What is a Lead or Prospect? What’s The Difference?

What is a Lead or Prospect? What’s The Difference?

Lead and prospect, These two terms that you probably hear regularly. They are surprisingly difficult to define because there is not a single universal definition.

Every customer starts as a stranger, then we take the stranger through a consistent sales process that takes them down to the funnel, and eventually, they convert. 

The terms “lead” and “prospect” are just two, but many other terms are used to describe business relationships. 

A lead is someone who can match your target market but is not ready to purchase right away.

Through your own research, you have selected (literally, or through automation) a pool of people who may be relevant to your target market. 

If the lead reacts to your offer, there is a good chance that the lead will have become a prospect. However, if they do not respond, or if they do not want or cannot buy for now, they will remain lead.

Lead VS. Prospect

In marketing, leads and prospects are two different types of people. We can say that a group of people categorized as leads and the other prospects. Both required two different types of communication. 

Communicating with leads is all about awareness of the brand, interest, and offers. 

While communication with the prospect is the next step, It’s about turning interested leads into a business relationship and moving it to the bottom of the funnel.

Let’s talk about the points of lead communication. 

  • The strangers on your email list
  • Commenters on your blog posts
  • People who have liked or shared your social posts
  • Names on a list you purchased from a marketing firm

Let’s have a look at the prospect communication, for instance, a prospect is: 

  • A lead you’ve already talked with on the phone
  • Someone who already responded to one of your emails
  • A lead who clicked a link from an email that you have sent
  • A person who matches your target market, who you have to chat with at a trade show.
  • Someone who asked about your product/service on social media. 

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