Use Vainu's company data to sort customers from most potential to least potential.
What is Account Scoring?
Account scoring is the process of sorting all the potential customers in an order from the most to the least valuable, i.e. prioritizing your saleson the companies most likely to convert. The estimated value of an account is equal to the proximity to the ideal customer profile (a customer that receives most value out of your offering). A simple way to do account scoring is to build an Excel and manually weigh the different criteria. A more advanced method is to use artificial intelligence and a combination of internal, behavioral and open company data.
What is the difference between lead scoring and account scoring?
Simply put, whereas lead scoring ranks contacts in order based on their likelihood to become a customer, account scoring focuses on the organizations' likelihood to become a customer. In both, you must decide which factors will increase the likelihood of a prospect to turn into your customer, and then these attributes should be weighted more heavily. Variables used in account scoring can affect lead scoring, and, concurrently, variables used in lead scoring can affect account scoring. Vainu is a powerful tool for creating this kind of a value system.
In lead scoring, you want to prioritize your most qualified leads, and you can do that by attaching values to each of your lead based on their professional information and the behavior they’ve exhibited on your website. Account Scoring takes into account account-level data points and the various roles involved in making a purchase decision, providing further account intelligence.
Why use account scoring?
Adding account-level information will help you be at the right place at the right time. You can focus your sales and marketing efforts on the accounts that matter – the ones having the highest probability of converting, buying more, or churning right now. You can so this by combining your internal company data with Vainu’s external company information.
When you prioritize leads only based on contact level information, you’ll focus too heavily on highly-engaged contacts in poor-fit companies, and miss out those with lightly engaged contacts, but with a current need. Especially in B2B, using account scoring makes sense as an individual person rarely makes the purchase decision individually.
Current company situation has to be taken into account as well as stakeholder opinion, technologies already in use, financial situation and future events. Therefore, emphasizing account rather than lead score alone in B2B-business is a pretty smart move and enables sales and marketing to spend resources more efficiently.
To make things simple as possible, here's an example with two sales directors from separate organizations:
1. The first sales director is very enthusiastic about your product, goes through all your content, attends several webinars, downloads eBooks and requests for a demo. Based on lead scoring, it's a perfect match! However, his organization is currently going through layoffs, pulling out from international markets and doesn't have any budget to spare. Despite the excited sales director, there's little chance of a deal anytime soon.
2. The second sales director is aware of your product but has only subscribed to your newsletter. However, his company is actively investing in web technologies, hiring new employees and has emitted buying signals announcing new markets, product launches, and new head of sales. The second sales director isn't THAT excited, but for their organization, investing in the product makes a lot of sense!
How Vainu will help you in practice?
You can build your scoring models on in-depth, accurate, and up-to-date company information. Vainu collects over 1.5 million news items every day, and matches that information back to the right companies. You can use this data to update your account scores daily.
At Vainu, we rely on a framework called Ideal Customer Profile (ICP) to draw a picture of a customer that is a perfect fit for us. ICP is a prerequisite for building an account scoring scheme. A great starting point for account scoring is to take a look at your current client base and see what they have in common. You can use Vainu Analyzer for this purpose, for example.
Once you have analyzed your customer base, you must decide, which factors will increase the likelihood of a prospect company to turn into your customer and then these attributes should be weighted more heavily.
To showcase how Vainu's data can support your account scoring practices, let’s use Vainu as an example company:
Our marketing team has built a system, where different attributes either increase or decrease the points each lead and company gets. Company properties enriched with Vainu data in HubSpot are used as factors in account scoring.
For us, the factors increasing the score are, for example, certain technologies the companies are using such as HubSpot, Dynamics or Salesforce since Vainu can be integrated to all these CRMs. We ask, for instance, “which CRM your company is using?” on our landing page forms. More importantly, companies matching our ICP, are actively investing in web technologies, hiring new sales people, new head of sales, has emitted buying signals announcing new markets, product launches, or funding. Vainu is the source for this kind of data.
For your company, however, the most critical data point may be geographic location, e.g., a certain city, state or a country, or a specific industry, for example. In Vainu, there’s a vast amount of different data points, which you can utilize in account scoring, varying from basic company information, such as industry domains, location, age or size to more sophisticated factors, such as online technologies or buying signals, for instance. In short:
1. A new person is converted in your marketing automation tool.
2. Based on the person’s e-mail domain, Vainu identifies the right company and Vainu’s data is used to enrich the company data with other business-relevant data in your marketing automation system.
3. New lead is scored based on both user-related and company-related data points, which enables us to improve personalization across all channels, such as emails, phone calls, social media and such.
Variables used in account scoring can affect lead scoring and, concurrently, variables used in lead scoring can affect account scoring. For instance, the number of individual contacts from an account, or the last visit from a contact associated to a company, can be variables in account scoring even though they are actions of an individual. Simultaneously, the number of employees, used CRM, revenue and location can be attributes in lead scoring even though they are related to an organization.
Using either our API or native integration with HubSpot, for example, you’ll have all the tools in place to start building your value system!
💬 If you want to have more information regarding lead or account scoring, just write us in the chat or email us at firstname.lastname@example.org !