Here's a guide to help you understand and execute the process effectively:

1. Define your ideal customer profile (ICP): Determine the characteristics of your target audience, such as industry, company size, job title, location, etc. This will help you identify whom you want to target.

2. Use the Sales Navigator search filters: Select the "Search" tab in Sales Navigator and enter your target criteria using various filters. You can narrow down your search based on keywords, company name, location, industry, job title, and more. Applying these filters will help you find relevant leads in your niche.

3. Apply advanced filters: Utilize advanced filters to refine your search further. These filters include trigger events (e.g., recent job changes, company growth), saved accounts, connection level, and more. This allows you to focus on leads that are most likely to be interested in your offering.

4. Save and organize leads: As you find potential leads, save them to your Sales Navigator account. You can also organize them into named lists for better segmentation and tracking. This helps you manage your leads efficiently and categorize them for targeted outreach.

5. Utilize lead insights: Sales Navigator provides valuable insights about each lead, such as job history, mutual connections, company information, and activity on LinkedIn. Use this information to craft personalized outreach messages and establish common ground with your targets.

6. Engage with leads using InMail and Connection Requests: LinkedIn Sales Navigator allows you to send personalized InMail messages and connection requests directly to your saved leads. Craft messages that highlight the value you can provide to the lead, based on their profile and interests.

7. Monitor lead activity and engagement: Sales Navigator enables you to track the engagement of your leads, including their engagement with your content, profile visits, and interactions. Use these insights to gauge the interest level of your leads and prioritize follow-ups accordingly.

8. Regularly update and refine your lead list: Keep your targeted lead list up to date by regularly refreshing and refining it. Remove irrelevant leads and add new prospects based on changing criteria. This ensures that you are always targeting the most relevant and receptive audience.

By following these fundamental steps, you can effectively create a targeted lead list using LinkedIn Sales Navigator and increase your chances of converting leads into customers.