Are you interested in MQL marketing? Not sure how MQL leads are qualified during the lead qualification process? Are you looking for guidance to help you perform an analysis for MQL marketing? If so, you have arrived at the right place. Keep reading to learn more about MQL marketing.
This article aims to help you understand what MQL marketing is, how to qualify MQL leads, and some elements you must consider analyzing for MQL marketing.
What Is MQL Marketing?
MQL stands for Marketing Qualified Lead. In MQL marketing, leads express their interest in a business or a brand based on that company’s marketing efforts. Most often, MQL leads are leads who are more likely to become the company’s buyer or client compared to the other leads.
Now that you know what MQL marketing is, let’s discuss how to qualify MQL leads.
How Do You Qualify MQL Leads?
The process starts by first qualifying a lead to a Marketing Qualified Lead (MQL), and then a Sales Qualified Lead (SQL). Leads begin their journey as leads and progress down the funnel and get converted as buyers or clients at the end of the funnel.
When a lead becomes a Marketing Qualified Lead (MQL), it is understood that they have shown interest in your product or service based on your marketing efforts. Generally, the marketing team determines whether or not a specific lead will be worth nurturing, and if they would have a good chance at becoming their client or buyer at the end of the process.
Once a lead has been qualified as an MQL, the next stage is to check and qualify them as a SQL. An MQL is qualified as a SQL if the sales team agrees on a specific lead with the marketing team and believes that they have a good chance of becoming their client or buyers, then such MQL leads qualified as Sales Qualified Leads (SQL).
5 Elements You Must Analyze for MQL Marketing
Here are 5 elements, or factors, you should consider analyzing during the MQL marketing process:
- Lead score
- Lead behavior
- Lead demographics
- Referral channel
- Types of conversions
Let’s dive into the details.
#1 – LEAD SCORE
Lead score refers to the concept of scoring every lead based on various criteria. Both the behavior of the lead and the demographic information of the lead are considered for lead scoring. In this process, leads are assigned a score or a value based on their interactions and other demographic information that best matches your business.
This helps the sales team to determine if a lead is prepared to make a purchase, or if they are worth reaching out to or not. This saves a lot of time and effort from being wasted on the wrong lead. Some of the basic components of lead scoring include:
- The company name
- Social media engagement
- Email Engagement
- Online behavior
- Demographic information
- Email Subscription status
Once you have scored your leads based on the above-mentioned criteria, you can now identify them as MQLs or SQLs. This can help you understand who to continue nurturing, who to prioritize, and the leads that can be qualified to the sales team directly.
#2 – LEAD BEHAVIOR
It is essential for businesses to perform an analysis of the behavior of the leads visiting their website, and the ones who are engaging and interacting with them. This process helps businesses determine whether these leads should be considered as an MQL or a SQL.
Here are some of the general behavioral characteristics that you as a growing business should monitor and evaluate:
- Repeat visitor or a first-time visitor
- Conversion count
- Current position in the buying process
- Source or channel to refer to
- Contact requests
- Job applicants
#3 – LEAD DEMOGRAPHICS
Lead demographics refers to demographic information about the leads. This demographic information involves specifics, such as job role, industry, size of the company, and how interested and invested the lead is in terms of purchasing your service or product.
The other customer profile information includes purchase budget, buyer persona, pain points, and other information required when a lead is being qualified as an MQL or SQL. When you qualify leads, you must check if the lead fits the Ideal Customer Profile (IDP) you have built for your business. If you come across any such profiles, make sure to directly qualify them as SQL, or let your sales team qualify them.
#4 – REFERRAL CHANNEL
Generally, most businesses have multiple channels to generate and acquire leads. You might notice that certain channels might help you generate and acquire quality leads. As a growing business, you can identify such effective channels over time. These effective channels also help businesses have a high lead conversion rate. Usually, interactions and engagements with clients are opportunities for businesses to make sales, generate leads, and acquire such referral channels.
#5 – TYPES OF CONVERSIONS
Just like leads can be categorized, conversions can also be categorized. You can use this type of conversion to help you analyze and categorize leads as MQL leads. For instance, if a lead downloads a free ebook you offer, they may be an MQL lead. On the other hand, if a lead requests you for a free trial or free demo of your service or product, they may be a SQL lead.
These elements can be used to determine and classify leads as MQL leads or SQL leads. This can help you save a lot of effort and time you invest in reaching out and nurturing a lead.
Frequently Asked Questions (FAQs)
1. How does an MQL become an SQL?
An MQL lead becomes a SQL lead when the lead is prepared, and has the intention to make a purchase of the services or products you are offering them. You can make use of the following elements to learn if your lead can be categorized as a MQL or a SQL:
– Lead score
– Lead behavior
– Lead demographics
– Referral channel
– Types of conversions
2. What is a SQL in marketing?
A SQL in marketing refers to the prospective clients who have progressed past the engagement stage and are ready to make a purchase of the product or service you offer. SQL leads are ready to progress through the various stages of the sales process and have the intent to purchase.
3. What is a MQL and a SDR?
MQL refers to Marketing Qualified Lead. A MQL are leads who express their interest in a business or a brand based on that company’s marketing efforts. On the other hand, SDR refers to a Sales Development Representative. They are responsible for cold outreach and cold calling via social media platforms and emails.
This article should have helped you gain an understanding on MQL marketing and the elements you must consider analyzing. Qualifying leads plays a very important role in helping businesses acquire leads who will become their clients or buyers in the future, thereby increasing their business opportunities.
If you have been looking for services that can help you boost your sales opportunities, and take your business to the next level, make sure to reach out to us to learn more about our services.