PropTv Ep.5 How to Convert Marketing Qualified Leads

Video Transcript

Nik

Hi guys, today we’re gonna be talking about what to do with marketing qualified leads. Erica, welcome!

Erica

Thank you!

Nik

Talk to me about marketing qualified leads, what are they?

Erica

So it’s a new phenomenon in the market. Before you kind of triggered all leads and sales leads with the opportunity to sell to them but because the buyer journey has changed and prospects are coming in earlier and earlier, because they are doing more research online, it’s created the need for this marketing qualified status.

Nik

What is a marketing qualified lead?

Erica

So, a marketing qualified lead is someone who comes in and maybe is not ready to purchase within the next three months. So they are not ready to speak to sales. So their time frame is maybe six months to twelve months. Their financiers – they’re still trying to work that out, or they’re just still researching the market and don’t know when they’re gonna be ready.

Nik

Ok, once you’ve got a marketing qualified lead, what’s the next key thing you want to do?

Erica

So then, you want to determine what stage they are in, are they in interest are they in consideration and then you want to offer- put them on a nurture campaign which offers them information that is going to adjust the key questions they have at that stage. So this can be a served via email, you can sometimes use SMS, potentially even events and webinars in order to introduce this education content.

Nik

And what’s the goal of nurture program?

Erica

The goal is to understand when they are ready to actually speak to sales. So you can do that through appointment request, through call back requests, through coming through a specific product launch. Those are key indicators that these marketing qualified lead is ready to move in to that sale qualified status.

Nik

And obviously it’s where behaviour leads scoring based on the actions they’re taking through the information you said.

Erica

Absolutely! And you want to use that in order to have personalised sales conversation with them. So you want to look at what emails are opening, what products are they looking at your website in order to- when you do make contact have that conversation that says, we know you’ve been engaged with this. This is how we can take you to that next step.

Nik

And for the industry, what are the benefits of the an approach like this?

Erica

So, the key benefits is that if you’ve been providing value to these prospects for months before they even speak to sales, then they’re gonna be most likely they convert with you on the sale. We know that prospects are inquiring on a bunch of different projects and so to be able to own that customer’s mindset and decision making process, it’s gonna give you the best opportunity to get that sale.

Nik

And obviously, you know, makes it a much more efficient sale because you’re not constantly topping up the funnel to find the opportunities.

Erica

Right, because generating a new lead is much more expensive than nurturing an existing.

Nik

Fantastic! So to wrap up, three key things to take out of this, defining what is a marketing qualified lead, understanding what the rules of engagement are with the marketing qualified lead and then nurturing them effectively until they are ready to be a sales qualified lead.

Erica

You got it!