Car Buying 2.0

May 5th, 2010 by

By Pat Hinds,

Recently I received a news letter from a SalesFusion; they are a marketing automation company that POIM works with on email and web analytics. The newsletter had a marketing tip written by Kevin Miller on how to score leads that I would like to share.

“If you haven’t started down the path with lead scoring, it’s important to understand why to score leads as much as, if not more than, how to score a lead. When starting with Lead Scoring, simple is better.

You should begin with 2-3 scoring groups. Low, Medium, High. When determining the criteria for each group, I would highly recommend setting up an internal meeting with sales to discuss, from their point of view, what makes up a qualified lead, or a good lead. Let sales drive this process of definition and marketing will then execute.”

I just went through the process of buying my daughter a new car and it was not that easy. We had a set amount money that we wanted to spend and three people (Dad, Mom & Daughter) to satisfy. The source I used to search for the car is a web site called Kijiji; if you have not had a chance to visit I recommend that you check it out. The challenge with the site is in a city of 1 million plus people you are getting 5 new cars listed every minute; it is like drinking water through a fire hose.

We were a week into the search for a new car and the frustration of not finding a car was starting to boil over; it was at this time I decided to implement a lead scoring system for the new car. The lead scoring system was simple: it included several makes/models, price, engine size, doors, transmission and number of owners. I put the information into a table, printed out the lead scoring system and gave the three decision makers a copy. We agreed that if any one of us found a car that scored 85% or more on the criteria any one of the decision makers could make the final decision and purchase the car. After 10 days of looking it took 24 hours for us to find a car after we put in the lead scoring system.

Lead scoring works, my position on sales 2.0 is the customers buying habits have changed as a result of the amount of information available to them during the buying process, As a result, sales people need to leverage customer information to adjust the selling processes. The challenge is the amount of data can be overwhelming and if not managed a waste of productivity; as a result, you must have a clear profile of a target customer and/or lead and be proficient at using this profile to help you manage the customer data. and focus in on the qualified opportunities.

Topics: Sales Consulting