What is the difference between 1) Lead Generation/Prospecting, 2) Closing Deals and 3) Account Management?

1) Lead Generation/Prospecting





- the process of marketing/advertising your business to potential clients in hope that they will show interest in your products/services. When interest is achieved, it allows you to proceed to the next steps in your sales process.





An example would be a yellow page ad. You place the the ad in the yellow pages. A potential client sees your ad and calls your office, because they have interest in what you offer. You have generated a "lead".








2) Closing deals





The process of getting commitment from a prospect/lead to purchase your products/services. A closed deal typically involves a signature on a contract, or exchange of money/credit for the products/services that your company offers.





For example, if the prospect says "Yes, I want to buy this blue widget", you give them the widget and they give you the money, you've "closed the deal".








3) Account Management





The process of maintaining/nurturing/servicing customers you've "closed a deal" with. This occurs after the sale has been made, when you have to take care of the customer based on the promises you've made to them.





Depending on the industry, Account Management may be handled by the person who "closed the deal", or it may be handled by an entire different department of people.





For example, when you call your phone company with questions about your bill, the person who takes the call and answers your questions is providing "account management".





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