Knowing the difference between a lead vs prospect can impact your downline tremendously. Most likely, every person that you have made contact with started out as a complete stranger unless they are on your warm market list. As an MLM representative it would benefit you greatly to transition that stranger to a lead . . . and then from lead to prospect.
The difference between a lead and a prospect depends on your business relationship with that person.
These two words are terms that you will commonly hear in the MLM industry. If you do not specifically know the difference between the two you may end up wasting your time with people who are not willing to even take a serious look at what you have to offer.
MLM Lead vs Prospect - Examples of Leads
A Lead is someone on your list who you think has the potential to become a customer or a business partner.
In most cases you haven't contacted them yet. Even if you DID contact them they are not very responsive to your efforts of reaching out to them for various reasons.
Your only purpose of communicating with a lead is to create awareness or interest in your product or service. Having a lead usually consists of one-way communication regardless of who reached out to who first.
All of these involved a person contacting you or you contacting them (or planning to contact them) one time.
MLM Lead vs Prospect - Examples of Prospects
A Prospect is someone you have contacted or someone that has contacted you BUT the communication is ongoing.
These are people who usually have questions or concerns about what you have to offer because they are truly interested. These are also people who have decided to contact you a second or third time because they want more information.
Prospects are described as leads who are still engaged with you after the initial contact and / or are ready to be sold to. They are closer to a positive outcome that would have them be a customer or join your sales team.
MLM Lead vs Prospect - Prospect Ready to Buy
It is known in network marketing that people require more than one exposure before they buy. They were a lead the first time you spoke with them. The reason why they're able to be closed after the third or fourth exposure is because by then they were prospects.
The difference between leads and prospects are leads are those who are open to hear about your product or opportunity. They have reached out to you (or vice versa) to be presented information.
Prospects are those who have gone further along through your sales strategy. You have exchanged a series of conversations or messages with this person after they have seen the content and they are at the point where they are ready to make a decision.
MLM Lead vs Prospect - Separate Your Leads From Prospects
Of course you want to attract more people who are ready to buy your product or be involved in your opportunity. Therefore, you have to know the difference between a lead vs prospect. Knowing this will help you decide how to treat certain individuals as far as where to place them in your sales strategy.
For example you may spend:
In this case you can decipher what amount of time to spend with the leads that you talk to. To confirm if the person is actually a prospect and ready to buy, you can ask yourself these questions:
If you go by the criteria in the above MLM strategy, most likely you will spend 80% of your time with this person to close them (if the answers are "yes" to the questions above)
You have leads that you keep contacting that may say, “yes, yes, yes, I'm interested” but ignore your phone calls. Those type of leads waste your time when you can be spending valuable time with those who actually are interested in what have to offer.
When you follow your sales strategy you will be more focused on what stage your lead is in. You will be able to detect earlier if they are remaining a lead or have moved toward the prospect category.
Many multilevel marketers find themselves chasing people for a certain amount of time. Once you start to understand the difference between a lead vs prospect you will have a more focused approach.
Then you will know how to react concerning each of them and you will then be one step closer to having more people buy your products and join you as a business partner.
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