While some of the leads you encounter have the potential to be converted into customers, others are either window shopping, don’t have buying power, or aren’t serious about ever buying your product or using your service. The trick is to figure out who is worth pursuing. The best way to determine this is by separating your leads into two piles: marketing qualified leads and sales qualified leads.
They are two different kinds of leads that require two different nurturing strategies. And why should you nurture your prospects? According to Forrester’s research, a business can generate 50 percent more leads and save 33 percent of their budget if they invest in lead nurturing.
In the following sections, we’ll break down what a marketing qualified lead and a sales qualified lead are and how to nurture one into the other!
What is the Difference?
There are three lead levels: a regular lead, a marketing qualified lead (MQL), and a sales qualified lead (SQL). A traditional lead is a visitor to your website or social media page who is looking but has little to no interest in purchasing a property through you. An MQL, however, a prospect that is likely to become a sales-qualified lead and eventually a customer.
MQLs are promising prospects. They want to know more about your company, and they may even have an idea of what kind of property they want. MQLs signal that they are interested in using your services by intentionally engaging in lead actions such as submitting contact info, downloading materials, repeatedly visiting your website, or reading a specific kind of blog you’ve posted.
At the end of the lead funnel is the sales-qualified lead. These leads represent potential buyers who are ready to buy. They don’t leave you feeling overwhelmed and like you’re wasting your time. Instead of being presented with reasons why they should go with your services, you’re showing them ways to finance, such as banks if they haven’t yet been pre-approved. It is a similar journey to that of a sales funnel. The significant difference between an MQL and an SQL is that a marketing-qualified lead isn’t ready to become a customer just yet.
How to Nurture a Marketing Qualified Lead into a Sales Qualified Lead
Knowing whether it is time to convert a marketing qualified lead into a sales qualified lead can be compared to mustering up the courage to ask your crush out on a date: it depends on the signals they are giving you. Little hints that let you know they’re interested far beyond information gathering or aimless flirting. The thing is, to understand what those signs are, you and your real estate team must come together and define what they are through something called lead scoring. This process takes your lead nurturing efforts one step further by scoring your prospects on a scale of actions, enabling you to identify those who are ready to move further down the funnel.
Once they meet your predetermined criteria, they are ready to be passed to a sales team member or followed up with directly by you. Keep in mind that there is no way to pinpoint the exact moment that an MQL is eligible for SQL status. However, you have a limited time frame for converting the prospect, as they might lose interest and seek out another real estate agent if you take too long.
After you agree on what those signs and actions are, you can start to pour over your list of MQLs to see if anyone meets the criteria to go from a marketing qualified lead into a sales qualified lead. Here are a few ways to nurture a marketing qualified lead into a sales qualified lead:
Set Up Drip Campaigns to Engage Leads with Relevant Content
This automated email marketing strategy is the most effective for lead generation, relationship building, and sales. It helps you easily keep in touch with prospects and schedule and deliver content strategically to prospects. It also enables you to share promotions, news updates, deals, and much more, building a reputation while establishing you as a resource of real estate knowledge.
Take Part in Events
An often-overlooked way to nurture a marketing qualified lead into a sales qualified lead is by showing your face. It’s one thing to have your name plastered everywhere, but another for potential buyers to be able to put a name with a face and interact with you at local events.
Whether a webinar or in-person, you can use the event to make a lasting impression by highlighting your personality and industry knowledge. You can also address a larger audience of prospects than via email. Who knows, your presence may encourage a marketing qualified lead to move down the funnel to a sales qualified lead.
Segmenting your prospects based on buyer persona or their stage in your pipeline is the perfect way to nurture marketing qualified leads into a sales qualified lead. You can send them newsletters full of relevant information that preps them for buying a house. This can range from a checklist and little-known tips to recent listings and contacts for renovations and repairs. As you continue to share this info, your prospective buyer inches closer and closer to being ready to pull the trigger.
Send a Gift Box
A thoughtful way to nurture your prospective buyers over the edge into SQL status is to send them a branded gift box. Leads often feel like they’re one in a sea of others, and presenting them with a token is an excellent way to connect with them. Something you should always include is a thoughtful note showing your appreciation and excitement to be working together.
A few other things you can include are:
- Printed versions of your content, such as a checklist or “How to buy a house,” eBook made up of your most insightful blogs.
- A gift card for coffee, gas, or donuts.
- A few of their favorite sweet treats, if they’ve named them, or treats that match the season (i.e., hot chocolate bomb, cookies, or baked goods).
- Branded items like a pen, fan, baseball cap, or sunglasses.
- Business cards for sharing with family and friends.
Call Motivated Sellers
No real estate agent wants to waste their valuable time pursuing and nurturing the wrong leads. With our tips, you can identify marketing qualified leads and sales qualified leads, and nurture the right ones into converting. As you make your way through your list of prospects, consider Call Motivated Sellers and our cold calling services. We can vet your list and produce qualified leads that are ready to buy.
Are you interested in working with us or learning more about our services? Contact our team today, and let’s chat!