Understanding Leads in D365 Sales Process.

 Hello Guys,

Today we will understand what is Lead Entity in Dynamics CRM.

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In our previous blog we have seen what is Account and Contacts which are nothing but considered as customers for us. Now another scenario could be a new customer. A new customer would entail exactly that, a new contact or account record that has just been created in your environment and is now part of your company database.

Consider a scenario you were speaking with Malishka Gupta about the high quality of service she's receiving from your company. While chatting, she informed you that her friend also showed interest in the product of your company. So Malishka's friend will become a new customer. So this new customer is nothing but the Lead.

The terms "Lead" and "Prospect" are just two of many terms used to describe the status of business relationship.

A lead is someone who may fit your target market but is not ready to buy just yet. In other words you have handpicked a pool of people who may fit your target market. If the lead is responsive to your offer, there's a good chance they can become prospect.

Prospecting is the act of finding leads and turning them into prospects. A prospect in a CRM would include potential contacts or accounts whether through word of mouth or a coupon email list and so on. For example, you are flying to another city to attend a trade show in which your company has taken part. While sitting on the plane, you and the gentleman sitting beside you start chatting about where you are both from and what's your business. At the end of the conversation, the gentleman might hand you a business card. So he is now a prospect.

As you are leaving the trade show, there's clipboard with a list of names and email that interested parties have filled out. Those people could also be prospects. Prospects are actually known as qualified Lead.

There are three types of leads which are as follows.

Cold Leads

There are situations where you are getting so many calls from the bank for loan, credit cards or from insurance company for insurance. It may be possible that you were interested in their products but you cut the call just because they called you in the middle of your work or while having your meal. You never contacted them because of their behavior. In this scenario you are considered as cold lead for the calling company.

Warm Leads

A warm lead is someone who showed interest in your product or service either by attending webinar, by following you or your company on social media, signing up to your email newsletter, as a referral from friend or previous client. These leads are more valuable than cold leads, but these are ones whose contact information has now been captured.

Hot Leads

A lead that showed interest in purchasing your product, like requesting an invoice or asking for a price list, is called hot leads.

Once Leads are captured into your CRM, they are usually converted to Contacts, Accounts or are junked. When the leads are entered in your CRM, they need to be scored or qualified. This process entails gathering information about the prospect such as level of interest, budget or company size.

Leads who are  not qualified to purchase your product are called 'Junk' leads.

Hope it helps...