Have you ever wondered what leads are the best leads?

Generating leads is important for many businesses, especially those that focus on selling products. Leads play a major role in the marketing process, so you should be aware of what a lead is and what the different types of leads are.

A lead is someone interested in what you’re selling, but they haven’t purchased anything yet. As a business, it’s important to convince leads to buy something. There are different types of leads that result from various things, so we’ve put together this list for you to understand them.

Continue reading to learn more about the most common lead types.

Hot Lead

A hot lead is someone that has a lot of interest in your product or service. You can tell you have a hot lead when someone needs what you’re offering and are ready to buy it. This type of lead will have a budget set aside that they’re waiting to use.

If a lead is looking for a product that solves their problem, they’ll most likely invest in yours providing that it’s the best thing available. Hot leads are the best types of leads because they’re at the closest point to buying something. When you improve the quality of your leads, you’ll be more likely to convert hot leads.

Warm Lead

Warm leads are similar to hot leads, but they’re lacking a few things. Warm leads typically don’t have the money available to buy something or they don’t necessarily need it. This lack of budget and time frame can prevent them from buying a product.

When it comes to warm leads, the best thing you can do is convince them. If you teach them about what you have to offer and answer any questions, they’ll be more likely to come back when they finally need your product.

Cold Lead

Cold leads are some of the most difficult types of leads to deal with because they usually fail to meet several criteria. These leads won’t have a budget, authority, or a need for a product. Just like warm leads, you’ll need to convince them why they should get something.

Unlike warm leads, cold leads are nowhere near the point of buying something. They may develop an interest in something you have to offer, but they usually won’t consider it unless you talk to them. You’ll have to take time, effort, and use a strategy to convince cold leads.

Information Qualified Lead (IQL)

Information qualified leads are those that were just converted. Companies will provide IQLs with information about their company after they’ve received the lead’s contact information. E-books and tip sheets are two common forms of information provided to IQLs.

You can provide IQLs with a downloadable link to a free webinar or sample of your product via email that explains what it is. After a few days, you can send another email to ensure they’ve received it. Over time, continue to send newsletters and offers to convince them to invest.

Marketing Qualified Lead (MQL)

A marketing qualified lead is similar to information qualified leads, but they were instead convinced to look into your company as a result of your marketing. If they read your e-book, browse your blog, or watch your videos, they’re an MQL.

An information qualified lead that decides to go through with the things you’ve provided them will turn into an MQL. However, not all MQLs were previously IQLs. Any activity from your marketing strategy that gets a lead to take action makes them an MQL.

Sales-Ready Lead (SRL)

Sales-ready leads are essentially hot leads, but they’re specifically someone that has asked to speak with someone about a product. When a lead asks you or a representative about what you offer, they become a sales-ready lead.

The confusing thing about sales-ready leads is that they haven’t purchased anything yet. The name suggests that they’re ready for a sale because they’re showing deep interest in a product or service. When they request a conversation, they’re expecting someone to help them with a purchase.

Sales-Qualified Lead (SQL)

Getting the best online leads to decide that they’d like to buy something will convert them to a sales qualified lead. These are leads that have had a conversation with someone from the company that’s convinced them to make a purchase.

Sales qualified leads don’t need to make a purchase right away to become one. The moment they’ve decided that they will buy something is when they become an SQL. If you’re looking to make a sale, it’s best to do it soon after you’ve converted someone to an SQL.

Member Service Request Lead (MSL)

A member service request lead is someone that’s joined a subscription service. Leads can become MSLs when they sign up on your website, subscribe to a newsletter, or follow your blog or social media account. MSLs are essentially signing up to continue receiving information about your product or service.

Now You Know About the Different Types of Leads

If you have a company that focuses on making sales, you must understand the different types of leads. Knowing what leads are the best leads will help you sell products and grow your business. These leads are the most common ones, so keep these in mind when you’re pitching things.

You want to convert all leads to hot leads, so try to provide leads with as much information about your product as possible. You can also offer free samples and testimonials to make them feel confident in you.

Browse our blog to learn more about leads and how they affect your business.