How to identify Marketing Qualified Leads (MQLs) and nurture them into Sales Qualified Leads (SQLs)
Covid-19 lockdown is a very challenging time for all of us, especially for small businesses and startups, which are dependent on retail sales. Still, this period has been a blessing in disguise for those businesses which have already established their online content strategy and e-commerce presence but did not have enough visitors or sales on their website. Due to the Covid-19 lockdown, people are spending more time online than ever before, and these businesses are getting advantage of it. I think this is an excellent time for companies to find new customers and increase sales by building an online presence. In this article, I have explained some fundamental marketing concepts, which include understanding leads and nurturing them to become your customer.
What is a Marketing Qualified Lead (MQL)?
A Marketing Qualified Lead (MQL) is any prospect who has shown any interest in your products or services. They have either visited your website or signed up for your newsletter. In most cases, these leads have taken a specific action that shows their interest in your company’s products or services. Following are some of the ways to identify MQL’s:
- Visited your website multiple times
- Submitted contact information form
- Opted for a webinar or program
- Added e-commerce items to a shopping cart
- Filled sign up form for a free trial
- Downloaded brochures or free e-book
- Watched or requested for a product demo
- Submitted email address for a newsletter
What is a Sales Qualified Lead (SQL)?
Sales Qualified Lead (SQL) are leads that have shown a deep interest in buying your products or services. They have a specific need for your products and want to make that purchase soon. Marketing Qualified leads are identified by automated lead scoring software, but for qualifying a SQL, you need a conversation between your sales team and the prospect. Following are some ways to identify SQL’s:
- Prospect is contacting you to request more information for your products and services, which is not available on your website.
- Prospect is asking specific questions about how your product works or pricing.
- Prospect is requesting a demo or meeting.
- Prospect is requesting more information on how your product fits into the other products they’re currently using.
How to nurture Marketing Qualified Lead (MQL) to Sales Qualified Lead (SQL)?
Once you have identified MQL, it is crucial to nurture them and convert them to SQL. The lead nurturing strategy should always be customized as per the customer personas and their stages in the buying cycle. Here are a few ways of nurturing MQLs into SQLs:
Smart content strategy
Content is the king in digital marketing. A lot of startups and small businesses are underestimating the power of content. Customizing the content as per customer personas is very important. If they are visiting your site regularly, then your products are already in the back of their mind. Sending customized content can reinforce your brand and expedite the procurement process. The content should be customized based on
- Customer persona
- Stage in the buying cycle
- Industry
- Time spent on your website
Drip Campaigns
This lead nurturing strategy is most effective by tracking a lead’s engagement with your content, and you can choose specific actions to trigger the email campaign. The primary purpose of Drip campaigns is to provide additional information for making a buying decision. All startups or small businesses should consider customizing drip campaigns based on the activity of prospect. For example- If a prospect has already signed up for a free trial and is continuously visiting your pricing page, then send a promotional offer email with a discount coupon code.
Newsletters
It is crucial to segment your prospects by buyer personas and level of engagement for sending newsletters. Startups and small businesses should also send different newsletters based on their stage in the buying cycle. Some clients may be interested in receiving new feature releases while others wish to receive case studies on how your product can solve their business problems.
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