
Modern B2C brands would greatly benefit from taking a page out of B2B marketers’ playbook and putting lead scoring into place. However, the lead scoring process hardly ends once the first few customers clear checkout. A successful lead scoring strategy means constant optimization of social login options, gamified actions and data-driven campaigns to ensure that you are consistently reaching the right consumers with the right messages at the right moments.
By Tobias Meyer-Grunow