What is the definition of 'lead generation'?

Lead generation refers to the act of attracting and converting prospects into potential customers for future sales. This process is critical in the sales and marketing landscape as it focuses on identifying interested individuals or businesses who may eventually take the step to purchase a product or service. It involves various strategies, such as content marketing, social media campaigns, email marketing, events, and online advertising, all aimed at capturing the interest of potential leads.

By generating leads, businesses are building a database of potential customers, which can be nurtured through targeted marketing strategies to convert them into actual sales. This connection between capturing interest and guiding prospects through the sales funnel is essential for sustained business growth and revenue generation.

In contrast, the other options do not align with the established definition of lead generation. Identifying new trends is more about market research, while developing customer support systems and formulating pricing strategies pertain to other aspects of business operations, such as customer relationship management and product strategy. These functions are important for different stages of the customer experience and business sustainability but do not specifically encapsulate the essence of lead generation.