You’ve heard the term “Product Qualified Lead” (PQL) tossed around before, however, a lot of organisations either aren’t engaging with them correctly, or simply don’t understand what this term even means!

So, what exactly is a product qualified lead?

A product qualified lead is a lead that has met certain criteria that make them ready to purchase your product or service. This could be in the format of a website enquiry, consistent website engagement or existing customers who have displayed intent online that they are interested in a similar product or service.

In this blog post, we will discuss the importance of product qualified leads and how you can use them to maximise your success.

product qualified lead
Regardless of what product you are selling, if you are measuring and tracking your audience’s online behaviours, you are able to identify product qualified leads.

What is a Product Qualified Lead?

A product qualified lead is a customer who has expressed interest in what you offer and has demonstrated a high level of commitment to buying from you.

They are usually further along in their buyer’s journey than other leads and have taken steps such as visiting your website multiple times, downloading information about your product or service, and engaging with your team on social media.

Often organisations will create their own criteria as to how they identify who within their audience is part of a particular lifecycle stage.

If you have not yet created pre-requisites for each lifecycle stage or set up product qualified leads as a stage, then simply start with any of the above examples to segment your existing audience.

Why are Product Qualified Leads Important?

Understanding which leads are most likely to convert into customers helps you focus resources on those people and increase their chances of purchasing from you.

Additionally, understanding when someone is qualified to buy can help sales teams move more quickly through the sales cycle because they don’t have to spend time qualifying each lead individually.

This can save your organisation hundreds of hours and thousands of dollars a year, purely because your workforce will be able to focus on the highest value and “hottest” leads available.

How Can You Generate More Product Qualified Leads?

There are several tactics that companies can use to generate more qualified leads.

These include the following:

  • Using marketing automation tools to create and launch highly personalised and relevant email campaigns that prompt engagement
  • Content marketing strategies like creating helpful blogs and webinars to achieve cut through to your audience and educate them
  • Optimising websites for search engines (SEO) using articles that help answer frequently asked questions and add genuine value (hopefully like this one!)
  • Running ads on social media platforms like Facebook, LinkedIn and Twitter that retarget audiences based on known data fields or previous behaviours
  • Setting up Google Ads campaigns that target high intent search terms which indicate a customer is close to purchasing
  • Tracking potential customers using analytics tools or surveys, and
  • Utilising sales enablement techniques like Account Based Marketing (ABM) to serve highly personalised campaigns to multiple high value prospect accounts, each targeted at at multiple decision makers within one organisation.

Conclusion

Product Qualified Leads represent an opportunity for businesses to maximise their success by focusing resources on those people most likely to buy from them.

By understanding what constitutes a product qualified lead, companies can develop tactics and strategies to create more of these qualified leads.

These strategies include leveraging marketing automation tools, content marketing strategies, SEO optimisation tools, social media ads, analytics tracking tools and surveys as well as influencers in their industry for promotional purposes and sales enablement with ABM methods.

With these tactics in place businesses will be able to target more qualified buyers resulting in increased sales opportunities that could help drive better ROI results.