Marketing Qualified Lead vs. Sales Qualified Lead Conversions in the Tech Industry

Converting a stranger to a lead is a massive win for any marketer. However, it’s just the first step in the journey to the ultimate conversion: a sale. That lead will cross several more barriers before you can count it as a profitable success. One barrier is moving from a marketing-qualified lead to a sales-qualified lead.

What is a sales-qualified lead, and how is it different from a marketing-qualified lead?

We will dive into this crucial conversion step and how you can increase your sales-qualified leads.

MQL vs. SQL

There are two primary types of leads: marketing-qualified leads (MQLs) and sales-qualified leads (SQLs). Here’s a quick look at SQL vs. MQL definitions as well as what makes each unique.

Marketing Qualified Leads (MQL)

MQLs are leads that have shown interest in your tech products or services but are not yet ready for direct sales engagement. Once you capture that lead’s information, they enter the first stage of a new lead.

These leads are typically in the early stages of the buyer’s journey. They express interest by downloading a whitepaper, subscribing to a newsletter, or attending a webinar.

MQLs are prospects that need further nurturing and education before transitioning to the sales stage.

Sales Qualified Leads (SQL)

SQLs represent leads that have been thoroughly vetted and are ready for direct interaction with the sales team.

These leads have progressed beyond the initial stages of interest and engagement. For example, they have consistently opened nurturing emails, downloaded several whitepapers, and even signed up for your product demo.

Three characteristics that turn a marketing-qualified lead into a sales-qualified lead are:

  • Need: They have expressed a need for your products or services.
  • Budget: They have the finances to follow through with purchasing those products.
  • Timeline: They plan to purchase immediately.

They are now ready for your tech sales team.

SQL vs. MQL: Why Are MQLs and SQLs Distinct?

Not all leads are the same. A lead is anyone who fills out a contact form. However, you will gather information from people ranging from a key decision-maker in a large tech corporation to your neighbor Sam, who wants to learn more about what you do in your job.

You’ll have an initial qualification round that weeds out your neighbor Sam and similar disinterested visitors. The leads you have left match your buyer persona, which outlines the businesses that could use your tech products and who their key decision-makers are. They have expressed interest in your products or services. These are your marketing-qualified leads.

Even though those marketing-qualified leads match your buyer persona and are interested in buying, it doesn’t mean they have the budget or are ready to buy at that time.

In fact, 79% of marketing-qualified leads don’t convert to sales.

If your sales team chased every marketing-qualified lead, you would waste a considerable number of resources. Then, you may not have the resources you need to convert the actual serious buyers.

However, by separating leads into groups, you can customize your marketing strategies for the point they are in the sales funnel. That way, you can stretch your budget further by pouring your sales efforts on those who show signs of purchase readiness.

How to Adjust Your Marketing Strategies Between MQLs and SQLs

What strategies belong with which lead group? Use this guide to help you fit the most effective strategy to each stage of the buyer’s journey.

Nurturing MQLs

You captured a couple hundred new leads and pulled out the ones matching your buyer persona. You now have a list of marketing-qualified leads. Through these strategies, you aim to identify the ones ready to buy and encourage those not prepared to warm up to your products.

Here are some of the most effective lead nurturing strategies to accomplish those goals:

  • Content Personalization: Tailor content to address the specific pain points and interests of MQLs. Provide valuable resources such as in-depth guides, webinars, and case studies to nurture their understanding of your product or service.
  • Lead Scoring: Implement lead scoring to identify MQLs based on their interactions with your content. Assign scores for actions like opening emails, downloading resources, and attending events. This helps prioritize leads for targeted nurturing efforts.
  • Automated Email Campaigns: Set up automated email campaigns that deliver relevant content to MQLs over time. This ensures a consistent and personalized engagement, gradually moving them through the buyer’s journey.

