To supplement our previous reports on visitor-to-lead conversion rates by industry and Lead-to-MQL Conversion Rate Benchmarks by Industry & Channel, we’ve analyzed client data gathered between 2019 and 2024 to determine average MQL to SQL conversion rates. We define MQLs and SQLs as follows:
- MQLs are any contact that has (a) indicated intent to make a purchase (e.g. by filling out a contact form or reaching out via email); (b) been determined to be able to afford the product or service being offered.
- SQLs are any lead that in addition to the criteria above, have also (a) moved through marketing to sales with an intent to buy; (b) been vetted by a salesperson and determined to be a good fit; and (c) met wor booked a meeting with a salesperson.
The table below shares the results of our research team’s analysis:.
MQL to SQL Conversion Rates by Industry
Industry | MQL to SQL Conversion Rate | Notes |
Addiction Treatment | 14% | Addiction treatment exhibits lower MQL to SQL conversion rates as prospective customers navigate social stigma and the complex qualification process for admission, which can slow down the marketing pipeline. |
Aerospace & Aviation | 17% | The specialized knowledge and complex decision-making structure of aerospace companies make it especially difficult to move customers to the next stage of the funnel. Provide as much information on regulatory specs as possible to help move customers along. |
Automotive | 18% | The variety inherent in the automotive industry makes it difficult for some customers to make the next step in their journey, however B2C decision-making is often more emotionally driven, making it easier to maneuver prospective clients towards your sales team. |
B2B SaaS | 13% | B2B environments typically have a longer sales cycle due to a larger number of decision-makers as well as individual needs for customized solutions. Prepare a wealth of lead nurturing content to reassure interested leads. |
Biotech | 15% | Because biotech has a great degree of specialization, biotech companies often face the challenge of establishing themselves as experts. Partnering your company with key opinion leaders can make your company more appealing against competitors. |
Business Insurance | 26% | Like any other subdivision of insurance, customers seeking business insurance options have significant concerns around the regulatory environment of the industry. Including helpful comparison guides and policy breakdowns can simplify these problems, increasing the likelihood of a future sale. |
Construction | 12% | Construction clients often face high budgets for large projects, many of which are seasonal in nature, making a quick decision especially difficult. Including free offers for a quote as well as educational information on regulatory concerns will help move customers along. |
Cybersecurity | 15% | A rapidly evolving threat landscape in cybersecurity means that a successful marketing campaign hinges on whether or not your company can position itself as an authority on Cutting Edge Tech. Information guides , real time data, and client success stories will help companies position themselves as that authority. |
eCommerce | 23% | Although e-commerce has the highest conversion rate of any industry we surveyed, the high level of competition and high abandonment rate in the industry poses significant challenges for marketers. ensure that your checkout has a running total as customers add items to their cart and streamline your checkout process as much as possible |
Engineering | 11% | Client needs for customization and project scoping often lead to Extended planning that can delay the sales process. providing free initial consultations or assessments can help encourage key decision makers in the client company to move forward with an eventual sale. |
Entertainment | 16% | The entertainment industry is widely varied, but suffers from a fast-paced environment and budgetary constraints that often leave the marketing pipeline very unstable but fast moving. Focus content on audience engagement through storytelling related content to convince MQLs to become SQLs. |
Environmental Services | 18% | Environmental service clients face a high regulatory environment as well as significant budgetary constraints. In addition, they are wary of companies who greenwash their services to appear more environmentally friendly. Make information about your sustainability practices as transparent as possible to increase the chances of clients moving forward with a sale. |
Financial Services | 13% | Financial services companies have many decision makers operating with sensitive client information that they need to know is secure. They are also especially concerned with the ROI of their project, so highlight these benefits of your service while providing transparent information on your security suite to improve conversion ratings. |
Fintech | 11% | Fintech clients need to know that your solution is ready to adapt and evolve as quickly as their fast-moving industry requires. Prioritize the customization elements of your solutions in your marketing materials all the way down your pipeline to ensure a higher conversion rate. |
Healthcare | 13% | Healthcare companies and providers operate in a high regulatory environment dealing with highly sensitive client information. therefore cyber security concerns should be addressed at the outset, along with any policy breakdowns you can provide for how your Solutions navigate the regulatory landscape |
