What is “PQL” that is overwhelmingly important to bring the “Aha experience” and upgrade from the free trial version to the paid version?
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“Product Qualified Leads” refers to prospective customers who have experienced products through the free version and recognized their value, such as “MQL” for prospective customers obtained through marketing activities and “SQL” for prospective customers obtained through sales activities. It is called (PQL). Properly defining PQL is a great business weapon because it leads to user experience , so Product-Led Institute CEO Wes Bush said, “What is PQL?” Is explained?
Beginner's Guide to Product Qualified Leads (PQL)
https://productled.com/product-qualified-leads/
◆ What is PQL?
Bush explains that it is difficult to define a uniform PQL because PQL varies by company and service. A common mistake is to define PQL as `` person who upgrades a free plan to a paid plan '' or `` the person who created the free account '', but this definition assigns the wrong goal to the team In other words, the possibility that a completely new user becomes a customer of the product is overlooked.
Bush argues that PQL should be set as a “changing goal” and that teams and companies should always redefine PQL definitions from data. For example, Slack , a communication tool, uses PQL as 'reaching the message limit of 2000'. Facebook's PQL is 'adding 7 friends', and the conversational marketing platform Drift 's PQL is 'conversing 100 times on the website'. PQL is strongly tied to the shape of the product offered, and it should be set so that the probability of becoming a paid user or repeater increases significantly when PQL is reached.
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PQL is strongly linked to the aha experience that the product brings, and the big advantage is that the user has a solid understanding of the product. As Bush experiences B2B business dealing with SaaS , it is not uncommon for PQL to be 20-30%, and he expects a higher success rate than MQL.
If defined correctly, PQL is a great weapon for business. And when a prospect uses the product, the user's “willingness to purchase” is shown in the following points.
・ Product interest
・ Number of users
・ Functions used
・ Consumption patterns
・ Use pattern
· The speed at which the user accepts the product
It is important to understand what actions lead to the purchase of the paid version by carefully observing past data. If you have properly configured web analytics tools, you can see events that correlate with upgrades to the paid version, but if not, one way is to ask an expert to do the analysis. Although the process takes time, this gives you a good idea of what users will upgrade from a free plan to a paid plan.
On the other hand, you may have just started the service and have no choice but to predict what the PQL of the product is. In such a case, the first PQL is OK by saying 'Log in to the service 10 times'. “Log in 10 times” is because the user is returning for at least some reason. And as the business expands, ask yourself what the users are trying to do, that is, what is PQL for them, and ask their team to define their PQL It is necessary to continue.
by Brooke Cagle
◆ Incorporate PQL throughout the organization
After defining PQL, we will assign tasks to each team, including the marketing and sales teams, to create PQL. At this time, some cautions are necessary. For example, in the case of a marketing team, PQL of both the quantitative metric “number of visitors to sign up” and the qualitative metric “becoming PQL” It is important to include it. Bush says that quality should not be reduced to increase the number.
The sales team is uniquely positioned to help users choose which plan is right for their support and provide additional support. For this reason, sales teams can incorporate PQL into customer rates as a quantity metric. Qualitative metrics can include things like 'length of contact with users' and 'average LTV per account'.
In addition, Bush said that the engineering team has been in charge of key metrics, and has seen how to find an excellent method to be adopted by users. Bush shows that even one engineer can grow an organization by taking charge of the impact of metrics.
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