What is a Qualified Lead? How to distinguish between a lead and a qualified lead? Why should businesses operating in the service industry and B2B apply lead quality management software to evaluate and optimize marketing effectiveness? Let’s go with Digit Matter to find the answer in the general article below!
What are the metrics capable of qualifying the effectiveness of an advertising campaign?
If your answer is:
- Conversion rate
- Page Views
- Bounce rate
- Social Media Likes & Followers
- Email Open Rate
- Content Downloads
The conversion rate in particular is just a measure of [Number of people taking the action you want / the total number of people visiting your website]. For businesses providing services or operating in the B2B industry, the value of the conversion rate stops there and is completely unable to help you determine ‘what percentage’ of the left lead can end. let’s convert to sales!
Likewise, the remaining metrics, though undeniably their role in many ways, are not data that can determine end-of-day sales! Think about it, how to make revenue estimates based on CTR, bounce rate or innocuous metrics like likes, shares, comments?
After all, the main goal of advertising campaigns is still revenue. So why do businesses not narrow their perspective on the data that directly affects sales – such as qualified lead factors ?!
What is a Qualified Lead?
Not all leads are equal. Having leads helps to increase sales immediately, there are leads that are only valuable in the future, and also leads that are completely unlikely to convert. In addition, even the leads that convert immediately have the difference in benefits: there are those who are only interested in the cheapest products, some are interested in the main product/service, there are guests who have been continuously sticking with the business for many years!
In the previous articles, Digit Matter temporarily defines qualified lead as potential customers with high conversion opportunities and is divided into two main categories:
- Marketing Qualified Lead (MQL): Leads come from marketing and are assessed as more convertible than the rest but still need extra care before being ready to trade.
- Sales Qualified Lead (SQL): Leads are ready to move to the next stage in the sales funnel – often leads can call a consultant to close sales right away!
Here’s how to group a lead based on the lead’s instantaneous conversion probability. To divide SQL and MQL into smaller groups according to ‘economic value’ in the future, businesses will need the support of software and systems that Digit Matter will mention later in the article!
You should read more :What is the lead generation website
Why are qualified leads important?
Identifying the common characteristics and behaviors of ‘qualified lead‘, enterprises not only improve the sales closing rate but also the ‘agreement’ value when reaching the following objects:
- Bring great value to sales
- Long-term commitment to the products/services that the business provides (eg marketing services, IT …)
- Have a large budget and are willing to pay for a product/service of a corresponding quality
If you can focus resources on attracting and taking care of the above objects, all efforts will be paid off!
Here are some ways: 5 effective lead nurturing tool for smart marketing
Connect marketing and sales in conversion optimization
A qualified lead is also a factor that helps reconcile the ‘scandal’ relationship between sales and marketing.
Remember, ever you were forced to become the resolver between sales and marketing when the two departments constantly pushed the responsibility for failing to reach the end of month’s KPIs – Sales blamed marketing for poor lead; Marketing blamed sales for not timely care / superficial advice and countless other reasons!
Therefore, if the marketing department can filter SQL (sales qualified lead) and important information instead of sending the entire list to the consulting team, a brighter scenario will happen for both sides!
How to judge lead quality?
In tracking and data analysis systems, we often see the lead from a perspective:
Lead = conversion type + marketing source.
But if you look more broadly with the combination of many factors below, businesses can completely appreciate their ‘potential’!
Lead = conversion type + who they are + what they’re looking for + their online behavior + marketing source
It sounds simple, but most businesses, even advertising agencies are not able to connect the above data to create a big picture of who is waiting for advice (lead). The reason is that they lack a central system/software that helps to chain all the data that are scattered across advertising platforms and among departments and employees!
The technical term for these systems is called CRM – software that collects and manages multichannel data on a single interface with ‘automated’ tools to minimize resources and maximize efficiency. convert. One of the core tools of CRM is the lead scoring system – a system that evaluates the opportunity to convert into real-time sales on a 100-point scale.
Some of the practical benefits of a lead quality assessment and management system worth mentioning are:
- Process automation helps counselors allocate less time to effective tasks/leads to focus resources on exploiting potential opportunities!
- Grading each lead based on criteria learned from past data and machine learning systems, thereby helping sales staff prioritize reaching those with higher conversion probability.
- Shorten the sales process through automated marketing functions
- Avoid missing out on potential opportunities with real-time support tools
Categorize lead by Lifetime Value – the economic value they bring in the short, medium, and long term
Therefore, for the business fields with great product/service value; complex decision behavior; It takes a lot of time to build trust or is dominated by many departments/levels of leadership such as B2B or high-end services, the sooner you build a CRM system, the more businesses will gain their chances before the wave of ‘shifting’. number change ‘for the time being!
Thank you and Best Regard!
𝐋𝐞𝐚𝐝𝐞𝐞.𝐚𝐢 – 𝟐𝟒/𝟕 𝐒𝐮𝐩𝐩𝐨𝐫𝐭