MQL Demystified: Understanding Marketing Qualified Leads

A marketing qualified lead (MQL) is a contact that has explicitly registered an interest in a brand's marketing in some way, increasing the likelihood that they’ll eventually turn into a client or customer.

While an MQL will naturally be further along your sales and marketing funnel by virtue of the fact they’ve taken some sort of action that indicates their interest in your business, it is important to understand that an MQL is also not a guaranteed customer. Unlike an SQL (sales qualified lead), MQLs are not quite ready to sign on the dotted line and convert just yet. Instead, they may be waiting for some additional contact from you to tempt them into that next phase.

From a broader marketing perspective, a lead becomes an MQL, then an SQL, working their way down the funnel until they become a customer.

Why are MQLs important?

MQLs are important in the same way that SQLs are important. Creating these groups is a way of measuring a prospect’s progression through the funnel, and organising your sales process into a manageable marketing funnel is the best way to ensure that you are contacting leads at the right time with the right kind of information that is more likely to turn them into a customer.

Without clearly defining your lifecycle stages, you will not be able to monitor contacts or know which actions to take moving forward.

If you don’t leverage MQLs, you could face huge challenges in tracking your customer lifecycle funnel. For example, if in order for an MQL to become an SQL they are required to book a demo walkthrough, and if many of these demo walkthroughs were being booked but were rarely being converted into customers. This could indicate a problem with the MQL or the quality of the demos themselves. By identifying this drop off in conversion from MQL to customer, we are alerted that there is a problem in this area of the funnel and can act accordingly to find a solution. Keeping track of MQLs is essential, and remaining organised and aware will ensure that you eventually create SQLs. 63% of consumers requesting info on your company will not purchase for at least 3 months, so although success may not be immediate, patience and persistence will allow you to close on those sales.

If we had not separated the process into these stages, we would have trouble distinguishing  which area the problem was arising from, meaning that finding a solution would be even more difficult.

Of course, different companies define MQLs in different ways, so this type of scenario will inevitably vary from business to business. However, the key takeaway is the same: understanding SQLs and the role they play within your company is paramount.

How does the qualification process for an MQL work?

As hinted before, in order for a lead to become an MQL, they will need to have matched certain criteria, as decided by the marketing team in the business. Of course, this means that what an MQL really is depends on the nature of the business, and more precisely the marketing team in that particular business. However, typical criteria for an MQL include:

• Clicked on a CTA
• Visited specific web pages
• Downloaded trial software or free ebook
• Used software demos
• Filled out online forms
• Submitted an email address for a newsletter or mailing list
• Favorited items or added items to a wishlist
• Interacted with social posts
• Added items to the shopping cart
• Repeated site visits or spending a lot of time on your site
• Clicked on an ad to find your site
• Contacted you to request more information

These are just some common actions which businesses can use to determine an MQL and it is by no means a comprehensive list. There are hundreds of possibilities and plenty of scope to adjust to your specific business needs.

What’s the best way to figure out what is and what isn’t a qualified lead?

Determining the quality of an MQL is not just limited to the actions they take. It can also include demographic characteristics as well as a behavioural profile that suggests the person might be a good fit for the product. Here are five common ways you can begin scoring your leads:

• Demographic information
• Company information
• Online behaviour
• Email engagement and subscription status
• Social engagement

As you can see, there are many options to choose from. Feel free to add, takeaway, chop and change using your own discretion until you find out what makes the right MQL for your funnel.

In the meantime, if you’re looking to accelerate your business’ growth with sales-ready leads, book a demo with Dolead today.

FAQ

What is an MQL?

An MQL, or Marketing Qualified Lead, is a potential customer who has shown interest in your product or service and is more likely to become a paying customer.

How is an MQL different from a lead?

While a lead is any person who has shown interest in your product or service, an MQL is a lead that has been qualified by marketing efforts and is deemed more likely to convert into a customer.

What criteria are used to qualify an MQL?

The criteria used to qualify an MQL may vary depending on your business, but typically include factors such as engagement with your website, interaction with your content, and fit with your target customer profile.

How can I generate MQLs?

To generate MQLs, you can employ various marketing strategies such as content marketing, social media marketing, email marketing, and search engine optimization (SEO) to attract and engage potential customers.

What is the role of MQLs in the sales funnel?

MQLs play a crucial role in the sales funnel as they are the leads that have been identified as having a higher likelihood of converting into customers. They are passed on to the sales team for further nurturing and conversion.

How can I effectively nurture MQLs?

To effectively nurture MQLs, you can use personalized email campaigns, targeted content, and marketing automation to provide valuable information and guide them through the buyer's journey.

How can I measure the success of my MQL efforts?

You can measure the success of your MQL efforts by tracking metrics such as conversion rates, lead-to-customer ratio, and the revenue generated from MQLs. This will help you evaluate the effectiveness of your marketing strategies and make data-driven decisions.