Leads represent potential customers who may be interested in your product or service.
Many businesses make the mistake of marketing to everyone when they should really be focusing on a targeted demographic.
Because not all leads will turn into a customer, it’s essential that you know how to weed out tire-kicker leads so your team can focus and nurture the best-fit ones.
Different types of leads
Marketing Qualified Lead
Marketing Qualified Leads (MQL) are leads engaged with your brand and shown interest in your product.
Whenever a qualified lead provides you with their email address and checks the box to receive your brand’s newsletters or lead magnets, Top lead generation firm in Toronto, Canada this is an indication that they are eager to learn more about your product or service.
Sales Qualified Lead
Sales Qualified Leads (SQL) have taken an active interest in your offer and have been qualified by the sales department through a discovery/sales call or another medium.
This is the group of people who contacted you via email or phone to learn more about your product or service offering. SQLs probe deeper into the specifics of your offer than simply considering your product in a general way.
Product Qualified Lead
A Product Qualified Lead (PQL) has used your product or service during a free trial or demo. This kind of lead has engaged with your product in one way or another.
For example, these people signed up for a free trial of your course to see if it’s what they need. PQLs try out your product because they see some value. They might consider a purchase in the near future.
Want to learn more about the different types of leads and how to qualify them? Read our post on the topic: What is a Lead? How to Qualify and Generate Leads
What is Lead Generation?
Lead generation is the process of attracting prospects and converting them to become customers.
It’s not a one-size-fits-all process. In order to attract new customers, your marketing efforts must be targeted and directed at those who are most likely to be interested in your products and services.
Why you should do Lead Generation
It’s not only about ensuring the survival of your business but also about taking advantage of growth opportunities.
When looking at lead generation from the outside, one might be tempted to think that the focus is purely on ensuring a steady flow of profits while maintaining financial stability.
However, lead generation spans beyond that. Listed below are a few more compelling reasons to engage in lead generation:
Build your business
Lead generation allows you to find more customers, build relationships with potential clients, and retain existing ones by building up trust over time — all while increasing brand awareness for a lower cost than most advertising options on the market today.
Keep up with the competition
To be ahead of your competitors, you must be in the know of the latest trends. And guess what, leads are your best source of competitor intel.
Leads can share knowledge about what is going on in the industry. Talk to them, and you’ll see how to capture growth opportunities in your field.