What are marketing qualified leads (MQLs)? They are a crucial concept to help professionals align their marketing efforts with their sales objectives.
In simple words, MQLs are the type of leads that have shown some interest in a brand thanks to the marketing efforts. However, it is also a comprehensive concept that requires a deeper understanding to effectively use it in bridging the gap between marketing strategies and sales success.
It helps sales and marketing pros determine which leads are worth pursuing and which ones aren’t. Usually, there are lead generation specialists who help companies with finding and identifying MQLs.
This article delves into that process, including how to identify MQLs and the best way to incorporate them into a business strategy with following topics:
Understanding all the different types of leads and how they develop and change can be overwhelming. However, taking it one step at a time can help. Therefore, this article will teach you how to look at one important aspect of tracking leads.
An MQL is a lead that has shown interest in a brand’s products or services through specific actions. Perhaps, the lead liked or commented on a social media post. Or maybe, the lead ended up on the social commerce or eCommerce store of the brand by following a marketing link (through content or social posts, for example).
However, these leads have not made a purchase yet. But they are considered highly likely to do so and become paying customers. Their higher interest level is what puts them one step above other leads that are yet to interact with the brand’s products or services (or marketing efforts).
Qualifying a lead can be as simple or as complex as a business wants. For instance, using online email verification and lookup tools on BookYourData. That is because it depends on the sales objectives and marketing goals. For instance, aiming for a highly specific niche would involve setting numerous metrics to qualify a lead.
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However, if the goal is to gather less "specific" leads, then fewer metrics and a simple process will help with the qualification of the lead. For MQL, the process will typically include checking the engagement metrics like whether or not the lead has:
If a lead has performed these or other actions, then the business might consider them “MQL” or marketing qualified leads. It indicates that the prospects are engaged and ready to move further down the sales funnel.
There are a number of ways to calculate an MQL. For instance, a lead generation specialist might use demographic information or behavioral data as a way to calculate MQL. However, knowing the “cost per lead” is also vital for determining the potential ROI of MQLs
Moreover, lead gen specialists also use lead scoring to calculate the value of MQLs. For example, using a simple scoring method, they assign values to specific actions a lead can take. If a lead takes those specific actions, one or more, they qualify it as an MQL and determine its value for the business.
Before taking a look at the common MQL actions, it is important to know why they matter. If a lead performs a specific action to interact with a brand, it shows that they're willing to discover the brand’s offerings.
At the very least, it hints at their curiosity which motivates a business’s marketing and sales pro to pursue that lead and encourage it towards the sales funnel. Here are some of those actions:
The definition of MQLs can vary from industry to industry. An MQL for a technology SaaS firm might be someone who has downloaded a whitepaper or tried product demos.
On the other hand, an MQL for a B2B company could be someone who has communicated with the sales team or requested case studies. Interestingly, nearly 80% of leads never make it to the end of the sales funnel, i.e., don’t translate into sales.
Either way, there are different factors that define a marketing qualified lead. This most commonly includes demographic information, behavioral data, and a few more that we’ll discuss below.
Then, there’s also the option to go for dedicated, high-quality email lists available for purchase at BookYourData. They come segmented, so there’s little need for setting up criteria to define them.
First of all, a business will have an ideal customer profile (ICP) to determine what type of leads best fit its sales and marketing goals. Then, using that as a guide, demographic information can help a business determine if the lead fits the ICP. These might include:
The most common type of behavioral data that a lead gen specialist uses includes website visits and content downloads. However, interaction with email campaigns, signing up for news and demos also counts. In fact, many businesses look up websites to buy leads that also provide info on the status of leads, like Book Your Data, which ultimately helps them determine whether leads are MQLs or not.
The engagement level shows the level of activity of a lead, especially in terms of interacting with a brand’s content. A great example is attending events as event lead generation is a sign of high activity from leads. It automatically indicates their readiness to move further into the sales funnel.
Another important factor is the budget. Does the lead have the financial capacity to make a purchase for the brand's product or service? If yes, then chances that that it is a marketing qualified lead.
Sometimes, a lead shows interest in a brand’s offering but still is not ready to make a purchase. In such cases, it could still be an MQL because the timing of their interaction has opened up a suitable window for follow-ups.
There should be clear criteria to identify marketing qualified leads. The first reason for that is that it helps with aligning sales and marketing teams. And secondly, without proper criteria in place, it is difficult to create effective strategies that will encourage MQLs toward the sales funnel.
Both sales and marketing teams need to be on the same page, especially with regard to what constitutes an MQL. If the marketing team qualifies MQL differently and the sales team too, then resource diversion could occur. This means that resources are under- or over-utilized in pursuing MQLs.
