Key Questions to Define a Marketing Qualified Lead (MQL) - Optimising Lead Generation
Written by the Obala Team - (3 Minute Read)
In the marketing world, a Marketing Qualified Lead (MQL) signifies a pivotal milestone, representing the culmination of efforts aimed at establishing a meaningful connection with potential customers. However, the significance of defining MQLs accurately cannot be overstated, as misconceptions or unrealistic expectations can lead to adverse effects on businesses. In this article, we look into essential questions we like to consider when defining what constitutes an MQL, with insights to optimise lead generation strategies.
What is an MQL?
There are a lot of definitions as to what an MQL is. Some we’ve encountered are -
“A lead that has been highly engaged across marketing channels”
“Someone who submits our sales enquiry form”
“Someone who visits our booth at an event”
“A person who downloads our content from a partner site”
All these definitions are not right or wrong, defining an MQL is a subjective exercise which is unique to each business. There is no one size fits all reality of an MQL and each business must assess and develop their own definitions.
That being said, there are a list of questions and points we believe need to be answered or considered when determining what an MQL should represent for any business.
Is our business aligned on ideal customer profile?
Is our ideal customer profile aligned with marketing strategies?
Who do we want to attract with our marketing activities?
Who do our sales team want to sell to and connect with?
Sounds simple right, but surprisingly these things are not always considered. When learning about some businesses, what stands out is how insular the view of an MQL often is. MQLs are a key demonstration of the broad effectiveness of marketing activities. They also show how joined up marketing teams are with overall business strategy and other teams in a business. Yet some marketing teams take the task of determining what an MQL should be on themselves, in isolation from other parts of the business.
Any MQL definition needs to cascade down from the strategic target audience and ideal customer profile/s a business outlines. If this isn't in place at a strategic level, it needs to be before MQLs are defined. This is so critical and non-negotiable. With a clear understanding for who a business has earmarked as its ideal customers to go after, marketers then have a clear guide with which to build the granular framework for finding, attracting and engaging with people that fit. Without this it’s hit and hope and bound to create misalignment.
Whilst MQLs are mainly inspired by marketing interactions and engagements, they have multiple layers and should go on to interact with other departments. Gathering Sales input into the defining criteria of MQLs as early as possible is very necessary. Sales can provide specific insights from their engagements with current and past customers and prospects that marketers simply won’t be able to. Sales teams are also typically the next to engage with MQLs, so must feed into who gets sent their way.
What input can current customers have into MQL criteria?
What does our customer data tell us about how to identify MQLs?
What can our data tell us about where and how best to reach new MQLs?
Any customer was upon a time at a stage where they liked your business but hadn’t made a move. After you started talking, they fell for you and the rest is history. Now whilst it’d be odd to ask a current partner for tips on how to find more future partners with similar profiles, in business, this is exactly what you should do!
Speak to customers. Get the details on what makes them who they are and plot creative ways to collect key information and data points from prospects through your marketing. Your business has a type on paper - and each (happy) customer is a representation of the characteristics, habits, motivations and personas that work for your business. Understanding these can help you collect the right information from, attract and engage more of the same people.
What typical interactions do interested prospects and customers make with our business?
Are there common actions interested parties make?
Major key alert! When looking at what interactions to place importance on when weighting your marketing activities trawl through any data you have and piece together whatever you can on prospects’ and customers’ past or current journeys and interactions.
No matter how patchy your data is, identifying all the marketing interactions from those who have become customers will help build an idea of common actions taken en route to becoming a customer.
What emails have we sent them and which did they engage with?
What resources did they download from us?
Can we see the social posts interested parties engaged with?
Did they attend any events/webinars? What were the topics and what questions did they ask?
Answering questions like these as best possible builds an overall picture of all activities those who become MQLs will perform. It then enables the identification of trends which tell you how to weigh or score certain activities based on their importance in an MQL journey. If answering these questions is extremely difficult, or not possible - then this becomes the action needed for your business. Finding ways to better track marketing interactions across crucial channels and touchpoints.
The next question is to be asked continuously in refining the definition of an MQL. In the beginning, this may be a slight assumption but after, this can be backed by feedback, review and evidence.
Do our MQLs understand what we do and how we can solve their pain points?
What feedback do sales give us about their interactions with MQLs?
Probably the hardest question to answer but the most effective in understanding the efficiency and relevance of the marketing output from your business. An MQL whilst not always making an outright declaration of interest, should have a concept of what your business does and some understanding of how your business may help them. I’ve seen a lot of sales time wasted educating MQLs who don't know what their business does and what products or services they offer.
In some cases this is difficult to prevent, you can't guarantee every lead will grasp your business concept despite engaging with all your marketing. However, this should be the minority of leads. If the majority of MQLs have little to no concept of how your business can help them - or equally are not in need of what your business offers, something needs to change.
Too many MQLs not in need of your services or products means your MQL profile criteria need tightening. Equally, if MQLs when passed to sales are still unsure what your business does or how you can help them, review how you communicate your products and services through marketing. You can also heavily weigh/score activities and materials that educate people on your service propositions in detail to help here.
Summary
To round up, defining MQLs requires a comprehensive understanding of target audiences, alignment with business objectives, and continuous refinement based on feedback and data analysis. Determining the leads that will demonstrate how your marketing engine identifies relevant profiles and builds interest shouldn’t be taken lightly. Make sure all levels of your business are bought into what MQLs are. Consider external inputs as well as internal and remember this isn’t a one-time exercise but an iterative process. By addressing these critical questions and embracing a customer-centric approach, your marketing team can consistently optimise lead generation strategies and drive sustainable growth.
What additional considerations do you believe are essential for businesses in defining their MQLs?
Share your insights in the comments below.
