When creating a marketing strategy for your company or product it's important to know key marketing terminology. People in the marketing industry use the terms ‘lead’ and ‘prospect’ a lot in order to define the consumer and their position in relation to your company.
What is a lead ?
These terms are very important and understanding their relevance can help you with your new marketing strategies.
One might think that the terms ‘lead’ and ‘prospect’ can be used interchangeably but this is not the case. They have very specific definitions in the marketing field.
A lead is a term used to define a possible consumer of your product. These people are at the top of your sales funnel. A sales funnel is a process defined in marketing as the journey that a consumer can go on in order to go from a prospective customer to purchasing your product.
A lead is someone who is likely to buy your product, someone who is aware of your product and your company but hasn’t been qualified. This means that this person has interacted with your brand or product, through your website or on your social media accounts, but the level of their interest in your product is unclear by these interactions.
What is a prospect ?
A prospect is another name for a consumer, though different to a lead. This person is considered qualified, or is seen as likely to buy your product. A prospect once was a lead but is farther down the sales funnel. They have interacted with your content and product enough and are interested in purchasing it.
This relationship between these two terms is important in marketing your product successfully. It’s vital to help leads become prospects in order to sell your product. Some ways of doing this is creating online content of your product and company which can attract interest and potential leads to your company.
Using new and innovative content and products can generate interest in your company, turning leads into prospects.
At KODD Korner, we support you in the success of your digital marketing strategy. We are a 360° consulting agency. We offer 3 complementary services for the development of your business. Growth Marketing is the key to our know-how!