One way to identify MQL is by setting a clear ideal customer profile or ICP. For instance, agency lead qualification involves specific criteria like prospects who are unemployed or "actively searching for new job opportunities".
It is also vital for a business to set a clear definition of MQLs, particularly for the marketing and sales teams. This helps keep the expectations of different teams aligned while making sure there is consistency in lead identification.
The lead specialists will also need to use the right metrics to identify MQLs. This means setting metrics like lead engagement, behavioral data, and so on to accurately differentiate between “leads” and “MQLs”.
Moreover, it is helpful for a business to analyze trends in lead behavior. This not only indicates the shifting preferences of different types of leads but also refines the criteria for identifying MQLs.
The criteria should clearly highlight what makes the MQLs different from those of the competitors. A thorough competitor's analysis can help highlight the key differences between a business's and its competitors' lead qualification processes. In turn, this indicates the key differences between the MQL characteristics of both entities.
The lead scoring process is all about assessing the interest level of leads. For instance, by assigning values to specific actions, a professional can determine which leads are more valuable than others.
Furthermore, another crucial qualification method is finding out whether the lead has the purchasing power and budget.
Many businesses also create lead nurturing strategies like personalized email sequences or targeted content marketing. According to 56% of marketers in a survey, targeted content is among the most important factors of a lead nurturing process. This helps them engage prospects and set standards for communicating with MQLs.
The best way to identify MQLs is by looking at the past, current, and anticipated future of leads. In fact, many professionals create comprehensive lead generation guides to identify and qualify leads. This helps in realizing whether a lead will turn into a paying customer and how much engagement they are expected to show toward marketing efforts.
One of the best ways to identify MQLs is to analyze historical data. Through such data, professionals can narrow down specific actions that previous MQLs took and converted into paying customers.
The professionals can also examine the buyer's journey which can reveal insights into the actions that will most likely turn a lead into a valuable MQL.
Customer feedback is yet another method of identifying MQLs. It informs the business on what encourages leads to interact with marketing efforts and turn into MQLs.
Many businesses conduct comprehensive competitor analyses to identify and nurture MQLs. They examine the competitor's MQL strategies to improve their own by filling up the gaps.
Once a business has quality MQLs, then it is time to use those leads and start campaigns that encourage conversion. Many lead gen specialists include MQLs in marketing strategies to drive sales and increase conversion rates.
An effective way of using MQLs in business marketing strategy is to create personalized content. Invespcro reports that “creating relevant content” is one of the key challenges of the lead nurturing process. Marketers use personalized content based on the lead’s behavior (and preferences) to encourage their conversion through informative and engaging content.
Moreover, marketers target MQLs through lead nurturing strategies. They do this by creating personalized and timely follow-ups that increase engagement.
Furthermore, when a business has insights into MQLs, it can tailor strategies to attract more such qualified leads. As a result, they can improve the overall ROI of their marketing campaigns.
One of the best uses for MQLs is promoting collaboration between the marketing and sales departments. When marketing teams bring in quality MQLs through recruitment agency lead generation techniques, for example, they can share those leads with the sales team. In turn, the sales team can engage those leads and turn them into SQLs to drive revenue.
Finally, MQLs can help a marketing team measure the effectiveness, or more specifically, the success of their marketing campaign. They can calculate the total MQLs generated through marketing strategies to determine the ROI.
The main difference between marketing qualified leads (MQLs) and sales-qualified leads (SQLs) is their position in the sales funnel. An MQL uses different channels, such as email lead generation, whereas SQLs might use direct B2B interactions on LinkedIn or case study sharing.
Moreover, the MQL indicates that a prospect has shown interest in the brand’s products and/or services. On the other hand, an SQL indicates that a lead is qualified for direct sales engagement.
For one, the most important detail about MQLs is the criteria for qualifying them. Does the lead generation specialist use the right factors to determine whether a lead is high-quality and market-qualified or not? Then, it is important for a business to align its sales and marketing teams.
This helps with bringing in quality leads that are most likely to convert as MQLs and help reach sales goals. Lastly, the most important detail to remember about MQLs is the need for effective lead nurturing strategies. Through effective nurturing, leads can convert into paying customers.
When the sales team vets a lead and calls it “ready” for sales engagement, that is when it’s called a sales-qualified lead. It is a stage further inside the sales funnel - after MQLs.
While generally the MQL rate of around 13% is considered good, it depends on the business size and industry. Moreover, marketing goals can also determine whether the current MQL figure is good. Furthermore, consistent lead generation and qualification are more important than hitting a specific number in the opinion of most qualified professionals.
Social media advertising and content marketing are popular methods for lead generation. Most professionals also use targeted lead generation strategies which include email campaigns, cold calling, and so on.
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