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Glossary Terms
Compass - The Only Sales Glossary You Need
A sales-qualified lead (SQL) is a prospective or potential customer who has been determined to have a higher possibility of becoming a paying customer than the other leads in the sales funnel.
The central perspective to categorize SQLs is to prioritize and pay attention to sales efforts on prospective customers having a higher probability of turning in a paying customer. Sales teams foster to work closely with the marketing team to build the criteria for identifying sales-qualified leads (SQL).
A sales-qualified lead (SQL) is a potential customer who has passed the sales funnel and is deemed the potential customer. An SQL has displayed intent to buy products or services and has met specific requirements that determined them as a good fit.
The criteria for selecting an SQL may vary depending on the organization and its sales strategies. Some aspects considered include market engagement, budget availability, and authority to make purchasing decisions.
Some common steps to qualify a sales lead are:
The key difference between a qualified marketing lead (MQL) and a qualified sales lead (SQL) is that MQL is the leads that show potential interest but require nurturing by the marketing team as they may not be immediately ready to buy the product. While SQL leads that have been qualified by the sales team and are ready and more likely to convert into paying customers.
Cost per sales qualified lead (CPSQL) is a metric used to measure the cost-effectiveness of marketing and sales efforts in forming qualified leads that are set for sales engagement.
The basic formula to calculate cost per sales qualified lead is:
Cost per sales qualified lead = Total marketing and sales expenses / Number of sales qualified leads
Increasing sales qualified leads requires a strategic approach that largely helps in optimizing lead generation and qualification process. Some effective ways are as follows:
