Understand the concepts of Leads, Prospects, MQL, and SQL

As a business owner, marketer or sales representative, gaining a deep understanding of the concepts of leads, prospects, MQL, and SQL is not just crucial, but it also empowers you with the knowledge to navigate the complex world of B2B lead generation funnels. In this blog, we delve into these terminologies, shedding light on their significance in the sales process. 

Leads Vs. Prospects 

Lead and prospects are often interchangeably used, but both these terms have different meanings in the sales process. 

Lead Definition:  A lead is an unqualified prospect at the top of the sales funnel. Leads are generated through marketing efforts, which implies that prospective customers are interested in your products and services. For instance, they have visited your website but have not qualified yet. 

Prospect Definition: A prospect is carried by the sales team. Their profile aligns with the ideal buyer persona, one that has a high intent of making a purchase. 

Leads Vs. Prospects: Difference Between Leads and Prospects 

The major difference between leads and prospects is that you know the latter better than the former. You might not know much about a lead as it's not qualified. However, a prospect can be a prospect if it is qualified and you know who they are, who they work for and their job profile. 

A prospect qualifying process provides insight into the following:

• Their context

• Their challenges & pain points

• Their needs & requirements

Sales Cycle: Leads, Prospects, MQL, SQL 

The sales cycle, a process that involves lead generation and the conversion of leads into customers, is a collaborative effort where the marketing and sales teams play a pivotal role. LeadoConnect, a trusted B2B lead generation company in Mumbai, simplifies this process for your sales team by providing high-quality, accurate data to enhance sales efficiency. 

How Does a Lead Convert into an MQL (Marketing Qualified Lead? 

A lead converts into an MQL when they interact with your content. For instance, a visitor reads an article and signs up for the newsletter. Based on the form they are using within the website can help you understand the buyer's journey stage. This is why the content and every form need to be tailored based on the specific stage of the conversion stage. Many businesses use MQL, which implies they have a scoring system, meaning not every lead converts into an MQL. The ultimate goal of the scoring system is to have maximum leads, and the sales team puts efforts into the leads that spend the most time engaging with your content. 

How Does an MQL Convert to SQL (Sales Qualified Lead)? 

An MQL turns into an SQL when they are more qualified than just their behaviour on the website. The process from MQL to SQL is carried out by the business development team. Ultimately, an MQL becomes an SQL when one has collected sufficient information, such as: 

• Who are they?

• Who are they working for?

• What is their job title? 

• Their challenges & pain points

• Their needs & motivation 

So basically, an SQL is a prospect. 

The conversion cycles looks like this: Visitor-> Lead->MQL->SQL->Prospect->Customer->Ambassador

Understanding these terms is crucial to structuring the conversion cycle, optimizing the timeline of sales representatives, and boosting the performance of your business. So, are you looking to target and close sales prospects? Hire the best B2B lead generation agency in Mumbai-LeadoConnect today.