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Marketing Qualified Lead Definition
Marketing Qualified Lead (MQL) is a leader who has shown an interest in what a particular brand offers based on marketing initiatives or one who is otherwise more likely to become a customer than others.
Generally, an MQL is a potential customer who deliberately interacts with the brand. For example, you may have voluntarily submitted your contact information, agreed to participate in a program, added items to an online shopping cart, downloaded materials, or visited a website repeatedly.
These are up-and-coming leads who are somewhat curious and are considering buying what you offer but haven’t had a sales conversation yet. However, they are more likely to respond well to a sales pitch than a typical prospect.
Think of your buyers – it would be bizarre for someone to provide their real email address if they are not willing to start a conversation. It understands that an MQL is interested in your products or services and that you can offer them the solution they need.
What does Marketing Qualified Lead do?
Marketing Qualified Leads are those who have exposed that they are interested in making a purchase.
They are open to the idea of a sale and took the first step to interact with the company without bought yet. While marketing initiatives can attract new potential customers.
It is the behavior of those customers that makes marketers consider them MQL. They make some active contact to see wise what you offer.
Examples of Marketing Qualified Lead
Examples of Marketing Qualified Lead actions:
- Download trial software or a free ebook;
- Use software demos;
- Complete online forms;
- Give in to an email address to obtain a newsletter or be part of a distribution list;
- Mark items as favorites or add them to a whitelist;
- Add items to the shopping cart;
- Visiting the site frequently or spending a lot of time on it;
- Click on an ad to access the site;
- Establish contact to request more information.
- These are some of the most common actions, but this list is not definitive. The best way to determine a qualified lead for your business and not depends heavily on other data, such as lead qualification, analytics, product delivery, and demographic information.
- However, this is a good starting point for finding potential customers ready to buy and ignoring those who are not likely to make a purchase.
How to Identify Marketing Qualified Lead?
- One of the most common methods to identify MQLs is to analyze current customers’ purchasing processes and behaviors. It would help if you defined your company’s needs since not all MQLs are the same, even within the same sector.
- Defining the specific criteria of your MQL requires analyzing the habits of your other potential customers and buyers. This process may involve researching particular demographics, such as the company or organization, location, job title, and company size.
- Buyer habits are also often useful indicators, and you may find it helpful to investigate how MQLs interact with your marketing materials. Analyze how they perform compared to other potential customers who have effectively become customers.
- Examine historical behavior: What do your won customers and lost customers do when they are ready to buy? Analyze how sales have gone in the past and the path customers took from showing interest to confirming the purchase.
- Collect customer feedback: What feedback do you get from potential customers who don’t checkout? Is there something specific that discourages them that you can modify? It is vital to work with both empirical data and sentiment analysis.
- Look for trends: What do your fruitful leads have in common? What pages, offers, or ads contribute to the conversion of the best MQLs? This data can point out what you’re doing right and focus on driving more sales.
- Identify a competitive advantage: What makes potential customers choose you over the competition? Take an honest look at your attitude against the competition at all levels, including marketing tactics and market presence.
Difference Between Marketing Qualified Lead (MQL) and Sales Qualified Lead (SQL)
- The critical difference between a Marketing Qualified Lead and a Sales Qualified Lead is the perceived willingness to make a purchase. Marketing qualified leads are interested, while sales qualified charges are referred to the sales department because they evaluate making a purchase.
- Here is a brief example that will allow you to see the difference: Imagine you are in a retail store, in a local mall. If you’re a Marketing Qualified Lead, you’re perhaps just looking.
- When you enter the store, you indicate that you feel some interest, but there is no guarantee that you will buy something. On the other hand, if you are a qualified sales prospect, you will probably go straight to the aisle you need or find an assistant to help you.
- SQLs demonstrate their intention and are keen to make a purchase. These are typically potential customers requesting quotes, purchasing information, or live demos.
Marketing Qualified Lead is not a Guarantee of Sale.
- It would help if you did not assume that all Marketing Qualified Leads will become Sales Qualified Leads.
- Even if they show interest, you cannot think that a potential customer will always move forward with the purchase process and become customers.
- If a possible customer is not ready to purchase and approach them like they are, you will probably drive them away.
Marketing Qualified Lead is not a Standard Lead.
- Marketing qualified leads actively show interest. Not only do watch you passively, but it performs some action to quell curiosity.
- Successful to the mall client instance, standard leads would be all the people who pass the storefront.
- They are close by, they may see the store and even go inside one day, but they don’t pay much attention.
Marketing Qualified Lead is not Just any Interested Person who Enters the Store.
- Sometimes the person looking at the merchandise is just looking and will walk away without buying anything no matter what you do.
- Sometimes the person who downloads your trial software or e-book wants to try it out of curiosity or may not have the money to buy it.
- Many factors contribute to someone becoming a generic lead, and there’s not much you can do except ignore the low-quality leads and focus on the most promising ones.
- Make sure to define the difference between a leader and marketing-qualified information in the way that best fits your business.