02 Mar MQL vs SQL: Understanding Qualified Leads in B2B Industry
Marketers focus on the MQL leads that are most likely to become customers or the SQL leads ready to start the sales process. Which one is the best?
Marketers are focusing on potential leads to enhance their reach in the market. Global competitiveness is increasing, and lead-generation tools and business entities are assisting marketers. In this blog, you will understand the difference between the two major types of leads: MQL and SQL, which are essential for any business that wants to optimize its lead generation and conversion processes.
Where does MQL & SQL lie in the B2B Marketing Funnel
The B2B sales and marketing funnels are based on three essential pillars: Awareness, Consideration, and Decision.
Awareness: Visitors and lead generation are involved in an engaging process that begins at the top of the funnel (TOFU) and raises awareness about the business, brand, and products or services.
Consideration: This part of the marketing funnel process is for MQL and SQL. This is when prospects think about the product or service and are put in the middle of the funnel (MOFU).
Decision: The last stage of the marketing funnel involves the opportunity to convert prospects into customers. The bottom of the funnel (BOFU) refers to where buyers decide to buy.
In the middle of the funnel (MOFU), potential consumers will most likely be converted from substantial potential leads. The actual targeted audience lies in the middle of the funnel (MOFU), which is the focal point of lead generation. It includes marketing-qualified Qualified leads (MQLs) and Sales Qualified leads (SQLs) commonly get more attention due to the revenue perspective.
What is Marketing Qualified Leads (MQLs)
Marketing Qualified Leads (MQLs) are leads that have engaged with your marketing efforts where leaders are most likely to convert as a customer.
MQLs are often aids to converting the possible customers ready to buy a product or service. Inbound marketing tactics include content marketing, social media, email marketing, or (PPC) paid advertising.
These leads have shown interest in your business by downloading a whitepaper, subscribing to a newsletter, attending a webinar, or following you on social media, among other actions.
MQLs are potential customers who are not yet ready to engage with a sales representative but have shown an interest in your products or services.
The role of marketing is to nurture MQLs with relevant and engaging content tailored to meet desired prospects’ interests and needs.
Marketing qualified leads are valuable leads where content and educating them about your offerings, you can gradually move them down the sales funnel and convert them into SQLs.
What are Sales Qualified Leads (SQLs)?
Sales Qualified Leads (SQLs) are leads that have been identified as being ready to engage with a sales representative and prepared to initiate the sales process.
SQLs come after the MQL leads, lie in the middle of the marketing funnel (MOFU), and include prospects with high interest in your product or service.
SQL brings potential prospects into the sales process, where they may have a request for a demo of your service, fill out a contact form, or reach out to your sales team directly.
Your organization must focus on lead nurturing, and the sales team should initiate engaging with SQLs and help them make a buying decision.
It involves understanding their pain points, presenting your solution, answering their questions, and providing a customized proposal.
Marketers and B2B entities’ ultimate goal is to move SQLs further down in (BOFU) and use that lead as an opportunity to convert them into a customer and close the deal.
What is the difference between MQLs and SQLs?
- The main difference between MQLs and SQLs is their level of engagement and readiness to buy
- MQLs have shown some interest in your business but have yet to be ready to buy
- MQL need additional time, education, and nurturing to move them closer to a buying decision
- SQLs, on the other hand, have shown a high level of interest and are ready to engage with your sales team
- They are further down the sales funnel and need a more personalized approach to close the deal
- Compared to MQL, SQL requires fewer efforts to convert the lead into a potential customer for your business
In summary, with the rising level of competition and post covid-19, businesses are shifting to more personalized marketing and targeting potential prospects through B2B strategies. MQL and SQL both assist marketers in generating revenue and achieving business growth.
Marketing Qualified Leads (MQLs) are potential customers who have engaged with your marketing efforts and shown an interest in your business. In contrast, Sales Qualified Leads (SQLs) are potential customers who have been identified as being ready to engage with a sales representative and are further down the sales funnel.
Vereigen Media offers B2B support in MQL and SQL where you can convert leads at all stages of the buyer’s journey and key demographics to increase your customer base. Moreover, we have ABM solutions if you want to build a strong sales funnel. The stages of your lifecycle must also be well defined so that you know which prospects to concentrate on while doing your sales and marketing efforts. For MQL and SQL assistance, message us right now!