Prospecting vs. Lead Generation

Originally Posted by CopyCub

Can someone explain to me the difference between the terms Prospecting & Lead Generation?

I thought they both meant the same thing, to generate leads or prospects.

Or do the terms mean different things to different industries?

Thanks,
Matt

Hi Matt, Thanks for asking about leads VS prospecting.

You have received some good answers in the posts above. But I would like to add one thing to the mix. Even if you do not need to prospect or get leads for your own business you can make money with leads BUT not with prospects. Or at least not as much in my opinion.

A prospect is a "lead" that is not qualified. Oh, you may know somethings about the prospect like: they may be in the market for your product or service or you may know that they NEED your service. But you do not know if

Does the prospect have a need or an application for your product or service?
• What is the prospect's role in the decision-making process?
• What is the prospect's timing for purchase or implementation?
• What is the status of the prospect's budget?
• What is the size of the opportunity?

and a hundred other questions. What is even worse is that each industry or category of businesses have different questions that need to be asked and answered of a prospect to turn them in to a lead.

I can get prospects from the telephone book if all I need is a category, name, address and phone number. But I will spend a lot of time qualifying the prospects to turn them in to a Hot lead.

IMO, leads are ready, willing and able to move ahead with the sale or service and prospects are people that you have to find out IF they are.

I can take a lead for a business and sell that lead to them for $100 but would be lucky to get a couple of bucks for a prospect. I have a report on just this subject that shows how to make money supplying LEADS to businesses.

A free copy is available to all sowpubbers through my signature file.

Anyway that is my take on "leads: VS "prospects"

Best of success,

Skip Rosell