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Suspects - Leads - Prospects

by joe golfer
11 replies
Folks, back in the 1940s when I started selling we used the term "suspect" to describe my cousin Jerry because he was always getting stopped by the PO-lice.

Sorry, what I meant to say was we used the term "suspect" to describe a business we would cold call from a list.

If they looked like they might be a good fit for my product, we called them a "lead" and if they moved further toward the sale we called them a "prospect."

However, it seems industries and businesses uses these terms differently.
What is a Lead? What is a Prospect? What

Some industries call leads a prospect, and vice versa. So, do you use these terms like I do (Suspect-->Lead-->Prospect) or another way?
#leads #prospects #suspects
  • Profile picture of the author Scott Stevens
    Originally Posted by joe golfer View Post

    Folks, back in the 1940s when I started selling we used the term "suspect" to describe my cousin Jerry because he was always getting stopped by the PO-lice.

    Sorry, what I meant to say was we used the term "suspect" to describe a business we would cold call from a list.

    If they looked like they might be a good fit for my product, we called them a "lead" and if they moved further toward the sale we called them a "prospect."

    However, it seems industries and businesses uses these terms differently.
    What is a Lead? What is a Prospect? What

    Some industries call leads a prospect, and vice versa. So, do you use these terms like I do (Suspect-->Lead-->Prospect) or another way?
    Everyone seems to have different definitions for these.

    I use the term 'lead' very loosely in casual conversation.

    But for me and my crm/spreadsheet, it's all about suspects and prospects.

    So for me, there's really 4 levels:

    1) World (the entire global population)
    2) Suspect (someone I think would be a fit for my product)
    3) Prospect (someone who has raised their hand to say they're interested in what I have to offer - either off the back of cold approaching, or answering an ad)
    4) Client (their money is in my bank account)

    Obviously, there are various stages of hotness they get to as they go along my sales funnel.
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  • Profile picture of the author Oziboomer
    Originally Posted by joe golfer View Post

    If they looked like they might be a good fit for my product, we called them a "lead" and if they moved further toward the sale we called them a "prospect."
    I've always been in the camp of suspect > lead > prospect > customer > client > fan > raving fan > disciple.

    I think too many people spend too much time trying to convert suspects into customers with too little nurturing in between.

    My distinction between customer and client is a customer has given me money once and a client is a repeat purchaser.

    The best results for my efforts is working in the converting the customers into fans who will buy multiple times and better yet act as evangelical referees and defenders of my business.

    The most money is made from the raving fans.

    The "disciple" or whatever you want to call them are the people who will support you but have been through the flush of expenditure with your business and are in the matured stage. They will eagerly refer and help your business but may not be highly active purchasers but they are the ones most likely to be sending you your next hottest prospect who will become a fan.

    Driving traffic...isn't that an oxymoron?
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    • Profile picture of the author DABK
      The entire world.
      All the people in the area where I want to cover.

      Suspects = people in the area I cover who're old enough to make the buying decision and the ability to pay.

      Prospect = people in the area I cover who are able and have shown interest (I meet a lot of business owners who forget the able, think the money'll come from somewhere if there's enough interest; which is often true but selling to such people is a pain in the butt, you're better off selling to the ones who already have the money ready).

      Customer: they gave me money once.

      Client: they gave me money twice and looks like they'll give me money again.
      Need to invent a term for 'they gave me money twice' and I don't know if they'll do it again or I'm sure they will not.
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  • Profile picture of the author iAmNameLess
    When I think of the word prospect, I think of it as a verb, that you're prospecting, searching, looking, inspecting, etc. So I consider it earlier in the process than a lead.

    So for me... it's simply prospect - lead - customer

    I personally don't care if how I use the term is right or wrong, hell, most CRM's and inbound marketing companies have different definitions of which is which. I just don't really care.

    At least we're not adding "opportunities" in there, that's my biggest pet peeve with CRM's.
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    • Profile picture of the author joe golfer
      Originally Posted by iAmNameLess View Post


      At least we're not adding "opportunities" in there, that's my biggest pet peeve with CRM's.
      Yeah, that's one weird thing about Insightly. I'm new with it, but it looks like you have to create an "opportunity" in order to follow a business down the sales funnel and into fulfillment.
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      Marketing is not a battle of products. It is a battle of perceptions.
      - Jack Trout
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  • Profile picture of the author bob ross
    I've used these terms loosely as well but I'm surprised at how backwards I think prospect is compared to others here.

    I consider a prospect someone who's a good person to contact (usually someone I've never contacted). A lead to me is something more warm than a prospect... it could be someone who's responded positively to more information, someone who has contacted me with interest, or some kind of clue that they may be interested in something I offer.

    Kind of like a homicide detective where the victims arch enemies would be considered a "prospect" to me but the guy seen driving a red truck at the scene would be a "lead".
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    • Profile picture of the author savidge4
      a list to me is a "lead list" those pulled from the "lead list" become prospects, and prospects become clients.
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      Success is an ACT not an idea
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  • Profile picture of the author bob ross
    This is terrible. I can't even begin to register the thought of "prospects" as being further down the funnel than a "lead". After reading this thread and some quick googling I guess I'm the weirdo here.

    You go prospecting for leads not leading for prospects in my opinion.
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    • Profile picture of the author savidge4
      Originally Posted by bob ross View Post

      This is terrible. I can't even begin to register the thought of "prospects" as being further down the funnel than a "lead". After reading this thread and some quick googling I guess I'm the weirdo here.

      You go prospecting for leads not leading for prospects in my opinion.

      I get "corrected" all the time in the way I use the terms LOL - and I thought I was the odd ball

      from now on.. there is the people on the list.. and then the people we should call back. that sounds easy! LOL
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      Success is an ACT not an idea
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  • Profile picture of the author FreedomBlogger
    I think everyone calls them whatever they feel like calling them.

    At the end of the day it's just a label for a person who might or might not buy your products or services. As simple as that.

    Now, I know that each is a different type of person. But they are just a person at the end of the day!

    I just call them Leads. lol

    ANyways.....

    Keep up the great work!

    I wish you the best!

    Cheers!
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