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The Unstoppable Group Inc. (TUG Inc.) Definitions of MQL & SQL
The Unstoppable Group Inc. (TUG Inc.) Definitions:
Lead stages in the sales funnel:
Sales funnel is the tool used for the conversion
process from ‘market’ to ‘customer’. This is the ‘funnel’ of potential customers that
have been identified within the sales process. The following classification is used by
TUG Inc. team:
- Market: The entire market our client is focused on.
- Suspects: The Buyers/Decision Makers that are potential customers within the
target market because they fulfill specific criteria.
- Leads: marketing qualified leads to include Buyers/Decision Makers in the category of ‘suspects’ that have indicated that they could be interested in the products and services of our client.
- Prospect: sales qualified leads are prospects in the sales funnel. These includes Buyers/Decision Makers that have shown a serious interest in the products and services of the client & have thus been handed over to the client
- Customers: Buyers/Decision Makers with whom client finally has a customer- provider relationship through TUG Inc.’s initiative.
MQL or Marketing Qualified Lead
Marketing Qualified Leads turn into Sales Qualified Leads (SQLs), which then turn into customers. A Marketing Qualified Lead (MQL) is a lead who fit the criteria of the Target Audience specified by our client and have shown interest in buying. They are open to the idea of a sale and have taken an initial step to engage, without buying. They have made some sort of response contact action to peruse what our client has to offer. It’s a start, to finding sales-ready leads and weeding out those leads who are unlikely to commit to a sale.
SQL or Sales Qualified Leads
TUG Inc. defines Sales Qualified Leads (SQLs) as prospective customers who have moved through the sales pipeline – from MQLs through a rigorous qualification process and have thereby been converted from an MQL (Marketing Qualified Lead) to an SQL & handed over/introduced to the client who can now convert them into an active customer. It is a long way for Tug Inc. from the project start to delivering SQLs (Sales Qualified Leads) to our clients & includes the following activities requiring a minimum 90day ramp up period
1. Gathering Market Intelligence
2. Content Creation
9. Converting of MQLs to SQLs
The buying journey of the customer can happen at an early stage of the process, however it can still take a long time before they are sales qualified and interested in contact with our client. In this discovery phase, the potential customer can still be unsure. Our unique approach & qualifying questions are created to help the potential customer figure out their need. TUG Inc. client must manage their expectations by considering the time we may need for lead nurturing & relationship building with certain high value potential Buyers. To effectively convert MQLs to SQLs & before they are handed over to client
Tug Inc. team implements the following steps:
• Confirm that MQL meets the criteria of “Target Audience” as per our client
• Confirm that MQL is leading the DE&I initiative at the organization
• Confirm that MQL has allocated necessary budget towards DE&I
• Confirm that MQL is open to external support on their DE&I journey
• Confirm that MQL is not an existing client of our client
• Confirm that MQL is the only decision maker for buying DE&I solutions
• Confirm that MQL is interested in meeting client to explore further
Once the above criteria have been satisfactorily fulfilled, TUG Inc. will then deem the MQL as SQL and connect the SQL to our client. Once TUG Inc. has handed over the SQL to the client, follow-up by client must be in place and tightly managed. Leads can cool off quickly and evaporate. With each step in the conversion process, the likelihood that a MQL becomes a SQL increases. All processes starting from the time the SQL is handed over/introduced to our client, to closing of the deal and follow-ups in between is the responsibility of our client.
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