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Lead generation vs. prospecting

Before we begin creating your Ideal Customer Persona (ICP), let's get our terminology straight.
 

Leads, prospects, opportunities, and customers

Remember how we explained that your buyer is named differently depending on where they were in the sales funnel?

Let's refresh our memory:

  • Leads – People you’ve never talked to before, names off a list, referrals, or people who’ve contacted you.
  • Prospect – A lead who said yes! They’re interested in hearing more about what you have to say.
  • Opportunity – A prospect who has met your qualification criteria and has a high probability of becoming a customer.
  • Customer - Someone who has paid to use your product or solution.

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Lead generation and prospecting

Throughout your sales journey, you will probably come across the terms "Lead Generation" and "Prospecting" quite often. You will also probably hear some people say they're exactly the same, and some people define them very differently.

In the end, they're different ways to refer to the process of generating awareness of your product and getting your customer through the funnel to purchase. While we are not big fans of restrictive terms and definitions, here's the most widely accepted definition of both terms:

Lead generation vs. prospecting
 

  • Lead Generation is usually a marketing term. It is a long-term strategy to generate leads and is directed towards the top of the funnel. Activities usually include creating content, paid ads, and launching landing pages, which are carried out by the marketing team. If there is no marketing team, SDRs / BDRs will research potential leads online or by visiting events.

  • Prospecting is usually a sales term. It is about identifying and contacting those leads to generate interest and usually refers to the top or middle of the funnel. Activities usually include searching for leads, cold/warm emails, and calls.

Again, depending on the industry, company, and product you deal with, they will likely have different definitions for both. What's important is that you understand the dynamics of your sales funnel, and what your role is within it.
 

🤔 What's next?

  • In this module (5) we will cover the first part of the prospecting activity: Generating the right leads
  • In the next module (6) we will cover the second part of the prospecting activity: Contacting these leads effectively

Now that definitions are out of the way, let's dive a little deeper into the prospecting process!

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