A marketing qualified lead (MQL) can be defined as a lead that is deemed more likely to convert into a customer as compared to the other leads. This is decided based on the lead intelligence which is generally informed by closed-loop analytics. To understand more about marketing qualified leads, we have to look into the stages of lifecycle sale process. Here’s how this works.
Lifecycle Stages of a Sales Process
The behavior of a potential lead determines the stage at which it is in the sale process. The exact criteria for identifying the stage differs from organization to organization. However, a standard behavior for each stage remains same and this is explained as follows:
- Leads and Subscribers
These are the prospects who have shown some interest in you and have given you their contact information like email, phone number, etc. However, they haven’t yet revealed more identifying data about themselves. These can be the people who approach you from anywhere. Mostly, they come from the top of the funnel content offer or from any blog subscription.
- Marketing Qualified Leads (MQLs)
MQLs are the contacts who have identified themselves as sales-ready and have shown a keen interest in your services or products They are more deeply engaged than the usual leads but haven’t yet qualified for sales. In simpler words, they are the people who have downloaded some e-book from your website or have interacted with you. For them to qualify as MQLs, other than engagement, you might also want to consider the target industry, the business size you sell to, or other such parameters.
- Sales Qualified Leads (SQLs)
Once qualified as MQLs, next step is to qualify the sales leads. These are the contacts which have been considered for direct sales follow-up by the sales team. They are identified by their increased engagement and requests like asking for sales information, and the other bottom of the funnel offers such as demo request or a free trial.
Who is an MQL?
We have discussed above how MQLs are different from leads and sales qualified leads. However, there are other factors that determine that whether or not they shall be termed as MQLs. This decision has to be an organization-wide agreement and depends on the needs of your business. Some of the important factors to be considered while qualifying an MQL are:
- Demographic information: This includes location, type of the organization, budget, etc.
- Lead Score
- The actions and events they have engaged in on your website.
- Any similarities with the past sales or opportunities.
Using the above criteria can help you identify the valid MQLs and automatically filter out the unqualified leads. This way you have the ones that are a good fit for your business and you can, then, move forward in the sales process.
Why MQLs matter?
Researchers in the past have found that 50 percent of the leads are not yet ready to buy. So, if there are a few leads filling out forms and taking free trails, it is not necessary that they are MQLs. The leads that you qualify as MQL must be ready for the next stage in the sales process. Recognizing whether or not an individual or an organization is an MQLS helps you to prevent scaring away contacts who are not yet ready to buy your services or products. Bombarding every contact with sales email does no good. Always segment your email campaigns by lifecycle stage. This way you make sure that you are reaching out to contacts who are ready for it.
Let us find your MQLs
MarkSpace team has industry experts working round the clock to take your business a step closer to success. We are here to help you understand MQLs and also find the right ones that your business needs. Business relies hugely on long term partnerships. We make sure that we get you deals that are going to stay with you and are more like to convert to sales leads. Call us or write to us now to know more.