Many new sales rep identify every new contact as a prospect and end up demonstrating the product or service demo to them and finally wasting the time. The difference between prospect and suspect is a thin line of information sharing and interest. In a broader contrast, suspects are group of persons who fits the criteria for becoming a customer but are not actively looking forward for becoming a part of it while prospects are group of persons who are fit for becoming customer and are ready to share further information which are necessary for onboarding.
A suspect is anyone who just know about you or your product, while a prospect is someone who is looking forward for solving the problem. A suspect is someone who doesn't have any interest in becoming a customer or buying the product but a prospect is someone who is actively engaged in taking decision and given the permission to give further followup calls. A suspect never shares further information about him but a prospect will be happy to share his information.
A suspect is someone who should be kept in a category of potential client while a prospect should be kept in sales funnel and should be worked on actively.
Both prospect and suspect have potential to become customers but sales rep should follow different strategies. A sales rep should impress the suspect about the company and the product while he should educate the prospect about the features and offerings.