Lead Prospecting Definition
In today’s business environment, lead prospecting definition has undergone a significant change. Today many marketers define prospecting as a series of creative activities that help to capture potential customer attention.
By definition, lead generation initiates customer interest or inquiry into a company’s products or services.
Leads can also be generated for specific purposes like e-newsletter subscription list acquisition or specific sales opportunities.
Lead generation is typically defined as “the generation of leads by a direct or indirect contact with a buyer.”
This definition implies that lead generation does not encompass traditional lead forms (telemarketing, direct mail, and referrals) and does not necessarily require face-to-face interactions.
Many marketers consider lead generation more challenging because there are more variables to keep track of.
This challenge is further compounded by the fact that today, many prospects do not have a strong interest in buying a product or service and are open to receiving information via various platforms such as the internet, emails, mobile devices, and telephone.
The following are the six most critical factors most marketing professionals consider when defining a lead prospecting definition.
These factors are the frequency of contacts, availability, level of interest, conversion rates, and lead quality.
Understanding these factors will not only help marketers succeed in generating quality leads but will also increase profits.
- Frequency of contacts: Most marketing professionals define the frequency of contact as “the number of times that a lead is contacted over a period of time.”
This element of lead prospecting definition is often the most challenging simply because it is necessary to ensure that prospects are consistently informed about available opportunities.
In addition, this component requires the consistent follow-up of leads.
It is essential for a company’s lead generation system to provide follow-ups when a prospect has expressed interest in a particular opportunity.
A typical lead generation strategy is for a marketer to call every lead on a list at once, offering deals and incentives.
However, this approach tends to result in lower sales conversion rates, ultimately leading to lower profits for a company.
- Availability: This factor of lead prospecting definition is perhaps the most overlooked.
Many companies spend significant money building a solid lead database but can rarely meet the needs of these leads.
This is often because many lead seekers do not want to receive sales offers in the first place or do not always understand why they should offer information to marketers.
To generate quality leads, marketers need to develop a lead prospecting definition that considers several different factors related to each lead.
For example, a prospect may be interested in learning more about a particular product but may not be ready to purchase a product right now.
- Time frame: The lead prospecting definition should include the time frame for a lead to be considered a qualified prospect.
This is often related to the amount of time it will take the lead to act on a product or service request.
For example, a potential customer who is five years old may not be a qualified buyer of your product at this point.
However, a leader in their late twenties or even early thirties may be more likely to buy if given the opportunity.
- Age: Another critical factor to the lead prospecting definition is to consider the age of the lead.
Marketers need to remember that some people are more prone to purchase than others.
This is particularly true among adults as it relates to purchasing habits.
Additionally, some potential customers are more willing to take risks than others, so marketers should also consider the likelihood of these leads buying from them in the future.
This lead prospecting definition is not written in stone.
It is highly influenced by the role a marketer plays in nurturing leads.
Marketers need to understand how to use lead nurturing to build a strong relationship with these leads and convert them into sales.
As a marketer, you have a responsibility to only offer information that is pertinent to the prospect and the potential sales they could bring to your business.
By keeping this definition in mind, you will be able to determine whether or not the lead you are nurturing is a good lead or if it should be eliminated or moved on to someone else.