What are marketing methods, what are sales leads, and what is prospecting?
There is a lot of confusion about what is marketing and what is sales.
This blog will help understand the type of marketing methods, that is, inbound and outbound, what sales leads are and what prospecting is.
The two methods of marketings are inbound and outbound, with the primary objective to generate the leads.
The main difference between these two methods:
- Inbound marketing is a strategy where you create content or social media tactics that spread brand awareness. Inbound consists of mediums like blogs, social media, SEO, webinar, podcasts, and ads.
- Outbound marketing is when a marketer reaches out to people to see if they’re interested in a product. In comparison, outbound consist of methods like market places, cold email marketing, LinkedIn marketing, and cold calling.
In the simplest of the terms, inbound is when a lead is reaching out to you and outbound is when you are reaching out to someone to generate the lead.
Leads are the beginning of the sales process.
Once either of the marketing methods; inbound or outbound, generates the lead, it is essential to know if the lead is sales qualified. Not all the leads are useful, as you must have experienced. As much as 73% of the leads will not be sales-ready when generated.
When the leads are generated and sent to the sales team, the sales team qualifies if the lead has the potential to develop into becoming a prospect. The goal of this process should be to progress a lead through the pipeline to become a sales prospect and to drop the lead if it doesn’t match the criteria.
This approach can be different from the company to the company using your ideal customer profile, buyer’s persona, and buyer’s journey to move them effectively from lead to further up in the sales process marking them as a prospect.
To understand what is prospecting, let’s understand who is a prospect and why do we do prospecting?
Who is a prospect?
The prospect is someone who has the potential to become a client.
Once the leads criteria matches, the sales team focus on learning more about the buyer and try to engage them in two way communication. When a lead moves from one-way communication to the two way dialogue and when the buyer constructively engages with you, the lead becomes the prospect.
Generally, a prospect is one you have shown interest in your services and ideally should have some challenges that your service can solve, creating value for his business. So for prospects, you already know their challenges and seeing them as sales-ready.
Why do we do prospecting?
We prospect to move the deal through the sales pipeline. To get the sales, you have to get as many prospects as you can get, know what you want from them, and knows how to ask for what you want. Prospecting should be done to set up a meeting, gathering information from the client, building familiarity between the client and your company, and closing the sales.
Prospecting should serve the following purposes:
- Information gathering
- Building familiarity
The journey always is marketing to sales leads to prospecting to making clients.
I hope you will find this blog useful. Please share your suggestions and inputs, including your questions.