A Lead can be a contact of an individual or an organization, who has the potential to become a customer to your company or organization. The meaning of lead changes from organization to organization and from domain to domain. Defining a lead properly is very crucial for any organization as it helps in generating better sales for its business.
Because the sales team cannot react out to each and every lead brought up by the marketing team, there must be some mutual understanding between the marketing team and sales team in defining Lead. This is called the Service Level Agreement.
The outcome of this mutual understanding will be a qualified lead and qualified lead has more potential to become a customer to the client than a normal Lead.
The qualified leads coming out of the Service Level Agreement need to be reviewed from time to time both by the marketing and sales team so that agreement can be refined for better-qualified leads.
These qualified leads can be of two types
Marketing Qualified Leads: These are the qualified leads gathered by the marketing team, and here there is no guarantee that these Leads will become customers to the company and they have not yet expressed interest in purchasing the product. There are many ways for the marketing team to get these qualified leads. Let us say, a person made a shout out on a marketing platform and announced that he would send a free copy of his book to everyone who drops their emails in the comment section of the announcement. So, the marketer would hand over these marketing qualified leads to the sales team, however, there is no guarantee here that the sales team would be able to convert that marketing qualified lead into a sales qualified lead as the customer dropped the email in the comment just to get the copy of the book but has not expressed any interested in becoming the customer to the company.
Sales Qualified Leads: Here Lead himself showed interest in purchasing the product by
a) Filling the application online,
b) Calling the customer care
c) He just came to the company website to see the features and discounts offered by the company and the website requested him to give his mobile number so that an agent would call him to walk him through the features and the customer provided his mobile number.
e) He attended an event and he has given the contact information to the company agents who described the features offered by the product.
Now if the Sales Qualified Lead generated from any one of the above steps responds positively with the sales team, then the Sales Qualified Lead becomes a prospect.