Why the MQL Waterfall is Dead
In this episode of Unqualified Leads, we explain why we’ve stopped chasing MQL volume and how we’re shifting to a modern revenue playbook. We walk through where MQL → SQL made sense, why it breaks in 2025, and what we’re doing instead: ungated education, demand creation, and measurement that reflects how people actually buy.
We talk dark social, self-serve research, brand vs demand capture, and how we align with sales around SQLs, pipeline and Closed Won.
We share practical ways we track progress, share of search, engagement signals, self-reported attribution, and how we bring stakeholders with us during the transition.
Transcript
Unqualified Leads – Episode 002 Highlights
In this episode of *Unqualified Leads*, we dive into one of the biggest problems still holding B2B marketing back: the obsession with MQLs (marketing-qualified leads). For years, companies have measured success by the number of form fills, webinar signups, or ebook downloads. That model worked when businesses controlled the flow of information, but in 2025 the buying journey looks nothing like it did a decade ago.
Why the Old Model Fails
The MQL-to-SQL waterfall assumes a neat, linear path: awareness → engagement → sales handoff → close. Reality is messier. Buyers bounce between ads, peer reviews, podcasts, events, competitor sites, and AI-driven research tools. The modern journey is non-linear, buyer-led, and self-serve.
This breaks the MQL model in three ways:
- Volume ≠ pipeline: more leads don’t equal more revenue.
- Dark social dominates: communities and conversations shape decisions, but never hit your CRM.
- Gated content is less effective: AI tools and open information mean ebooks and webinars no longer guarantee intent.
What to Do Instead
Instead of chasing MQL volume, brands need to rethink their demand systems:
1. Invest in brand, buyers must know and trust you before they reach decision stage.
2. Accept 'dark' influence, not everything is measurable; use proxy metrics like share of search.
3. Rethink lead scoring, downloads ≠ intent. Layer intent data with self-reported attribution.
4. Align sales and marketing, focus on pipeline quality and revenue, not just lead volume.
The Hard Part: Change
Shifting away from MQLs can feel painful. Lead numbers drop at first, and stakeholders panic. But if you commit, you’ll see stronger SQLs, better win rates, and more efficient GTM. The funnel isn’t gone, it’s just no longer controlled by marketing. Buyers decide the route. The job now is to meet them where they are, seed demand early, and make it easy to buy when they’re ready.
The MQL waterfall had its place, but it’s no longer fit for purpose. In 2025, success in B2B marketing comes from brand, trust, and creating demand in the spaces your buyers already spend time. Leads don’t close deals, buyers do.