Exploring The 7 Different Types Of Leads In Business
When it comes to marketing products and services, every business wants to target leads that can convert to customers. Without proper research, marketing a solution is essentially fruitless; instead, you should focus on reaching out to people and businesses that will likely purchase your solution. These people you concentrate on are referred to as sales leads in business, and they can come in multiple forms. There are many different types of leads in business; understanding each is crucial to your success and overall sales strategy.
A cold lead is a person or business that fits your target profile but has shown no interest in your product or service. These leads can be generated using Lead Revealer software or through independent research. Cold leads can be one of the most difficult to convert to customers.
A warm lead is similar to a cold one, except they are already familiar with what you’re offering or your business in general. These leads often are already following your online posts such as blogs, social media, or advertisements; they may have even gained familiarity through a general conversation. Regardless of the source, these leads are more accessible to convert into customers than cold leads.
Hot leads typically have shown previous interest in your company, product, or service. They may have filled out a newsletter subscription form or requested information directly. These leads should be given immediate attention; otherwise, their interest may fade, or they will purchase through your competitor. These leads are generally easy to convert and should be given priority.
Information Qualified Leads (IQL)
An information-qualified lead generally has a problem and is actively conducting research to find a solution. Typically, they may have already reached out, providing information about their situation, but have not yet expressed any interest in a solution. These leads are usually generated by downloading your valuable information or filling out a form. You can typically gain more information about them or their business through these forms, giving you more opportunities to convert them.
Marketing Qualified Leads (MQL)
Similar to information-qualified leads, these leads are actively searching for a solution to your product. Marketing qualified leads are one step ahead of IQLs and are interested in your solutions. These leads are easier to convert into customers and can be persuaded with more information or a meeting.
Sales Ready Leads
At the bottom of the funnel, the sales-ready leads sit, ready to purchase your solution. These leads have expressed total interest in your product or service but still require nurturing. It is essential to follow up with these leads and ensure they are fully informed on how your solution will benefit them.
Sales Qualified Leads
Similar to sales-ready leads, these leads are ready to purchase your product but may require a bit more information and following up. These leads are very hot, and it is essential to reach out to them quickly so that they don’t go to your competitors for a solution.
Understanding where each lead is in the sales process is essential. Although there are many different types of leads in business, hot leads should be prioritized and acted upon quickly; providing extra information on how your product is their solution will help close the sale. Lead Revealer software can help your business reveal prospects and lead opportunities that are ready to close. Visit our website to learn more!