A product qualified lead (PQL) is an individual and business who has experienced value from using a product as a result of a free trial, use of a limited feature model, or other types of
A PQL is more likely to purchase a product than other leads as a result of having already receiving value from an understanding of the product. These individuals have bought into the product beyond other leads who have only performed research, received promotions, or have been referred to an organization.
The goal of a product qualified lead strategy is to immerse the customer in the product experience so that the customer understands the full value of the product.
A product qualified lead strategy is becoming more prevalent in the cloud software space where organizations are allowing potential customers to trial their products for an extended period of time while the company monitors usage behind the scenes (such as features used and how often they log-in). Examples of this strategy beyond software, include a scenario when a personal trainer provides an initial training session at a reduced price.
The customer acquisition cost is expensive and is often “hit or miss.” A product qualified lead strategy, if performed correctly, can lead to significant decreases in acquisition costs as a result of potential buyers overcoming many of the barriers inhibiting a purchase decision.