What is a Lead?
A lead is someone who has shown some interest in what you do. For example, they may be interested in learning about your product or service or want to know more about you.
Leads are usually identified through lead generation activities such as cold calling, email campaigns, and other forms of outreach.
What is a Prospect?
A prospect is someone who has already expressed an interest in what you offer. They’re looking for ways to solve problems or improve their business. They’ve probably researched your company and products and are now ready to talk to someone about it.
Prospects are usually generated through phone calls, emails, social media posts, etc.
Prospect vs lead: what are the key differences?
Leads are interested in buying from you, whereas Prospects are ready to buy. In addition, leads are usually identified through marketing activities such as email campaigns, social media ads, etc., whereas prospects are found via salespeople who may call them directly.
A prospect is someone who has expressed interest in your product or service. In comparison, a lead is someone who has shown interest in your business through some activity such as filling out the web form or subscribing to your newsletter. The difference between these two types is that leads are interested in buying from you, while prospects are interested in becoming customers.
A lead is someone who shows interest in what you do but hasn’t yet made any commitment to buy from you. A prospect is someone who has committed to buying from you.
- Have shown interest in what you do
- May not yet be ready to buy
- Are looking to learn more about you and your business
- Already bought or may buy something from you
- Ready to buy
- Want to work with you
How should you approach leads and prospects?
The first step when approaching leads and prospects is to identify them. First, you need to determine if they’re a lead or a prospect. Once you know which one they are, you can decide how best to approach them.
If you don’t know whether they’re a prospect or a lead, then you can start by reaching out to them. It could mean sending them an email, making a phone call, or even sending them a message on social media.
If you’re unsure how to approach them, you can use a template that will help you figure out the best way to reach out to them.
Once you’ve reached out to them, ask questions to determine whether they’re still a lead or prospect. The answers to those questions will tell you where to go next.
Things you can do for leads:
- Help them understand why they should choose you over others
- Show them what you can do for them
- Explain all of the benefits of working with you
Things you can do for prospects:
- Make sure they get what they want
- Get them excited about your solution
- Sell them on the value of working together
What can you do to convert leads into prospects?
- Keep them engaged
- Be helpful
- Provide useful information
- Answer their questions
- Give them reasons to trust you
- Create urgency
- Deliver results