Why so many marketing qualified leads never become sales
Generating marketing qualified leads (MQLs) is an essential part of a successful marketing strategy. However, despite the best efforts of marketers, many MQLs never convert into sales. This can be a frustrating and costly situation, and it's important to understand why it happens. In this article, we'll explore the main reasons why MQLs fail to convert and provide insights on how to avoid this scenario.
One of the main reasons MQLs don't convert is due to poor lead nurturing. MQLs are usually found at the top of the sales funnel, which means they have only shown interest in your product or service through their interactions with your marketing efforts. They are not yet ready to make a purchase decision and need to be nurtured and guided through the rest of the sales funnel. Proper lead nurturing requires targeted content, personalised communication, and tailored offers. If this is not executed correctly, MQLs may never convert into sales.
Another factor that contributes to MQLs failing to convert is a lack of alignment between marketing and sales teams. Marketing should generate MQLs that are relevant, qualified, and ready to be handed off to sales. Sales should then be equipped to handle these leads and move them through the sales process. If there is a lack of alignment between marketing and sales, MQLs may slip through the cracks and never convert into sales. Unfortunately, this scenario is common, with only 25% of MQLs converting into sales opportunities, according to LeadSpace.
Insufficient follow-up is another reason MQLs fail to convert. Once a potential customer is handed off to the sales team, it is the responsibility of the sales representative to follow up and move them through the sales process. This often requires phone calls, emails, and face-to-face meetings. If follow-up is not done in a timely and consistent manner, the potential customer may lose interest or go elsewhere. Hubspot reports that 35-50% of sales go to the vendor who responds first.
One issue that is often overlooked is that MQLs that are not highly qualified will be ignored by the sales team, who will concentrate their efforts on leads that require less nurturing. In many cases, salespeople do not have the means to properly nurture the leads to the point where they are ready for a conversation. This can result in MQLs being discarded or ignored, leading to a waste of valuable marketing resources.
To ensure that your MQLs convert into sales, it's essential to focus on lead nurturing, alignment between marketing and sales teams, and effective follow-up. Lead nurturing involves educating potential customers and guiding them through the sales funnel by providing them with relevant information and personalised communication. Aligning your marketing and sales teams is crucial to ensure MQLs are being generated and handled efficiently. Effective follow-up is equally important, as it keeps the sales representative in contact with the potential customer and maintains their interest in your product or service.
In conclusion, to avoid the common scenario of MQLs failing to convert, it's important to understand the reasons why it happens and to focus on lead nurturing, alignment between marketing and sales teams, and effective follow-up. It's also crucial to acknowledge the issue of unqualified MQLs being ignored by sales teams and to address it through proper lead nurturing and sales team training.
If you're struggling with your sales pipeline, consider reaching out to Quantum Marketing Group. Our team of experts will work with you to develop a comprehensive lead nurturing strategy that will help you generate sales appointments. We'll help you align your marketing and sales efforts