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What is a Sales Qualified Meeting (SQM) ?

What is a Sales Qualified Meeting

Sales Qualified Meetings (SQM) are the fifth of six lifecycle stages in the buyer’s journey. Because the marketing-to-sales handoff occurs, it is also one of the most important and challenging stages for a company to define. So, to provide some clarity, we think it’s reasonable to review the other five lifecycle stages before discussing how the SQM stage fits in.

 

Why Do Sales Qualified Meetings (SQMs) Matter?

 

Understanding the customer lifecycle and the SQM in the buyer’s journey is vital for success. Without clearly defining your lifecycle stages, you cannot monitor leads and define the actions. 

 

If you don’t leverage SQM, you might face huge challenges in tracking your customer lifecycle in the sales funnel. Here, at FunnL, a sales qualified meeting set-up leader becomes important because we understand that each of our customers is unique and has unique requirements. Our engagement models are designed to be flexible, efficient, and cost-saving. We offer two broad engagement models to all our customers, which can be adopted individually or in combination per the client’s specific requirements.

 

Also Read: Setting Up a Meeting Via Email: How to Do it Easily

 

Customer lifecycle stages

 

1. Visitor:

 

Visits, or sessions, measure the total number of times a user navigates to a website. Visits are an important digital marketing metric used with the conversion rate to measure an online store’s performance.

 

On the other hand, unique visits measure the number of individuals who visit the website. This metric is sometimes seen as more valuable than the aggregate number of visits because power users cannot skew the data.

 

2. Leads

 

Let’s say a lead has shown interest in a product your brand is selling. The user might share his email address, phone number, or other contact information so you can contact them on the following date. 

 

Here’s the twist: For some companies, a lead may mean an individual already determined as a prospective customer. For others, a lead is just a contact they have received from one of their many sources. However, irrespective of how the companies see the leads, they have the potential to become future clients. The company’s main goal should be to convert a lead into a sale.

 

3. Marketing qualified leads (MQLs)

 

When a company confirms a lead is a good fit and demonstrates a return interest by marketing to them, it becomes a Marketing Qualified Lead (MQL). Once a lead becomes an MQL, the company continues to explore the contact and nurture them down the funnel.

 

Also Read: Guide to Building Successful MQL Portfolio

 

Identifying a qualified marketing lead is critical to your start-up’s success. Some of these high-quality leads will be your long-term business partners, while others may just be window-shopping your products. Thus, it becomes important to estimate the right marketing qualified lead and have a predetermined estimate of the business they may bring.

 

4. Sales qualified leads (SQLs)

 

An MQL is defined as an SQL when sales agree with marketing that the contact is interested and a good enough fit for a discovery call to initiate a sales conversation.

 

Demographics are an essential factor in the design of SQL as companies aim to use techniques such as customer profiling to determine whether a lead is ready for the sales department. Information such as a lead’s industry, company size, and job role is crucial to learning how interested and serious they are in purchasing a company’s products. As the prospect moves closer to being labeled an SQL, information such as pain points or budget becomes relevant to the salesperson before he directly contacts the prospect.

 

Also Read: Do’s and Don’ts of a Sales Qualified Meeting

 

5. Sales qualified meetings (SQMs)

 

Sales Qualified Meetings become an opportunity when the customer confirms that the company could solve their problem. They continue the sales process by exploring our products and services in greater detail.

 

At FunnL, the meetings are of the highest quality because we adhere to the quality parameters ‘you define.’ Our customers decide on the lead qualification criterion regarding services marketed, regions targeted, decision-makers, target companies/industries, and revenue parameters.

 

6. Customer

 

Sales Qualified Meetings become customers when they sign a deal. Let’s investigate further into what defines Sales Qualified Meetings!

 

Typically, a meeting is conducted for clients in the Sales Qualified Meetings stage. That meeting can be a demo or an assessment, where a conversation between the prospect and a sales representative occurs. The meeting only becomes an opportunity if, during this conversation, they confirm interest in continuing the sales process and potentially making a purchase. Of course, this procedure can look different from company to company.

 

Conclusion

 

A Sales Qualified Meeting (SQM) is a pivotal element in the sales process that can drive significant improvements in conversion rates, sales cycle times, and overall sales effectiveness. By understanding and implementing SQMs, businesses can ensure that their sales teams focus on the most promising opportunities, ultimately leading to better sales outcomes and stronger customer relationships.

 

Investing time in properly qualifying leads and setting up successful SQMs can be a game-changer for any sales organization. So, start refining your qualification criteria, train your sales team on best practices, and watch your sales performance soar!

 

Contact FunnL to discuss how we can help you qualify prospects for a meeting or discuss outsourcing your prospecting to ProSales Connection. All you have to do is a request for an online meeting.

 

FunnL is one of the best and fastest-growing B2B appointment setting companies. The team involved is highly skilled and experienced. The team has generated over 10,000 sales-qualified meetings from healthcare, education, finance, business services, telecom, and technology.

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