My regular guest on Front Line Friday is Bridget Gleason, VP of Corporate Sales for SumoLogic. In this installment, Bridget and I have a conversation about Marketing Qualified Leads (MQLs) and Sales Qualified Leads (SQLs), and how to maximize lead response, opportunities and deals from them.
Learn more about what’s in the future for sales. Be sure to join us for this information packed episode!
Marketing Qualified Lead is a prospect that has come through expressed interest in one’s product, which then converts into a lead. MQLs are typically passed on to the sales team once the lead has shown intent to buy, thus becoming a Sales Qualified Lead. An SQL is determined by a lead scoring process to target serious buyers.
Only 2% to 6% of marketing leads actually turn into qualified opportunities on a pipeline. Marketing and sales teams have to be aligned for the process to work. You do not want to just set it and forget it. This alignment is something companies have to keep working on, iterating continually to find out the right ratio and balance.
Again, the dialogue between the Sales and Marketing teams are crucial. There are difficulties and frustrations between the two groups, which is not a useful tension. There will always be tension between the two departments, but it needs to be constructive tension. The two teams have to work together to come up with a good balance. It’s all about the pressures between quantity over quality.
The pressure on quantity forces people to short change the qualification process. There has to be a given at some point. Companies shouldn’t come into your pipeline unless they are really qualified for what you are selling. Some reps have been known for loosely qualifying leads, not because they aren’t asking the right questions, but because they have had limited contact with the prospect. In today’s market, the prospect can find out more about your company than you can about them, by doing online research. Most businesses are considering opportunities before they should in the process.
My most powerful sales tool?
One book every sales person should read?
Winner’s Dream by Bill McDermott
My first job in sales.
Selling and networking products and desktop computers for Xerox.
Music that psyches me up before an important sales call.
I tend to go quiet and focus and role play the call instead of listening to music.