Converting SQLs

You performed lead scoring, and a few dozen leads were officially moved from MQLs to SQLs. Your goal is to now quickly close before those leads lose interest. Here are some strategies to help with that process:

  • Personalized Sales Outreach: Since SQLs have demonstrated a higher interest and intent, personalized sales outreach has become crucial. Craft tailored messages that address their specific needs and showcase your value proposition.
  • Timely Follow-Ups: Act promptly when dealing with SQLs. Given their readiness to engage with the sales team, timely follow-ups are essential. Automated reminders and customer relationship management (CRM) tools can help ensure that no potential opportunity slips through the cracks.
  • Customized Demos and Presentations: Provide SQLs with customized demos and presentations that align with their specific requirements. Demonstrating how your product or service directly addresses their pain points increases the likelihood of a conversion.

The average B2B tech conversion rate is about 1.7%.

Image from Ruler Analytics

3 Ways to Boost Your MQL to SQL Conversion Rate

Are your marketing-qualified leads not converting to sales-qualified leads? Here are a few ways to adjust your strategies to increase your conversion rate:

1. Clearly Define MQLs and SQLS

Clearly define what constitutes an MQL and an SQL within your organization. Align the sales and marketing teams with these definitions to ensure a unified approach.

Open regular communication channels between the sales and marketing teams to share insights and feedback. This collaboration enhances the lead qualification process because you’re on the same page about what works and what doesn’t.

2. Use Data-Driven Lead Scoring

Moving leads from MQL to SQL is a numbers game.

Leverage data analytics to fine-tune your lead-scoring model. Analyze historical data to identify patterns and behaviors indicating a higher conversion likelihood.

Here are some indicators that a lead might be ready to move forward:

  • Downloading content
  • Visiting your website
  • Contacting customer service
  • Past purchases
  • Scheduling a demo
  • Frequently opening emails
  • Expressing direct interest in buying

Some actions do have higher scores than others. For instance, someone who schedules a demo might instantly become a sales-qualified lead. In contrast, another lead may need to download several whitepapers before they receive a high enough score for the sales team to reach out.

Continuously refine and optimize your lead scoring criteria based on the performance of past conversions. This approach ensures that your model remains relevant and practical.

3. Create a Content Map for Each Stage

Map your content to each stage of the buyer’s journey. Create content assets that align with the awareness, consideration, and decision stages to nurture leads through the funnel.

Use personalized content recommendations and targeted campaigns to guide MQLs through their journey, gradually building trust and understanding.

Hushly provides customized content recommendations on websites to help develop a content map that transforms MQLs into SQLs

Bonus Tip: Maximize Your Tech MQL to SQL Conversions

Understanding the distinctions between MQLs and SQLs is pivotal for successful conversions in the tech industry.

Organizations can create a seamless and effective lead conversion process by tailoring strategies to nurture MQLs and using personalized approaches to convert SQLs.

Hushly’s AI-powered conversion tools help every step of the way, including lead generation, scoring, and conversion. It’s your all-in-one conversion cloud for every stage your leads are at.

Are you interested in streamlining your conversion process?

Schedule a demo today to see how easy conversions can be.

4 Sales Lead Management Strategies Every B2B Needs

hushly blog

Managing a handful of leads is easy.

You can see where they came from, understand their needs, and evaluate your tactics to collect information and hone your skills.

Once your business grows, however, things get a little more complicated.

Without a comprehensive sales lead management strategy, things start falling through the cracks and your data goes sour.

Sadly, this also leads to bad personalization strategies and lost revenue.

The lead management landscape has changed drastically as automation and relationship management tools have become more accessible to businesses of all sizes. Let’s look at some strategies you can implement right now to stay organized and engage your leads.

What Does Sales Lead Management Look Like Today?

Previously, lead management was a tedious and frustrating process.

You needed to look at each lead from multiple angles, break them up into distinct groups, hand them over to the right department, and continue the process indefinitely.

There are a few major problems with this process. For starters, you’re working with old data.

