The last thing any business wants is to pour time and resources into generating leads, only to fall short of their goals. After all, you’re relying on those leads to convert so you can keep your company afloat. If you aren’t hitting your sales goals, it can cause financial strain when it comes time to tackle your bills.
But in the world of lead generation, there’s a big debate over what’s most important: marketing qualified leads vs. marketing qualified accounts? Now, you may be thinking: what’s the difference between the two? Are they not the same? Nope, they’re not!
In this article, you’ll learn the difference between marketing qualified leads and marketing qualified accounts. And you will discover why it’s more impactful to focus your attention on the accounts that are interested in and engaging with your business.
Marketing Qualified Leads vs. Marketing Qualified Accounts: What’s the Difference?
First things first, we need to get clear on the difference between marketing qualified leads vs. marketing qualified accounts. A marketing qualified lead (MQL) is an individual person that has shown interest in what your company offers and is more likely to become a customer than other leads. However, that doesn’t mean they’re guaranteed to ultimately convert and make a purchase.
This person has engaged with your company in some way, whether it’s by repeatedly visiting your site, filling out a form, using software demos, or downloading something (to name a few examples). This type of lead isn’t lurking on the sidelines because of the actions they’ve taken. They have shown an interest in buying from you by taking that initial step but have yet to take the plunge.
a marketing qualified lead is just one of the types of leads you’ll encounter in marketing. But what should your sales team do with marketing qualified leads to get them to finally convert? It’s all about nurturing them to build a strong relationship. Oftentimes, discounts or free trials will be what gets them to make a purchase.
With a marketing qualified account (MQA), the above still applies. However, it’s the company or owner of the account that has been engaged to an extent that they’re ready to be presented with a sales pitch. So, the primary difference is really that a marketing qualified lead is an individual, while a marketing qualified account is an entire account or an entire company.
Why You Should Focus on Marketing Qualified Accounts
When it comes to marketing qualified leads vs. marketing qualified accounts, which is superior? Well, marketing qualified leads have dominated the marketing field for ages, but it’s time to move on. This practice is rather old school, and it’s better to be focused on marketing qualified accounts instead. However, it’s understandable that you might not see the value in making this switch yet.
To change your perspective, here are a few things you need to know:
1. Teams Making Purchasing Decisions Are Getting Bigger
When you’re in the B2B world, a sole individual is rarely responsible for making the purchasing decisions. Usually, someone on the team may research potential products and services to buy. Then, they’ll have to pitch one of the higher-ups to get them to see the value in it, allocate a budget for it, and ultimately make a purchase. That’s because that one person usually doesn’t have the final say in what the company spends money on.
This means you can’t simply appeal to one individual on the team. You need to appeal to multiple people. In fact, many companies are creating entire buying teams that will have to get on board before a purchase can be made. After all, they won’t be making any decisions on a whim. They’re going to take the time to research and discuss before they choose to make any sort of investment.
If you find yourself in a position to present them with a sales pitch, this is your time to shine. You’ll want to craft messaging that has your ideal buyer persona in mind. This will be helpful when tailoring your message to their pain points and their needs. The more personal you can make your pitch, the more effective it’s likely to be. At the same time, you need to remember this isn’t about you. It’s about your buyer and how your product or service can make their lives easier. Other than that, keep your pitch short and sweet. If you’ve done well, they might commit to a purchase.
2. MQAs Communicate the Interest of the Account Overall
While it’s nice to see marketing qualified leads in business, they’re merely an individual who has taken interest in your company and what it has to offer. But if that individual doesn’t have buying power, it’s not likely to lead to a conversion since they’ll have to jump through hoops to get buy-in. However, with a marketing qualified account, multiple people on the team will be interested. You’ll be in a position where you can present them with a sales pitch that may get them to convert.
As an example, you’ll want to look at how many contacts from a particular account have engaged with your company. A good rule of thumb is to look for accounts that have had at least three people convert on your content. That’s because they’re showing a higher level of interest in whatever kind of solution your business has to offer. Should you have 10 leads come into your business, if three are from the same account, you’ll know to prioritize that one because they’ll be more likely to convert. This is when you’ll want to follow up with personalized outreach.
You may even want to set aside time to create a personalized pitch for this account based on the type of work they do, what their pain points are, and the type of solution they’re looking for. Show them that your product or service is exactly what they need.
3. The Metrics You’re Measuring Will Largely Be the Same
Marketing qualified leads vs. marketing qualified accounts isn’t all that different when it comes down to the metrics. So, if you’ve already been tracking marketing qualified leads, switching your focus to accounts really shouldn’t be that difficult. It’s about prioritizing one over the other moving forward.
You’ll still want to pay attention to actions taken like how frequently someone is visiting your website and how many pages they’re exploring while they’re there. You’ll want to notice when they’re filling out forms, using software demos, or downloading content. All of it shows interest. However, it’s just more impactful when it’s multiple people from the same account, versus an individual. That’s because it’ll be easier to make the sale when multiple people are on board.
Attract More Leads to Your Business With Hushly
Generating qualified leads doesn’t have to be stressful. In fact, here at Hushly, we make it easy to uncover sales-ready leads at a faster rate than before. This way, you can boost sales engagement and increase your company’s profit margins. And what could be better than that?
Interested in learning more? Schedule a demo with us today.