Generating leads is one of the most important things for many mortgage and insurance brokers. But even if you’re creating a good amount of leads, these leads have to be Sales-Qualified to save time and money for your business and your prospect.
Understanding the different customer lifecycle changes and how SQLs (sales-qualified leads) factor into the buyer journey is vital for your business’ success.
What is a Sales-Qualified Lead (SQL)?
A sales-qualified lead (SQL) is a prospective customer that has progressed past the engagement stage and has been deemed ready for the next stage in the sales process — a direct sales push.
SQL leads have displayed intent to buy and have met lead qualification criteria (i.e. credit, income, age, etc.) determining that they’re the right fit for the product or service.
What is the difference between SQL and MQL (Marketing-Qualified Leads) leads?
This differs from a marketing-qualified lead (MQL), which is a prospect that your marketing team deems more likely to eventually turn into a sale than other leads but hasn’t passed sales qualification criteria yet.
MQL leads require additional marketing assistance before they’re ready to receive a sales call.
Now that you’re aware of SQLs and their difference from MQLs, now is the time to know why SQLs are so important for your business.
Why are SQL leads so crucial for your business?
Studies have shown that only 25% of leads qualify as ideal customers of a business and 75% of those never convert. Studies also state that about 73% of the leads businesses generate online are not sales-ready and about 50% are qualified but not willing to buy.
Briefly, SQLs save you time by only talking to the right people. If you’re ignoring qualifying your leads, you’ll probably end up wasting a lot of time following up with those which aren’t a good fit for your specific product/service.
Moreover, sales-qualified leads may provide businesses with a pathway for prospects to receive more relevant information according to the product/service you’re offering and personalized engagement.
Not discerning between SQL leads and non-SQL leads is a major source of lead generation failure in most businesses. It happens often when sourcing leads from providers who don’t pre-qualify or when running campaigns in-house without having a sales-qualification process.
How FinanceVine can help your business grow?
Our fully managed service delivers leads on-demand and inbound calls at a guaranteed cost every month.
Also, our leads pass through rigorous qualification and filtering which means you only get qualified leads with validated contact info, who are interested in your services.
What are the key points to look for when qualifying a lead?
It’s important to qualify your leads for the product/service you’re offering and not a very general one.
Let’s see some examples:
For example, with refinancing, you could have rate-and-term - for people who want a lower rate. Cash-out for people who want to take some cash out of their home and debt consolidation for people who need to consolidate debts.
By making clear which type of refinancing is being offered, we only attract people who fit that customer segment in the first place - so we don't get bad fit leads for brokers who don't offer one service or the other.
Then, once we get the lead on the page, we use quiz forms to segment the leads. If the lead doesn't match these criteria, it isn't accepted by the form and it doesn't get assigned to our service providers.
Here you can view our lead qualification criteria:
Mortgage - Home Equity
Mortgage - Refinance (Cash-Out)
Mortgage - Refinance (Rate & Term)
Mortgage - Buyers (Prime)
Mortgage - Buyers (Sub-Prime)
Mortgage - Reverse
Real Estate - Sellers
(except Real Estate)
Time is money and if a business ties up its sales team chasing down leads that are not even qualified for the product or service, that is a huge resource drain.
By ensuring leads have met - at least - basic qualification criteria before accepting them and assigning the lead, this also means more resources get put towards working on the leads who do qualify and who are a fit for the specific service.
This blog post was all about the importance of SQLs. Next week, we are going to talk about the next phase of the process which is “Lead validation & Qualification”.
Here at FinanceVine, we are experts in generating ROI-positive results in the financial services space through online lead generation.
Schedule a call with us and discover how we can help your business.