Posted in Marketing and Strategy Terms, Total Reads: 354

Definition: Prospect

In any business, finding revenue sources is probably the most important step towards generation of a positive bottom line (profits). It is very important to reach the right potential customers. Any such potential client who has the financial capacity and willingness to purchase for the offerings of a firm is called Prospect of that firm. A prospect is also called Sales Lead.

There are three kinds of prospects:

1. Cold prospect: These are those customers who are well qualified but has zero ar minimal awareness of the firm. To bring them under the firm’s account, advertising, public relations and networking has to be performed by the firm.

2. Warm Prospect: These are those companies or clients with whom the firm has already contacted. These customers are aware of the product or services offered by your firm. The firm’s target should be to continue publicity or ad campaigns to convert these potential clients into customers.

3. Hot Prospects: These are those customers who have already passed through the initial stages of the sales cycle. The firm’s target should be to close the deals with these clients.



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