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?
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?
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 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.
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.