While often treated as having one definition, these two concepts are fundamentally different, and confusing them in practice can be leading you and your team down an uncertain path of wasted time, pointless meetings and significant frustration!
It's akin to mixing metaphors, like throwing ‘all your cards on the table’ and ‘hoping something sticks’.
A lead is anyone who has had any interaction with your brand
They earn the 'tag' because these interactions possess the potential to 'lead' to further engagements or referrals.
Some qualifying touchpoints that identify a lead can include:
pausing over a social media post or - better yet - giving you a thumbs up!
sampling your products,
joining your mailing list through the download of a freebie,
reading your blog,
engaging in conversations with your staff,
virtual or physical business cards exchange at a networking event.
Now, let's delve into the distinction.
A ‘lead’ can be a ‘prospect’ in disguise, but not always!
Uncovering a prospect from the plethora of leads you could be raking in, hinges largely on what your business truly seeks in a customer. Yes, what you seek. You aren't taking pot shots in a barrel of bobbing apples...you should know exactly which ones are the ripe, juiciest apples!
All of your leads need to be undergoing a really important process known as 'lead qualification'.
Salesforce provides a succinct definition: "The process of determining how likely a lead is to ultimately turn into a paying customer."
And here is the mistake that so many businesses make.
In our desperation to pull in all possible attention to our brand, our products, and our vision, we over-deliver constantly and in all directions.
It is vitally important to understand that you have the authority to ‘take the lead ‘in this dance.
Consider those early days of your business journey when you eagerly frequented networking events and business exhibitions, befriending anyone who exhibited even a faint glimmer of interest in what you were eagerly offering. Your calendar swiftly filled with one-on-one meetings, each holding the promise of future prosperity.
However, you soon realised that not every meeting was a golden opportunity.
As most of us know, we determine our opinion of people in the first 5 seconds of our first impression. By approximately 3 minutes into these conversations, you had discerned whether the person across the table was someone that would warrant further pursuit as a potential business partner or customer, or whether you were in for a very long and awkward 42 minutes more…
It boiled down to 3 critical questions:
Could they afford your services or products?
Did they genuinely need what you offered?
Did they have a track record of business success or purchase follow-through?
Why the scrutiny? Regardless of your business's stage, the alignment of potential clients with your goals and values is paramount - and it's the same for your prospects!
While many may appreciate the colour scheme of your product, the humour in your ads, or the generosity of your offers, doing business with those who appreciate and reflect your core beliefs and approach, is a cornerstone of success. Furthermore, as you know, your business requires profitable interactions, sales and referrals to stay alive.
Alignment in values and goals is the compass that guides leads toward becoming prospects.
In effect, it is bypassing the wasted one-to-one’s and using a succinct method to filter out the unsuited leads, that defines ‘lead qualification’.
Don’t get me wrong – there is significant value in establishing professional connections with diverse individuals and organisations in our pursuit of business success and growth – whether they buy from us or not!
However, these interactions should never be confused where and how we direct our marketing messaging and efforts to increase sales.
A prospect, in essence, is an individual or organization that aligns with your ideal client criteria.
The specifics of this criteria vary from one business to another and once you grasp the essence of what qualifies leads as your prospects, it unlocks a realm of untapped potential. What's more, it alleviates your team from the immense pressure of crafting messaging and marketing content designed to cater to everyone.
Instead, you can focus on crafting content that directly addresses the questions your prospects silently ponder or type into Google.
Distinguishing leads from prospects is akin to identifying the seeds that will bear fruit.
So your team? Exhausted by endless efforts and little results? Nail down the goals.
Clarifying what differentiates your leads from your prospects is a key step to alleviating the sense of failure your marketing team may be struggling with.
Plenty of likes with no clear take-up, is a clear sign of your messaging being too broadly ‘attractive’ and not targeted at your unaware prospects.
Spread brand awareness content as wide and frequently as you like!
However, when it comes to:
straplines and hooks;
topics for content;
calls to action, and
plotting your prospect journey,
remember that you are speaking to a ‘select few’ who will recognise themselves and the solutions to their needs and wants, in ‘your voice’.
To bolster your journey there are many techniques and automations available to aid your organisation in lead qualification. Start by finding out what your current staff and customers love about your business and why.
Alternatively, outsourcing the copy, distribution or the associated strategy, allows an ‘outside view of your canvas’ to bring fresh vibrancy to your efforts and wins.
Laurie Knight is founder and managing director of Ruka Business Support.
Ruka provides comprehensive administrative and digital services to established small businesses and entrepreneurs.
Creating the freedom you need to concentrate on what you do best - is what we do best.
Call today to find out if growing your business while enjoying the process, is something we can weave into your journey.
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