Eloqua Best Practice – Lead Scoring

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In today’s world, customers have become more and more powerful during the buying process. It is critical for marketing and sales teams to work together to appeal to people early in the buying cycle and deliver a great customer experience for their customers when they are ready to purchase. Eloqua provides us a simple and easy qualification process to approach the right customer at the right time by automatically qualifying leads based on their demographic and behavioral characteristics that matter to your business. That is lead scoring. This article will walk you through how to begin thinking about what is important in your customer qualification, and give you the tools to know when to reach out based on the lead scoring system you create.

So, how does lead scoring work in Eloqua?
There are two dimensions about lead scoring: profile and engagement.
  • The profile score depends on the explicit data of an account such as job role, industry, revenue and so on. The profile score will help you better identify prospects that are in your target audience. Eloqua’s system will give your prospects a score of A, B, C or D. To simplify, the score will tell you if the prospect is the right fit or not, with A being the best fit.
  • The engagement score depends on the implicit data such as the people that have visited your website or opened your newsletters/emails, which determines their level of interest. Prospects are given a score that ranges from 1-4 with 1 being the highest.
Eloqua will combine these two scores together and produce a final lead score. For example: A4 or D1. Now let’s take a closer look of these scores: A4 is the right prospect to reach out to, however, the interest level is lowest. To further nurture this potential opportunity, we may need to send out more information to evoke interest. On the other hand, when you see a contact’s score is D1, the person has a high interest level, however, the person is not in your target audience. Doing some further investigation might be warranted to verify your data is correct on their profile, but make sure to prioritize the people you have selected as better fits for your company.
Where do you start?
Start with a conversation between sales and marketing.
Lead scoring is not a solo play. Marketing efforts will attract the potential audience and the goal is to increase their interest over time, but eventually your sales team will need to contact these people depending on how customers act against the marketing activities you have in place. The two teams need to discuss a comprehensive standard when deciding what factors should be considered in each team’s engagement based off of the customer experience.
Set up the lead scoring model in Eloqua
  1. Go to Eloqua, click audience and choose Lead Scoring. From the two options, select ‘Create a Model’. Change the name on the top left.
  2. On the top of the editing page, you can see there are two tabs called “Profile” and “Engagement”. On the left of this page, there is a panel contains all kinds of criteria.
  3. Let’s begin with the profile portion. You can choose the criteria from different sections by clicking the drop box on the top left.
  4. Drag or double click the criteria you need. In the example below, I chose job roles, industry and annual revenue. As a best practice, we recommend 3 to 5 criteria.
  5. Weight the criteria based on their importance. The more important the criteria is, the higher the percentage it should be. The remaining percentage will be shown at the right bottom. 
  6. Add value to the criteria. The closer the value is to the ideal lead the more points the value should be assigned. Double click the criteria to add roles. In this example, the higher the person’s job role is within their company, the better. Based on that, we assign different percentages to these job roles. Keep adding other roles for industry and annual revenue.
  7. Configuring the engagement portion is pretty similar. Simply select the criteria on the left. When choosing these criteria, in order to better determine the interest/engagement level, you should think about frequency and recency at the same time. You should choose activities that are good indicators someone might buy. Just as an example, I chose opened email, visited landing page and submitted form. Follow the same steps as you did in the profile portion to give these criteria weights and rules. 
  8. You need to set up all the rules for each criteria in this lead scoring model.
  9. Change the threshold for each score to decide the standards for each score to reach. Click the “>>” on the top right, then click “settings”, and adjust the threshold based on your needs.
  10. Now, you are ready to activate your lead scoring model!  Click the “>>” on the top right, and activate.

Keep revising your lead scoring model to adjust to your growing business!

Setting the original lead scoring model is definitely not the end of the lead qualification process. Don’t forget to keep revising the criteria when you have a deeper understanding of your sales or have more data collected from your marketing. Lead scoring should be a living model and grow together with your business.