Mastering MQLs and their Vital role in Fueling Your Sales Funnel
All businesses generate leads. Some might do it in-house, while others could be out sourcing them. Leads are the lifeline of a business and a healthy business is one which has a robust pipeline of leads.
However, as any marketer or salesperson will tell you, not all leads are equal.
The potential for conversion defines the relevance and quality of a lead.
A marketing qualified lead or MQL refers to a person of business that has expressly displayed interest in an offering through an action taken online.
More often than not they are the middle of the funnel (MOFU) audience. They are interested but may not ready to buy – as yet. They are open to connect but need to be engaged and nurtured to eventually become a customer.
How do you define an MQL in an organization?
Defining an MQL can be a complicated process. Different businesses could use different parameters to identify what counts as an MQL. And that’s not all, the marketing and sales division within the organization could also have opposing views on what constitutes an MQL!
The most common indicators of an MQL are signals of interest from leads inferred from their online activity. These could be:
· Visiting a site and viewing multiple pages
· Signing up for a newsletter
· Requesting a demo
· Expressing interest in trialing a product or service
· Downloading a white paper
· Repeated visits to the site
· Sharing your content on social media
· Direct messaging for more information
One or a combination of these actions could be attributed to strong signs of interest, and the prospect displaying this can be defined as an MQL.
Why MQLs matter?
The buyer journey is a long and complex one. In a B2B scenario there is the added complexity of decision making dependent not on one individual but multiple persons. In this situation, establishing the stage of the lead in the buying cycle can be a valuable input. Among the many benefits of a clearly identifying a lead as an MQL is the ability to :
- Proceed with razor sharp focus. For a marketer establishing the level of interest is crucial to decide how to approach the prospect. When this is clear, time and efforts are not wasted in irrelevant activities that are not primed towards the final goal
- Optimize on cost and returns. When a lead identified as an MQL is handed over to sales, there is awareness of how much the prospect has already progressed in the buyer journey. You get to avoid unnecessary spend on those actions necessary for a new lead. Quickly cut to the chase if you feel the MQL is a high intent lead ready. Customize your approach to shorten the sale cycle and enhance the chances of conversion.
- Sync up Marketing and Sales. When the setting of the criteria for defining an MQL, SQL or HQL is a collaborative exercise, sales and marketing are on the same page. This makes the process transparent, aligns efforts and avoids the confusion caused by variations in how certain terms are used.
- Elevate customer experiences. Leads are often lost when the customer experience is sub-par. Tailoring the approach to meet the prospective buyer where they are, helps deliver an efficient, exceptional and satisfying experience.
- Predict future performance. Over time, businesses are also able to hone their skills in predicting outcomes. When leads have been evaluated, assessed and qualified based on a set list of parameters, trends emerge making outcomes and forecasts more predictable and dependable.
What makes one MQL more valuable than another?
The conversion rate of MQLs is a strong indicator of quality. Producing large number and high quality MQLs is not a simple task. But like all processes when the inputs are good, the output is most likely to be valuable too.
Here are some ways to generate high quality MQLs that convert.
- Raise the bar on your content marketing efforts
Your target audience must see you as an authority in the field. Your content should display your understanding of the landscape and the challenges. When you share relatable, useful content audiences will be drawn to seek more insights and value from you. What starts with information and knowledge will eventually lead to connections, engagement and then to conversion.
- Build your brand and be visible
Every field is overcrowded with sellers. To make yourself stand apart, build your brand. Create a unique image that is easily recognizable. Use digital marketing tools to be visible. Optimize your search optimization techniques to be easily found by your target audience. Use your digital presence to build authority and trust.
- Leverage display ads to enhance your reach
Display ads across various media channels are an excellent way to build recall. Repeated ads help your business top-of-mind. Even if prospects are currently not in-market, when they feel the need, display ads help jog their memory and nudge them to reach out to a familiar name.
- Community and Industry networking events
Events bring together a wide cross section of people. These are ideal platforms to discover future customers. The free flow of exchange of ideas and networking opportunities provide a stage to showcase products and services both formally and informally. Seminars, symposiums, trade shows, industry events are great places to connect with people across geographies.
That MQLs are a valuable part of your business cycle is undebatable. Identifying, generating, nurturing these to finally feed the pipeline is the part that needs planning and thought. Applying the points discussed in this post can help you in this process. But experience matters here. Professionals in the business are the ones who can deliver real value. Extracting MQLs is a skill that is honed by repeated execution. Every project provides fresh learning. Each time you develop a deeper understanding of your target prospect and their challenges. And each time your MQL quality improves, your conversion rates zoom!
As the CEO of a business that uses multiple approaches including our proprietary psychographics tool, Sales Nitro™ in our lead generation services, I can vouch for the research and the granular details that go into identifying the ideal MQLs for our customers. The process is intense and detailed but the results are outstanding.
If you would like to discuss this, I’m more than happy to chat!
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