The Fundamentals of Prospecting

What is prospecting?

Sales Prospecting is the process of identifying potential customers that are likely to want or need your service and laying the foundation for a conversation.

Sales prospecting is a process that starts with exhaustive research and requires every subsequent step to be equally exhaustive. This is because the success of each step depends on the success of the step before it.

The Fundamentals

In this post, we tackle the fundamentals of prospecting — everything from defining your market/target audience to nurturing them once they become leads.

Our fundamentals of prospecting are:

  1. Doing Market Research
  2. Targeting the Right Vertical
  3. Building Your Network
  4. Contacting Your Prospects
  5. Adapt and Improve
  6. Nurturing Your Leads

Doing Market Research

Besides sales leads, what results are you looking for in your market research? Here are the things we think you should pay extra attention to:

  • ATV vs CLV — Average transaction value or customer lifetime value?
  • Industry Size — Ranking your clients nationally is much more difficult than ranking them locally.
  • Networking opportunities & existing connections Digital Marketing is growing. Maximize any edge you have.
  • Your Competition — Is it weak or is it strong? What do you offer that is better?

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