Topic: Miscellaneous

There is no generally accepted definition of what exactly a Lead or Prospect is, and in particular the relationship between them. Indeed in many situations the two terms are usually interchangeable.

In salesorder.com the relationship between Leads, Prospects and also Customers is very well defined, and it is useful to have an understanding of this relationship so that you can use your system to its full capability.

Lead

A Lead is essentially contact information (together with some notes or memos) that is used to capture potential customers. Leads may be obtained from the web, word of mouth, advertisements etc.

Leads can be converted to Prospects or Customers.

Prospect

Similarly to a Lead, a Prospect represents a potential Customer. However, unlike a Lead, with a Prospect you can attach Contacts, and issue Sales Quotations. In this respect it is the ideal document to use in sales situations when there is dialogue and exchange of information with the potential Customer, but a firm order has not yet been placed.

In addition to Sales Quotations you can also create associated Sales Opportunities which will allow Prospects to be included in both Sales Forecasts and Cash Flow Forecasts.

NOTE: Because a Prospect is not a Customer you cannot issue documents that would post to the accounts, such as Sales Invoices etc. To do this the Prospect is converted to a Customer, after which the usual sales transactions can be conducted.