There are various types of leads that businesses must target to drive sales and generate revenue. Sales professionals across different industries, such as medical monitoring sensors and used cars, require different approaches to connect with potential customers. However, they share the common goal of focusing their efforts on pursuing individuals who are most likely to make a purchase. Typically, across all industries, leads can be classified into 7 types:
Cold Leads refer to individuals who are not yet familiar with your brand or products and have not expressed any interest in them. They are generally the most challenging leads to convert into actual sales.
Hot Leads are prospects who are eager to convert into a sale. They have already shown interest in your offerings. For instance, a purchasing director who has engaged in multiple discussions with you, received a product demonstration, has the purchasing authority, and has a specific timeline is a perfect example of a hot lead.
Warm Leads are a midway point between cold and hot leads. They have some familiarity with your brand and offerings, such as reading your blogs or watching your videos but have not yet made direct contact with you. The objective with warm leads is to nurture them into becoming hot leads.
Information Qualified Leads (IQLs) are prospects who have already demonstrated an interest in your company and have responded to a call-to-action. For instance, they may have subscribed to your email newsletter or completed a lead generation form. Typically, IQLs are seeking more information and are receptive to a nurturing campaign.
Marketing Qualified Leads (MQLs) are potential customers who have progressed further down the sales pipeline from IQLs. They are actively seeking a solution that caters to their requirements and are evaluating whether your offering is the ideal fit for them. These leads engage in activities such as downloading whitepapers, watching videos, and attending corporate seminars.
Sales Qualified Leads (SQLs) are prospects who are prepared to make a purchase and should be in direct contact with your sales team. These leads are considered highly interested in your offerings, but it's important to note that they may still be evaluating some of your competitors.
Sales Ready Leads (SRLs), also known as "accepted leads," are prospects at the bottom of the sales funnel and on the verge of making a purchase. Understanding their budget, purchasing authority, needs, and timeline is crucial at this stage.