How to Benchmark Your Sales Qualified Lead Conversion Rates

As we’ve highlighted on this blog, lead generation is not enough for reliably successful digital marketing. You also need to make sure that a good portion of your leads become qualified – and eventually turn into customers.

Of course, that goal is difficult to accomplish if you don’t know whether your efforts to turn sales qualified leads (SQLs) into customers are actually successful. That’s where benchmarking comes into play.

Through the below 3 step process, you can measure your current sales qualified lead conversion rates and evaluate your success. That, in turn, allows you to turn to one of the many strategies designed to help you improve your conversion rates and maximize the impact of your lead generation and nurturing efforts.

Put simply, benchmarking your conversion rates comes down to three simple steps: taking stock of your current rates, comparing them against industry averages, and setting a goal for improvement. Let’s break each of these steps down in a bit more detail.

SQL to a Sales Opportunity

How To Turn an SQL into a Sales Opportunity

It’s easy to confuse sales qualified leads (SQLs) and opportunities. After all, if a lead is qualified for a sales call, doesn’t that make them a sales opportunity?

Not quite. Distinguishing between SQLs and opportunities means understanding the difference between a lead and a conversation. If you know how to turn the former into the latter, you just might have found the perfect recipe to maximize your lead conversion, generate more customers, and grow your business.

How to convert an mql to an sql

How to Convert an MQL to an SQL

Especially if your company experiences long buyer’s journeys, understanding the various stages of your sales funnel is vital. Generating a lead, for example, means little if that lead never ends up qualified enough for a sales pitch. And even within the qualified framework, there are important nuances to consider.

Advanced marketers distinguish between marketing qualified leads (MQLs) and sales qualified leads (SQL), which have very distinct characteristics. We have written about both types of leads in the past: the former describes a contact that has interacted with your content enough to clearly show their interest. The latter, on the other hand, describes a contact who is actually ready for the sales pitch.

As their names suggest, MQLs and SQLs also differ in who handles them. MQLs are still in the hands of the marketing department, which seeks to convince them of their brand’s value through regular lead nurturing messages and strategies. SQLs, however, lie with the sales team. In fact, that distinction sits at the center of 4 ways in which you can maximize the potential of your MQL to SQL conversion strategy.

Content marketing funnel - foxtail marketing

Understanding the Difference Between Sales Qualified Leads and Marketing Qualified Leads

Successful inbound marketing does not end at lead generation. Simply getting contacts into your database is far from enough in attempting to increase your customer base and grow your sales. Nurturing these leads on their way to becoming customers is a crucial step in the process.

That much is clear to any marketer familiar with the concept. But unfortunately, many of them still don’t go far enough in distinguishing just when a lead is ready to buy. If you don’t hit that sweet spot, you may lose out on a sales opportunity.

That’s where the concept of Sales Qualified Leads (SQLs) comes into play. These leads are ready for the sales pitch. Of course, some marketers also distinguish Marketing Qualified Leads (MQLs) to further enhance their efforts.

What is the difference between SQL and MQL, where should you focus, and how can you improve your efforts to generate each? You’ll know the answers to these questions by the time you’re done reading this post.

Thought leadership marketing

How to Enhance Your SaaS Digital Marketing Through Relevant Content

Content marketing has risen in the last few years to become one of the most effective digital marketing philosophies available online. By focusing on relevant content over promotional messaging, you can increase your credibility and attract potential customers who are otherwise cynical about promotions directed at them.

Naturally the concept can benefit your SaaS digital marketing efforts, as well. If you are looking to attract new subscribers for your SaaS solution, consider building a content strategy that can help you accomplish this goal. This post will help you get started.

1 2

Foxtail Marketing is a digital marketing firm that provides content marketing, digital marketing, and lead generation services for small and mid-market companies.

Follow us, we are social

CALL or TEXT 1-800-273-2113

© Foxtail Marketing.

Digital Marketing Made Easy.