Last month we talked about the forever evolving role of the modern financial marketer and the growing responsibilities in the financial services space. As many marketers know, it can be difficult to devote time to analytics. Between campaign planning, email sends, event coordination, content writing, among the myriad of other duties, it’s hard to take time out of each day to crunch the numbers for each of your marketing initiatives. That’s where marketing automation comes to the rescue with engagement scoring.

But why is engagement scoring so important to modern marketing and sales teams?

In this blog post we’ll cover the basics of engagement scoring along with how to set a scoring system in place and use it to your advantage. Overall, we find clients who use engagement scoring are better able to knock down department siloes, identify new clients and can assist in optimizing web pages, emails and content.

So, let’s get started.

What is Engagement Scoring?

An engagement score is a single number metric used to measure the engagement of a specific contact or visitor. The score can increase, or decrease, when a contact takes a certain action like visits a certain web page, opens or clicks an email, watches a video, or registers to an event you are hosting.

More importantly engagement scoring, unlike lead scoring, takes recency into account and can be based on a timeline you specify. Recency is usually determined based on the company’s customer buying cycle. In other words, it can be personalized. For instance, XYZ firm usually has a 90-day cycle to convert a lead to a client. When a contact is no longer engaging with marketing or sales actions within 90 days, his or her score will start to decline, or in some cases reset. The higher the score the more engaged a contact is.

Engagement scoring is a key feature in marketing automation and CRM platforms and has been adopted more and more by banks, asset management and financial services firms.

The Benefits of Engagement Scoring

From our experience, companies with engagement scoring in place are better able to measure the ROI of their marketing and sales activities, increase qualified leads to opportunities, increase sales productivity, help internal communications and shorten the sales cycle.

Creating a well-planned engagement scoring method can be a huge time saver for both the marketing, sales and client teams for a few reasons. It allows you to:

  1. Monitor potential clients or opportunities that are in the consideration phase and are getting close to purchase
  2. Identify existing clients who are ready for upsell or new product offerings
  3. Catch unengaged customers about to churn and more…

Even better, it can alert contact account owners when a contact score hits a certain threshold, or when engagement has been declining.

Here’s some other ways engagement scoring can be beneficial:

Getting Started and Building a Scoring Methodology

List and organize your marketing activities and lead management initiatives
Take a look at your marketing activities over the course of a business quarter. Are you sending out frequent email campaigns, writing a lot of content, or hosting events? If that’s the case, learn what generates the most opportunities for your business. If clients or prospects who attend events for example have a better chance of converting to sales, identify those as priorities.

Integrate your systems
Are you using various marketing or sales solutions within your organization? Make sure your systems are integrated to allow the most number of teams to see the data.

StoneShot’s marketing platform integrates with SalesForce CRM to enable the outmost communication and transparency between marketing and sales teams.

Score and tag your marketing activities
For this step we suggest you do a bit of research. First find out what actions generate the most opportunities for your business. If clients or prospects who attend events for example have a better chance of converting to sales, identify those as priorities by setting the score higher for contacts who register or attend an event. This can also be the case for viewing or interacting with certain content by applying tags.

In the opposite case, perhaps you send a lot of email campaigns over the course of a sales cycle and you are getting a lot of clicks, but they don’t necessarily lead to conversions. Mark email metrics with low scores so the number can build over time.

Before you define your scoring, we recommend you sit down with your sales team and draw-up a scoring system that works for your business model.

Building an engagement scoring system can look something like this:

  • Email Activities
    Opened an Email: 2 Points
    Clicked an Email: 5 Points
    Unsubscribed: -10 Points
  • Website Activities:
    Visited a Product Page: 5 Points
    Downloaded an Asset: 10 Points
    Request a Meeting Form Filled: 25 Points
  • Event Activities:
    Registered for an Event: 5 Points
    Watched a Video: 10 Points
    Attended an Event: 15 Points

Define the peak score to identify opportunities
Based on your scoring system, set-up a scoring threshold to identify the opportunities in your database and the contacts who need attention. This will of course be based on the marketing activity scores you determine.

For example, a score threshold system based on the point system listed in Step 3:

  • 50 Points ≥ – High Engagement/Opportunity Stage (Outreach needed)
    25 to 49 Points – Medium Engagement/Discovery Stage (Not yet ready)
    1 to 25 Points – Low Engagement/Early Stage (Needs more attention)

Test and optimize your approach
Once you start accumulating engagement scores it’s time to monitor how effective your engagement scoring strategy is. At first, we recommend to set-up meetings with your sales and account teams to go over that month’s results. If the scoring system isn’t identifying clients or leads closer to the buying stage, perhaps you need to tinker with the scoring system. With enough testing, you should have a well-oiled lead notification system in place.

Have questions about engagement scoring or marketing automation? Get in touch to learn how to get set up and start converting your prospects into opportunities.