Heavy Equipment | 23% | Heavy equipment clients are often concerned about the cost of your solution more than anything else, due to the high budgetary requirements of the industry. offering free demonstrations or trial runs of your product is likely to tip the scales in the minds of key decision makers in your prospective target audience. |
Higher Education | 21% | Higher education choices are one of the most difficult, costly, and emotionally charged decisions that customers will ever make. As a result, higher education institutions should focus their marketing efforts on what makes their organization unique compared to the vast array of other choices on the market be it budgetary, specialization in degree, or extracurricular offerings. |
Hotels & Resorts | 22% | Hotels and resorts face a high level of competition regardless of the area as well as the budgetary challenge of seasonal business surges. marketing efforts in this industry should focus on USPS that make your location unique as well as limited time deals or loyalty programs that keep customers coming back in the off-season. |
HVAC | 26% | HVAC companies benefit from the often obligatory nature of home repairs or installations, but sometimes struggle with the high budgetary concerns of clients as well as a high level of competition especially in the last few years. Providing a free quote or assessment in these situations will make a prospective client more likely to move forward in the future. |
Industrial IOT | 18% | IIOT clients work with complex hardware and software that lead to a greater than usual amount of customization requirements which can slow down the already delayed B2B sales process. Teams should provide detailed but accessible material that break down company offerings, focusing on how they work in real-world settings. |
IT & Managed Services | 13% | IT companies operate with highly technical programs in an evolving technological landscape, leading to prospective clients having a great deal of security concerns. In addition, they are typically in B2B environments where many decision makers are involved in the process. Marketing teams should emphasize their solutions adaptability, showing how offerings can be customized to meet varying client needs. |
Legal Services | 10% | Legal services deal with a high amount of regulatory obstacles, so their biggest concern will be adherence. Provide educational materials for policy breakdowns to target top of funnel activity while including case studies to show your companies adherence in real-world settings. |
Manufacturing | 16% | Manufacturing companies deal with budgetary constraints often due to the cost associated with building, buying, and repairing existing equipment. Fighting transparent pricing information as well as free trial versions of your product is more likely to make them move closer to a sale. |
Oil & Gas | 13% | Oil & Gas companies deal with high capital expenditures that center discussions pertaining to your product around ROI. Provide transparent pricing information upfront so decision makers can consult stakeholders, management, and engineers more effectively. |
Pharmaceutical | 21% | Pharmaceutical companies face a high regulatory environment and a large number of decision makers due to the relative size of the company. Include policy breakdowns wherever possible to demonstrate your solution’s adherence to existing regulation. |
Real Estate | 10% | Real estate clients are working with an emotionally charged decision making process that often gets tied up in regulation for weeks or even months. Focus marketing strategies on long-term nurturing techniques like market reports or buyer/seller guides that establish your company as the go-to authority. |
Software Development | 14% | Software development companies deal with a high degree of competition and a fast-moving technological landscape. Marketing teams should focus both on what makes their offering unique against their competitors with comparison blogs asn well as consistent market reports that show prospective customers that they are keeping with the latest developments in the industry. |
Solar | 11% | Solar companies typically face their biggest challenge in budgetary concerns, as B2C customers work on a limited budget compared to what they are offering. Therefore, limited time deals, free quotes and limited information intake are much more likely to increase the chances of an eventual sale. |
Staffing & Recruiting | 12% | Staffing & recruiting have among the lowest conversion rates of the industries observed due to high competition (especially for high-level talent), candidate uncertainty, and customer trust. Targeting certain areas or industries can boost your trust in the eyes of prospective clients. |
Transportation & Logistics | 19% | T&L companies manage high-cost operations that require a great degree of specialization, resulting in MQLs having second thoughts about moving forward if they feel a product cannot meet their specifications. Focus marketing efforts on how your company has optimized supply chain efforts, including case studies and white papers to nurture existing leads. |
Further Reading & Requesting a Copy of This Report
We hope you find these benchmarks helpful in determining the health of your sales/marketing funnel. If you would like to order a PDF copy as well as discuss, you may request a copy here.
If you are interested in reading about how to improve your funnel, you may find additional reading material below.
- The Digital Marketing Funnel Stages, Explained
- The B2B SaaS Marketing Funnel, Explained
- Sales Lead Funnel Stages, Explained
- B2B SaaS Funnel Conversion Benchmarks
If you would like to speak with someone regarding a future partnership with our agency, you may reach us here.