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There are two different strategies for

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coming up with a list of leads, lead
generation and prospecting.

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With both prospecting and lead generation
you are searching for

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a prospective customer.

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Your differences lie in the approach.

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With lead generation, you're focusing more
on customer cultivation and nurturing.

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Whereas with prospecting,

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you're trying to fill up your sales funnel
as soon as possible.

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Let's start with lead generation.

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Your goal with lead generation should be
to generate awareness about your

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product or service, and to generate
qualified leads slowly over time.

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Let's take a step back, though.

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What are leads?

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A lead is a person who has indicated, in
some way, interest in your

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company's product or service, most often
by providing you with contact information.

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With lead generation, you're primarily
going to engage in activities that

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inform the customer, increase brand
awareness, and position your offering at

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the top of their minds when they're ready
to engage in the sales funnel.

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A lot of the activities we talked about in
the marketing section,

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things like inbound marketing, social
media engagement, and

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others, are all activities that help you
build leads.

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With prospecting on the other hand,

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there is a more urgent need to fill up the
sales funnel.

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The end goal is the same.

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Ending up with a list of qualified leads,
but the activities are totally different.

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You engage in activities that provide
quicker results.

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Things like purchasing mailing lists or

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business directories, attending networking
events and conferences, and so on.

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As we mentioned earlier, your objectives
are the same.

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With lead generation, you're essentially
playing the long game.

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And with prospecting, you want quick
results.

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Depending on the situation, you use one or

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both strategies to optimize your sales
goals.

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Lead generation works better when, you
want to build awareness of your product or

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service among your potential customer base
before you reach out to them directly.

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You're not in a rush to build leads and
can invest time into

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activities that establish you as a thought
leader and increase your brand awareness.

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You want to invest in a strategy that
builds a constant flow of leads.

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You want to engage with qualified leads
that are warmer.

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Now, a qualified lead is someone who is
both indicated that they're interested in

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your product or service and who has the
ability to make a purchasing decision.

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On the other hand, prospecting works
better when,

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you need to fill up your sales pipeline to
hit your quarterly goals.

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You need a more aggressive strategy.

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You want to focus your efforts on small
identified niches of customers.

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You aren't concerned with brand awareness
prior to engagement.

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And you are comfortable engaging directly
with customers and

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convincing them directly on your value
proposition.

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It does not matter if you have qualified
or warm leads to begin with.

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The strategy you use depends on your
business, time frame and goals.

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You can use either strategy, or a
combination of both.

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Regardless of the strategy that you use,
one of your initial objectives is to

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whittle down your list of leads, to obtain
qualified ones.

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What are qualified leads again?

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Now we said that a lead was a person,

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was has indicated in some way, interest in
your company's product or service.

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A qualified lead, then, is someone who is
not only interested but

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has provided further information that
allows us to

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convert them to paying customers much
easier.

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Do they have a budget to make a purchase?

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Are they a decision maker in the
purchasing process?

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Do they have a need for your product or
service?

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And have they specified a time frame
during which they can make that purchase?

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Unlike certain industries,

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prospecting doesn't do too well when it
comes to web products and services.

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Lead generation, through inbound
marketing, generates better results but

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takes more effort.

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So, why bother with qualifying our leads?

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Now on a per-lead basis, basic leads,

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even though they cost less than qualified
leads, lead to a very low conversion rate.

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Therefore a greater investment is required
on our part to convert these

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leads to customers.

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With qualified leads however, since the
conversion rates are much better,

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we have a much better return on
investment.

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When you engage with a lead, you need to
take them from being a lead,

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to a qualified lead, to a paying customer.

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This isn't a one-step process and

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is what separates the skilled sales people
from the pack.

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And that's what we're going to get into
next when we

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talk about sales presentations