Difference between Lead, Contact, and Customer

• Lead: is a potential Customer, someone who can give you business.
• Customer: is an individual or organization who has given you business.
• Contact: is a person who belongs to the Customer. This is applicable in business-to-business scenario, where you may contact multiple individuals belonging to the same customer.

A Lead can be converted to a Customer by selecting “Customer” from the Makedropdown. Once the Customer is created, the Lead becomes “Converted” and any further Opportunities from the same source can be created against this Customer.