Increasing the ROI of Your MQLs
With MQL on your side, your company should be able to generate the right ROI for your business by increasing conversion rates. Narrowing down which leads qualify as MQLs allow your sales team to approach with the right nurturing strategy for conversions. However, there are methods you may be overlooking when pushing MQLs through the sales funnel and getting the conversions you’re looking for.
Increasing the ROI of Marketing Qualified Leads
MQLs are not about quantity but about the quality of the lead. MQLs should be narrowed down to the leads that qualify a specific set of criteria to achieve increased conversion rates.
So how can you make sure that you are getting a good ROI on your MQL strategy? Knowing your ROI helps you see where your strategy is working and where you need to improve. Adjusting accordingly can help increase your ROI, and give new life to your MQLs.
Remember, not all leads are qualified. Your leads have to fit the right persona your business has targeted, without the right lead scoring system, your nurturing efforts can be for useless. Unqualified leads are the increase of leads you don’t want your sales team to waste time on.
Here are the ways you can increase the ROI of your MQLs:
- Have a Specific Lead Goal – Having a specific goal allows you to narrow your search and put effort into the quality leads that are more likely to convert. These goals should be tied to both your business and sales strategy. For optimal success you need to align the goals of both the sales and marketing team.
- Monitor Traffic on a Regular Basis – Visitors to your website should be tightly monitored. While they might not be your immediate buyers, they are sharing interest in your companies solutions by organically visiting your site. This data allows you to narrow which prospects may qualify as MQLs.
- Monitor Leads per Business Day – However this may be a simple solution that is overlooked. It is important to recognize every month doesn’t have the same amount of days. For accuracy it is suggested to focus on lead production by business days each month. To achieve monthly goals, it is important to break down your goals per day so you are achieving/ exceeding monthly revenue goals.
- Customers From Marketing per Month – As we said earlier, leads come from a variety of prospecting methods, some of which will not come from marketing. Knowing where your leads come from and what your actual performance is can give you a good idea of how much you are contributing to your company sales. So how do you know your numbers? Simply get the number of new customers and parse out the percentage of these new customers that were generated leads from marketing in the sales funnel.
- Marketing Qualified Leads by Persona – Strategically developing personas gives your sales team a specific target to aim for, aligning with sales is crucial for results. It will help your lead generation and content strategy when your team follows this.
- Lead to Customer Conversion – To know whether you are successful, consider the statistic, successful MQLs usually convert to 2%-5%. Looking at these numbers can help you evaluate the quality of your leads. Remember, for your MQL to add value, your traffic should turn to leads, which must then become customers.
MQLs are an important component in the sales funnel, in order to increase conversion rates and drive ROI you need to have a strong strategy in place. Marketing and sales need to focus on the nitty gritty data. Following these strategies constructs less wasted time and effort while improving the productivity and results of an aligned sales and marketing team.