Just like a Lead, a prospect is a contact of an individual or an organization. From the sales team’s point of view, Prospect has more potential to become a customer to the company than a Lead and a Qualified Lead.
This is how the potential of various types of Leads to become a customer appears from a Sales Team point of view.
Below is how the sales team views the potential of various types of Leads for becoming the customer of its company.
Prospect > Sales Qualified Lead > Marketing Qualified Lead > Lead.
Because it is not advisable for the sales team to spend their time on each and every lead provided by the marketing team. So for that purpose, there must be a mutual understanding between the marketing team and the sales team to define the Lead properly so that the sales team would be getting Qualified Leads rather than just Leads. But there is no guarantee that a qualified lead becomes a customer to the client, as the qualified lead has not yet expressed interest in the product.
Once the qualified lead starts showing interest in the product, then he becomes a prospect. So, it is the responsibility of the sales team to contact the qualified lead and pitch the product to him and convert him into a prospect.
There is another side of this scenario, where the customer himself showing interest in purchasing the product by
a) Filling the application online,
b) He himself calling the customer care
c) He is responding positively to the social marketing ads,
d) He just came to the company website to see the features and discounts offered by the product 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.
Then, in this case, he is not a sales qualified lead, and once he responds positively to the sales team, then the sales team marks the Sales Qualified Leam as Prospect.