High-quality leads are important for businesses because they’re more likely to convert to paying customers than other leads. By qualifying leads, you can make the sales process more efficient by focusing your efforts on consumers who have shown genuine interest in your brand.
But how do you determine when these leads should be passed onto the sales team and when they’re unlikely to buy?
That’s where marketing qualified leads come in. This article explains what you need to know about this important lead qualification.
What is a marketing qualified lead (MQL)?
A Qualified Marketing Lead is a lead that is passed on by the marketing team to the sales team because they feel that the deal is more likely to become a customer than any other.
Therefore, a qualified marketing lead will eventually become a sales-qualified lead and then a paying customer.
Marketing qualified lead (MQL) vs. sales qualified lead (SQL)
Marketing qualified and sales qualified leads may sound similar. However, the two types of information have different aspects for the buyer.
A Qualified Marketing Lead is evaluated by the marketing team and shows signs that they would eventually become customers. The marketing team then considers it ready to pass on to the sales team for a little more nurturing. After it has been passed on to the sales team, they prepare the lead to become an SQL.
The sales-ready lead is then prepared for a direct outreach from a salesperson.
At a higher level, a lead first becomes an MQL and then a SQL and works until the time they become a customer. Before transferring the authority, the marketing team first analyses whether the sales team would be able to nurture the lead successfully and convert them into a customer.
If the sales team agrees with the marketing team and feels it has a good chance of converting MQL into a customer, then the Marketing Qualified Lead becomes a Sales Qualified Lead. This saves the time of sales representatives.
Best ways to find marketing qualified leads
Many companies have a system known as lead scoring, which helps them to identify marketing-qualified leads. The system enables you to look at people’s actions when they purchase something from you. The movements are then compared with tips of previous customers and past leads who didn’t convert.
The number of points you assign to common behaviors varies depending upon your business and customers. Those who are likely to convert will offer more lead points than those who are less likely to convert.
A lead that has good points demonstrates that they’re an MQL and can be used by your sales reps.
The best ways to find MQLs are as follows-
1. Sales historical behavior
Look at leads in the past and compare the lead behavior which got converted with the ones that didn’t. This can help you classify particular behaviors as moving toward or away from conversion.
Always take customer feedback. Talk to the customers who have decided to buy products from you and those who didn’t. Note down the points that helped them purchase the product from you or what encouraged them to buy competitors’ products.
3. Lead trends
Always examine the leads that convert and see the latest trend. See whether they visit or engage with the same pages or not.
4. Demographic factors
Demographic Factors are important criteria when identifying an MQL. Take a close look at the demographic factors and note their company size and purchasing power. Also, consider their residence, job title, occupation, etc. This information would help you analyze your leads and make better decisions.
5. Determine the Behavioral Information
It is extremely important to study buyers’ behavior to develop criteria for qualified leads. People leave their views and feedback and help you identify what they are interested in.
It is important to forecast whether marketing can deliver enough qualified leads. It is always better to construct broad qualification parameters so you can have enough information.
7. Customer’s Action
It is always better to see how your potential customers interact with your company. Check the types of emails they open, where they pay the most attention, how they respond to your marketing efforts, etc. All of this would help you improve your conversion rate.
8. Revise the MQL Definition
In each quarter, the sales and marketing team should meet and decide whether the MQL Definition should be modified or not. For instance: If you’re launching a new product in the market, then you may want to reach an entirely new demographic.
There are several actions through which you can identify marketing qualified leads. They are as follows-
1. Trial software
If customers download trial software, it indicates they are interested in knowing more about your products and their pros and cons.
2. Software demos
Like trial software, registering for software demos denotes that a leader wants to see how your product can meet their needs.
3. Filling out online forms
If a lead fills an online form by giving their details, they are letting you know they are open to having conversations. It shows their interest in your business.
4. Subscribing for a newsletter
Signing up for a newsletter denotes that the lead is willing to receive more information about your brand. They want to learn more about what your company offers and keep up to date on the latest products or services.
5. Adding items to a wishlist
When a lead adds items to their wishlist, they are interested in your products but are not ready to make a purchase. But later, they might return and add those items to their cart.
6. Adding items to the shopping cart
Like the wishlist, when a lead adds items to an online shopping cart, they are interested in purchasing your products. They may buy them immediately or at a later time.
7. Visiting a website repeatedly
A customer visiting your website has an interest in your business. They may keep returning to your website to learn more about your business, offers, etc.
Building strategies for getting MQLs can take your business to the next level. However, this process can be time-consuming and may require certain skills. NotifyVisitors can help you generate the best leads. We have the expertise and would help your business in the best possible way.
MQL can be generated with the help of Content Marketing, Case Studies, Customer Testimonials, Videos, Webinars, Podcasts, etc.
It is based on criteria like which web pages were visited, what content offers were downloaded, which CTAs were clicked, and which social posts interacted with.
Generally, 2% to 5% of leads are qualified. Monitoring these numbers ensures that you’re evaluating the quality of your information.