What is Bookings per MQL?
Bookings per MQL is a marketing KPI used to measure the effectiveness of lead generation and conversion efforts.
Why is it Important to Monitor Bookings per MQL?
- Measure Marketing Effectiveness: It provides a direct way to assess the performance of your marketing efforts in terms of lead generation. By tracking the ratio of bookings to MQLs, you can see how well your marketing campaigns and lead nurturing activities are translating into actual sales.
- Align Sales and Marketing: This metric encourages alignment between sales and marketing teams. It helps both teams understand the quality of leads generated by marketing and the success of sales in converting those leads. When both departments work towards a common goal of improving “Bookings per MQL,” it can lead to better collaboration and communication.
- Focus on High-Value Leads: “Bookings per MQL” allows you to identify which marketing channels or campaigns are bringing in the most valuable leads. This data can help you allocate resources more effectively and prioritize the channels that generate higher-converting leads.
- Budget Allocation: Understanding the “Bookings per MQL” can assist in budget allocation decisions. If certain marketing activities consistently yield a higher ratio, you may choose to allocate more resources to those activities and optimize your return on investment.
- Goal Setting: “Bookings per MQL” can be used to set specific performance goals for both marketing and sales teams. It provides a clear target to work towards and helps teams focus on improving their processes to achieve those goals.
How to Calculate Bookings per MQL?
Simply divide the total number of bookings (closed deals) by the total number of MQLs within a given period (i.e. month, quarter, year, etc.).
Bookings per MQL Formula
Bookings / #MQLs
How to Improve Bookings per MQL?
- Refine Lead Qualification: Ensure that MQL criteria are well-defined and aligned with the characteristics of high-converting customers.
- Nurture Leads: Implement effective lead nurturing strategies to move MQLs further down the sales funnel.
- Align Sales and Marketing: Foster collaboration between sales and marketing teams to ensure better lead handoff and communication.
- Optimize Marketing Channels: Invest more in marketing channels that consistently generate higher-converting MQLs.
