business development

marketing qualified leads

Marketing Qualified Leads: What You Need to Know to be Successful

1920 703 Shout Out Studio

Editor’s Note: Shout Out Studio has partnered with students from Miami University (Oxford, Ohio) to mentor, research and write a series of blog posts for shoutoutstudio.com. The authors are members of student-led group, East Bridge Consultancy, an affiliate of Alpha Kappa Psi, a professional business fraternity.

By: Ben Clodgo & Taylor Bleedorn

WHAT IS A MARKETING QUALIFIED LEAD?

Defining MQLs

In the ultra-competitive business world today, companies are looking for any way to gain an edge. Marketing Qualified Leads are quickly becoming a popular and cost-effective way to do so. Marketing Qualified Leads, or MQLs, point companies to those customers that are most likely to purchase their product or service. Finding these valuable leads will allow a company to be more successful in converting them to customers.

Why MQLs Matter

Companies don’t have the time or resources to sift through tons of potential buyers. Narrowing down the pool of customers allows you to spend more quality time and resources on those high-probability buyers. This translates into more revenue per lead and higher overall productivity.

HOW TO GET MARKETING QUALIFIED LEADS?

Techniques Employed

Knowing the general concept of what constitutes a Marketing Qualified Lead will only take your company so far. An in depth understanding of how to obtain and implement MQLs is imperative both to the success of a company and to yielding positive results. There are four variables that are foundational to recognizing the leads: Profile, Channels, Actions, and Undesirables. Every company is unique, which means profiles of their MQLs will differentiate as well. For a profile to be completed, the basics and needs of what is being sought out must be outlined. Along with the profile of what the MQLs should look like, the channels must be agreed upon. Channels can range from direct forms to forming one-on-one interactions to even hosting events. Overall, choose the channel you believe the leads will respond best to. Which leads into actions, the third variable in obtaining Marketing Qualified Leads. The actions an individual takes can be some of the most vital information to your business, since it is what allows you to figure out how an individual becomes an MQL, and the development it took for that change. Throughout the whole process of employing techniques to achieve more Marketing Qualified Leads, keep the last variable in mind: undesirables. Undesirables are exactly that, the ones who are unsuited to become an MQL for your company. This does not mean that that consumer is inferior, but they are simply not likely to purchase what you are selling. For every positive profile, channel, and action that emerges, a focus must also stay on the opposite of those. This will guide your company away from the undesirables, and towards the desirables, thus leading to more MQLs.

Lead Scoring

Lead scoring is taking the four variables of your MQL and having the ability to score any lead that presents itself. Your business must be able to determine whether or not the lead is qualified enough to fit the company’s needs. Every business already knows that one of the most vital parts of staying successful is converting investments into revenue. Think of lead scoring MQLs as your company’s newest investment –  it must be worth spending the money and resources to see a valuable outcome.  The measurements used can be split by your business into two main categories: Explicit and Implicit. The explicit scores are the ones that can be defined through the MQLs profile such as demographics, budget, timeline, or firmographics. Whereas implicit caters more towards the online actions taken by MQLs through site browsing, clicks, shares, and engagements online.

This measurement tool can dramatically shape your company’s outcome with revenue and conversion rate. You may think that having a myriad of MQLs is the goal, however, those leads will accomplish nothing for your business unless they are refined to the best quality. Hence the purpose of lead scoring, which funnels the leads that have both the intent to buy, and a profile that lines up with your company’s overall target market.

Implementation

In all of the focus on obtaining marketing qualified leads, don’t forget the end goals of your business. When used successfully, MQLs will streamline your company and let you begin to churn out customers. It is important to remember that every company will look different and will target different consumers. By remembering a few key steps, you will be well on your way to gaining the competitive edge.

Research who you want to target.

Score potential leads.

Act upon the information.

 

Don’t Just Take the Money and Run

842 452 Nathaniel Seevers

Building a business is tough. Don’t let anyone tell you otherwise. Often times the toughest part though isn’t getting enough business to pay the bills but rather getting the right kind of business. The kind where you can share your gifts for the good of your clients and take steps toward reaching long-term growth goals: that’s a mutually beneficial business relationship.

When we started building Shout Out we wanted to help everyone. And we still do WANT to, to an extent. At the time we would take on any business that fit into our expertise. Any project that included services listed on our website – no matter how small or how unrealistic the timeline. We were taking smaller brush strokes for the chance to paint a big picture someday – adding funds to our account so we could pay our small team, invest in tools and live to market another day.

But too much time in that zone can hurt more than help. Client partnerships that don’t fit can make accomplishing anything at all more tough than it should be. It takes three hours to complete something that should take one. It takes rebuilding trust at every decision. It takes more update meetings than necessary. It lacks proper communication. It includes two different paradigms on what a successful outcome looks like and those paradigms get in the way of each other. Projects that don’t fit, whether due to budget or timeline or available resources, can negatively impact other projects that do fit. It can risk your other, good client relationships.

Getting caught in the habit of taking on projects and clients that you know aren’t right for your business, just because the pulse of cash flow would be nice, is no good for either party. When you “take the money and run” you never stay put long enough to build something lasting, something that pays dividends to you or your client.

To help you better understand how to get more healthy client partnerships create a profile of characteristics:

Define Your Niche

Where do you play at your best? If applicable, is there an industry or geographic area you see the best results from your efforts? These can help you create ideal client profiles and play into specific marketing campaigns.

Determine Your Top 3-5 New Business Sources

Look at your current clients and pinpoint your best matches. This doesn’t mean the ones you joke the most with on conference calls – though that is important – these are the clients that utilize your expertise in the best way. These are the partnerships where you both contribute effectively to the success of the other party.

Where do most of those great relationships come from? Are they all client referrals? From your website via organic search? From your business development executives?

If it’s possible to pinpoint that main source of great relationships it’s worth putting extra effort into that channel to prove or disprove the theory that more great business will flow from that faucet.

Understand Your Profitability Status

Within your current products/services where are your biggest opportunities to increase profitability? Is there a need to work on extensions of those products or services and if so how do you work that into your marketing so that you attract folks with those needs? Are there areas of your business that become a burden on projects? A service that drains resources or maybe isn’t in your true area of expertise where you could partner with a third-party in order to be better for your clients and yourself?

Of course, defining the right client partnerships works both ways. People and companies in search of a product or service should also jot down characteristics of what they’re looking for. If cost is important it should be on the list, clearly defined with a clear “why” but it shouldn’t be the only box to check.

Photo credit: Kevin Dooley
In use under Creative Commons 2.0 license

© 2019 Shout Out Studio, LLC