Base Tips & Tricks #5: How to Keep It 100 with Lead & Deal Scoring

What if you had the power to know which leads are the most valuable and worth your time, all with just a quick glance? Some might call you super-human being that efficient, but at Base we just call it being a sales machine 😉

Thanks to Lead and Deal scoring in Base, this level of foresight is entirely possible. Let’s have a look at how you can take your Base account to the next level and empower your team to focus on the opportunities that matter most.

What Is Scoring, Anyway?

In short, scoring is a way to automatically determine the value of a Lead or Deal by defining the importance of specific fields and/or field values. To make this happen, you assign unique numerical values to fields in Base and create a scoring formula that will calculate the final score for the Lead/Deal. Yes, that does mean mathematics is back, but the formals are simple, so nothing to panic about!

First Things First

When defining how scoring will work for your account, it’s helpful to put yourself in the 👟👟 of your team and think about the data that has enabled them to target and win opportunities so far. Here are a few ways to do that.

#1: Recognize which fields are required to get the conversation started
Do some leads get added to your account with missing contact information? Leads that include these fields should be scored higher since the chances of being able to communicate with them are greater.
o Examples: Phone Number, Email Address, Street Address, etc.

#2: Determine which fields help you close business
Is there a trend with specific fields or field values correlating with won revenue? If your product pairs better within certain industries or regions, give those values a higher score to ensure those opportunities get pursued first.
o Examples: Industry, Job Title, Geography, etc.

#3: Consider any gaps that could give you greater insight into your prospects
Could additional custom fields be added to improve the data being captured? Including as much information on your prospects as possible allows you to better understand who they are and set scores that are more precise using those fields.
o Examples: Source, Budget Range, Company Size

Crafting Your Scoring Formula

Once you’ve ironed out which fields and values are the most valuable for you, it’s time to set up your Scoring Formula! 🎛 Follow these 5 simple steps to get started.

Step 1

Head on over to Settings > Scoring and select either the Lead Scoring or Deal Scoring
tab. Scoring is set up the same between Leads and Deals, so we’ll just walk through the Lead Scoring tab here. To get started, click the green “+ Add Variable” button.

Step 2
This is where you’ll select the first field you want to score and the variable (letter) that will represent the field in your formula.

Step 3
Next you’ll select the “String” drop down to indicate how you want the values in that field to be considered when the score is being calculated. This gives you granular control over how the numeric value for that field will be applied. “Has Value” for example will apply the score you set as long as anything has been entered into that field on the Lead.

Alternatively, selecting any of the other string options will allow you to input a specific field value that’s needed for the score to be applied. Selecting “is” for example allows for the specific field value to be entered and only Leads with that exact field value will see the score applied.

Step 4
Once you’ve decided on your string, assign it a numeric value which can be either a negative or positive number depending on what that value means for the score. Clicking “Create” will save your changes and complete that variable. Then you’ll want to select “+ Add Variable” again to create the other pieces that will be used in your formula.

Step 5
Lastly, it’s time to type out your simple formula using basic arithmetic and the variable letters you’ve created. This is where you set the rules for how the final lead score will be calculated.

Depending on your fields and the data within, your formula will be unique to you and the insights you care about. For example, if you determine from your reports that you close more business with construction companies from Texas, you could create a formula to reflect that and apply a higher score to those Leads.

Once you click “Save,” the formula will begin to calculate the scores and once complete, they’ll be reflected on the left hand side of your Lead cards moving forward.

Pro-Tips for Producing Actionable Formulas

As we mentioned, everyone’s formula is different because it reflects the unique needs and requirements of their specific business. Having said that, there are some best practices that you can follow to make sure that your formulas are successful.

· Compare opportunities that you’ve won with those that you’ve lost to identify any common trends such as their source, industry, or region.
· Keep your formulas up to date. As your business focus changes, so should these formulas to ensure you’re always targeting the best prospects.
· Coach the team on understanding what the lead score means and how it’s calculated. That way they truly understand the value the score provides and how to track down the leads with the highest scores.

Once your Lead and Deal scoring formulas have been successfully configured, Base takes care of the rest automatically. Soon you’ll find you’re saving countless hours each week, closing a greater number of deals, and ultimately securing business with your most qualified prospects. Score! 💯

Do you use lead scoring in Base? Have any tips you want to share? Questions we didn’t answer in the post? Let us know in the comments below! And of course, don’t forget to check out the first four posts in the five-part Base Tips & Tricks series!

#1: Best Practices for Smart Lists
#2: Putting Your Sales Notifications to Work
#3: Everything You Need to Know about the Base Mobile App
#4: Stay Organized with Tags & Sources

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