By the time you process leads through your system, divide them into categories, and add them to your spreadsheet, the information you’ve collected is already outdated.

It’s no surprise that 62% of businesses say they’re working with data that’s up to 40% incorrect. Job roles change, people switch jobs, the company needs shift – the world turns.

Inaccurate data poses a big problem because you can’t nurture leads properly if the information you’ve collected on them is wrong. However, poor data also throws off your personalization strategy for other leads that come in.

The most valuable data you have is the first-party data you’ve collected through your own website and a solid sales lead management system is the only way to keep it clean.

Today, technology like automation and AI supply several tools and options for managing your leads and keeping track of data seamlessly in real-time.

4 Sales Lead Management Strategies Your B2B Needs in 2020

Implementing these sales lead management strategies will help you first create meaningful relationships with your leads.

Not everyone is ready to buy right away but forming relationships can boost your conversion rate by 1.2x and each deal size by 1.3x.

Plus, you’ll be able to develop effective personalization strategies for both future and current leads. After all, clean data is at the heart of every relevant personalization campaign.

1. Divert Your Attention to Intent Data

Intent data is important because it tells you where a lead is at in the buying process and which leads visit your website and are actively looking to close a sale.

According to Marketing Profs, companies with account-based marketing strategies generate 208% more revenue than those that don’t run ABM campaigns. Intent data allows you to create effective ABM campaigns because it’s as close as you can get to real-time data.

Look at it this way. The average B2B buying process involves nearly seven different people. While C-level executives have the final say in 64% of cases, lower-level employees still play important roles in influencing their decision.

Without intent data, how can you create content and retargeting campaigns to reach every role involved in this process? Your data will never be accurate enough to make a difference.

Source: Think with Google

2. Only Collect High-Quality Leads

Do you feel like you’re running a witch hunt following up with leads that aren’t qualified? It’s a waste of time and resources. Thanks to automation technology, it doesn’t have to be this way anymore.

If you’re hiding all your best content behind a gate and requesting every visitor give you their email address, now is a good time to re-evaluate that strategy – how’s it working for you?

When you collect information from everyone who visits your website, that data doesn’t tell you much about your actual leads or target audience. Instead, it throws off your data and makes your process even more confusing.

Get rid of your forms completely. Give your visitors the choice to supply their email address when they’re sure they want to stay in touch with you.

Furthermore, it’s also important to employ a combination of automation and human verification to ensure you’re only collecting information from real people and bona fide business addresses.

3. Create an Environment for Leads to Self-Nurture

An amazing thing happens when you remove forms: your leads start to nurture themselves at their own pace.

At Hushly, we recommend throwing out forms in favor of features like self-nurturing landing pages. An adaptive content hub, for example, puts all your best content in one location where it’s broken up into categories.

Some leads like in-depth blogs, others like eBooks, 65% like podcasts, and 49% prefer videos – give them what they want in one place. Once they start clicking, an algorithm will continue showing them relevant content.

In terms of sales lead management, you can collect this information to score your leads and personalize your communication with them.

4. Follow Up with Highly Relevant Retargeting Content

If a lead visits your website and spends two hours reading your eBooks, that’s a good sign they’re interested in closing a sale – but you can never be sure.

Now’s the time to step in with a sales lead management strategy. Use the information you collected about the content they read to send out retargeting campaigns through email and LinkedIn.

If they don’t engage with your retargeting campaigns, something isn’t right. If they do, you can gauge their spot in the sales cycle.

Create the Website Your Leads Want Today

Effective lead management starts with a user-friendly website. Visitors arrive at your website and they want to educate themselves at their own pace. They don’t want to read a blog post, fill out a form, and wait for you to bombard their inbox with emails.

Get rid of forms and create the website your leads want. It’s much easier to implement sales lead management tactics when you’re only working with highly qualified leads and accurate data.

Self-nurturing landing pages let visitors convert into leads and educate themselves about your company without forms. See a Hushly self-nurturing landing page in action here!