In B2B lead generation, there are two main types of leads: MQLs (Marketing Qualified Leads) and HQLs (High-Quality Leads).
Many B2B marketers want to boost their lead generation. They often ask about MQLs and HQLs and how to make the most of them· While both types show interest in a company’s offerings, they have some key differences.
B2B lead gen companies have limited marketing budgets. So, they need leads that give a good return on investment (ROI)· MQLs show interest, while HQLs are ready to buy. HQLs are more valuable and likely to make a purchase.
Often, marketers try to get as many leads as possible without sorting them properly· This wastes time and money on leads with little potential.
What are MQLs
Marketing Qualified Leads (MQLs) are individuals who have displayed interest in a company’s marketing endeavours through actions like form submissions, whitepaper downloads, or webinar attendance· These leads are categorized as “warm leads,” signifying their engagement with the company, yet they might not be prepared for purchasing or interacting with sales.
What are HQLs
Highly Qualified Leads (HQLs), conversely, are leads meticulously evaluated and endorsed by the sales team as having a strong probability of becoming customers· This approach minimizes expenditure on lead generation efforts by focusing on more qualified leads primed for conversion·
HQLs often exhibit heightened engagement, like requesting a demo or arranging a call with a sales representative· Additionally, they demonstrate a distinct requirement for the product or service and possess the necessary budget and authority to make a purchase·
The Distinction Between MQLs and HQLs
The primary difference between Marketing Qualified Leads (MQLs) and Highly Qualified Leads (HQLs) is their level of readiness for sales·
Essentially, HQLs possess the following key characteristics:
- Ability to make purchase decisions
- Comprehensive understanding of their problem and belief in your product or service to solve it
- Awareness of the high cost of leaving the problem unresolved
- Sufficient budget to purchase your product or service
- Willingness to engage with your sales representatives
In B2B marketing, HQLs view your products or services as a good match, but it’s not certain they’ll make a purchase· To turn these leads into customers, you need to keep nurturing them·
MQLs are simply curious about your product or service, while HQLs are more inclined to buy from your company compared to MQLs·
MQLs are leads who:
– Are still exploring potential solutions to their issue
– Show interest in your company by visiting your website
– Take actions like downloading content, clicking ads, or adding items to their carts
– Fill out your lead capture form
– Engage with your blog posts and marketing emails
– Reach out to your company with inquiries
In terms of lead scoring, MQLs rank lower than SQLs and HQLs· They’re positioned at the top of the sales funnel·
Read also: Top 10 Video Marketing Strategies That Generate Leads
Converting MQLs into paying customers requires time and effective nurturing strategies· However, there’s usually no guarantee of conversion· Until they’re receptive, you need to nurture them with marketing tactics like content syndication·
MQLs or HQLs: Which Leads Should You Invest In?
B2B marketers need to find innovative ways to attract potential customers· One option is using either first- or third-party intent data·
First-party intent data comes from the business’s sources like website visitors, social media followers, and email recipients·
Third-party intent data, on the other hand, is gathered from external sources like publishing platforms, media trading platforms, and consumer review sites· However, B2B marketers have to wait for third-party data as it’s collected by aggregators from different online sources and isn’t directly accessible to them·
Many factors determine the type of leads a company purchases and how much of their B2B marketing budget is spent on lead generation
1. New Product Launches
Generating buzz around new products is crucial for successful sales· Buying MQLs ahead of a launch builds a pool of potential customers to nurture·
2. Product Promotions
Offering discounts or bonuses can speed up the lead nurturing process· Companies running promotions can purchase a mix of MQLs and HQLs to capitalize on growing interest·
3. Changes in Key Personnel
Buying data for HQLs helps companies stay on top of business opportunities amid leadership changes·
4. Internal Budget Changes
In competitive environments, reducing operational costs is essential· Buying leads and letting sales teams handle conversions cuts expenses·
5. Business Seasons
Busy and slow periods are common in business· Prioritize HQLs during peak seasons and MQLs during slower times·
6. Competition
Keeping an eye on competitors is vital· Purchasing MQLs and HQLs safeguards against losing market share to rivals·
Read also: What Are the Best Practices for B2B Lead Generation Success
Final Words
In conclusion, understanding the variances between MQLs and HQLs is pivotal for effective B2B lead generation strategies· While MQLs signify initial interest and engagement, HQLs represent prospects closer to making purchasing decisions·
Allocating resources based on the stage of lead readiness, business objectives, and market dynamics is crucial· Leveraging MQLs for broad awareness campaigns. Nurturing HQLs for targeted conversions optimizes marketing ROI·
Additionally, adapting lead acquisition strategies to accommodate factors like new product launches, and promotions. Along with this, personnel changes, budget fluctuations, seasonal trends. And competitive landscapes ensures sustained business growth in the dynamic B2B environment·
