Types of Leads Defined: How to Attract and Convert More Customers

Whether you're new to running a business or have been managing a company for decades, defining the types of leads you aim to attract and convert is a vital part of crafting a winning conversion strategy. 

At RingBoost, we understand the different types of leads you want to attract and how vanity phone numbers can boost customer acquisition rates. Let's review everything you need to know about the leads in business, meaning how to categorize them, qualify them, and convert them into customers. 

What are Leads in Marketing and Sales?

Leads in marketing and sales are individuals or companies that have the potential to become customers. Your role is to identify them and nurture them through the buying journey.

Leads are defined relative to their readiness to buy, making it essential to identify where to focus your efforts and resources. The key is not just converting leads but applying a lead qualification framework that aligns with your business goals. Understanding what are the different types of lead in business will help you prioritize and tailor your approach effectively. Let's break it down.

7 Types of Leads to Grow Your Business

According to Hubspot's State of Marketing report, 50% of marketers consider lead generation a top priority. That being the case, understanding what do leads mean in business is the first step to building them into your marketing strategy. Next, you’ll want to determine leads classification, and then outline how to drive more people to your brand.

When it comes to types of lead generation and qualification, one common approach is to categorize leads as cold, warm, or hot. This temperature-based system is a straightforward way to gauge a lead's readiness to buy and their current level of engagement with your brand. 

1. Cold Leads

Cold leads are individuals or companies who have yet to interact with your brand or show interest in your products, making them unfamiliar with your business. For example, you might reach out via email to a broad list of prospects who match your ideal customer profile but haven't engaged with you before. These leads require careful nurturing and personalized engagement to progressively guide them through the sales funnel.

2. Warm Leads

Warm leads have shown some level of interest in your brand or products. They might have interacted with your business by subscribing to your newsletter, following your social media, or downloading a whitepaper. These leads are already somewhat familiar with your brand and are more receptive to your messages. Engaging them with more targeted and relevant content can move them toward a purchase.

3. Hot Leads

Hot leads are highly interested in your product or service and will likely become customers. They might have requested a demo, filled out a contact form, or inquired about your offerings. These leads are well-acquainted with your brand and are often at a decision-making stage. Prompt and personalized attention and a clear call to action can swiftly convert them into customers.

While a temperature scale provides a straightforward way to gauge a lead's engagement level and readiness to purchase, delving into more specific types of sales leads offers a granular view of the customer journey. These categories more precisely delineate the marketing and sales funnel stages and clarify the strategic responsibilities at each point.

4. Information Qualified Leads (IQL)

IQLs have shown initial interest by engaging with educational or informational content. These types of leads might have downloaded a whitepaper or subscribed to a newsletter, indicating they're in the early stages of the buying process.

5. Marketing Qualified Leads (MQL)

MQLs have taken actions that suggest a deeper interest in your products or services beyond just seeking information. Examples include repeatedly visiting product pages or engaging with specific marketing campaigns, signaling they might be ready for more direct marketing efforts.

6. Sales Ready/Accepted Leads (SRL)

SRLs are leads that the sales team has reviewed and accepted as ready for a direct sales approach. They typically have passed specific criteria set by both marketing and sales, showing clear signs of purchase intent and meeting the qualifications necessary for a sales conversation.

7. Sales Qualified Leads (SQL)

SQLs are leads vetted and confirmed by the sales team as having a high potential for conversion. They have shown a specific interest in making a purchase, such as requesting a quote or a product demo, and are considered a priority for immediate sales engagement.

Get Catchy Vanity Phone Numbers From RingBoost

Acquiring and converting different types of business leads can be challenging. However, the right marketing strategies can turn leads at any stage of the purchasing process into satisfied and loyal customers. One strategy to consider is purchasing a vanity phone number from RingBoost. 

A vanity phone number that resonates with your brand or product can leave a lasting impression on potential customers, staying top-of-mind until they're ready to make a purchase.

For example, when you see a commercial for 1-800-CONTACTS, you know exactly what that company is selling, and you're likely to recall it the next time you need contacts. 

Discover how you can capture more leads for your brand when you buy vanity numbers from RingBoost. Get in touch to explore how we can help your company grow.