Some of you might have heard the word “prospecting” being thrown around without much explanation behind it.
Well, I’ve decided to go ahead and tell you all about prospecting, prospecting definition, prospecting tactics, and what it’s used for.
I know that this might sound scary to some of you, taking into consideration how much people have a tendency to overcomplicate things like these but trust me – it’s not rocket science.
Everything that you need to know about prospecting can be found right here, so you don’t have to worry about holes in your knowledge and having partial knowledge on this topic.
The question of what is the definition of prospecting will be the main topic today, since the technical explanation of the term is quite important.
Some sales reps have a strong opinion that prospecting is the most difficult part of sales, so understanding this process from every important aspect (including the technical one) is crucial.
Having said that, let’s jump in and see what the prospecting definition is.
Defining The Term
Look, I know that definitions can be boring, but in order to understand the term and to use it like it’s supposed to be used, we need to look at the official definition first.
Prospecting is the initial stage of the sales process. It is the activity of turning a prospect into an opportunity.
Now that we have a real definition in front of us, let’s break it down, see its components, and talk about what this definition actually means.
Initial stage – the initial stage of the sales process means that prospecting is happening at the beginning of the sales process. To be a little more clear, it’s happening before the client actually agrees to anything.
Prospect into opportunity – this is probably the most important part of the definition since it accurately describes what is prospecting used for and what its main goal is.
Opportunity – An opportunity is the next step that a potential client enters in the sales process which then leads to the middle and the last part of sales which is closing the deal.
Now that we have the most basic terms of this definition, we can take a look at what they really mean when applied to the real world.
I like to simplify the meaning of prospecting when talking to people and like to say that prospecting is the process of making an opportunity out of a prospect.
As you can clearly see, the sales cycle is much more complex than some of you might think.
Well, it’s a good thing we’re just looking at one stage of sales instead of all of them!
But I digress – let’s get back to what prospecting is and why it’s important for you to know what exactly this term means and when it is used.
Essentially, prospecting is just a process where you turn a lead into someone that’s potentially a buyer for what you’re selling.
First of all, “what is a lead?” some of you may ask, and with perfect legitimacy.
A lead is a person or business who may eventually become a client of yours. A lead is a starting form of someone that’s a potential buyer or a potential client in the future.
Essentially, a lead is someone who has subscribed to your newsletter, answered your email, or has had any form of contact with you or the salesperson for your company.
Your task is to, through prospecting, turn a lead into a prospect, and a prospect into an opportunity.
This all may seem a bit confusing but let’s take a look at a drawing that might help you understand things a bit more clearly.
| Lead → Prospect → Opportunity → Client |
This essentially shows you the evolution or the process of someone’s opinion that you come into contact with when you’re trying to sell your product or services.
Of course, there are a few things that you need in order to get leads, but that’s not today’s topic, so I won’t confuse you with that.
Overall, all you need to focus on is turning a prospect into an opportunity. That’s the process of prospecting, and that’s what we’re here for today.
When we’re talking about prospecting, one thing must be certain – you have to make constant contact with the client in order to get the desired results.
This may seem easy, but the truth is that you have to work for your leads and give it all you got to turn a lead into a prospect.
Then the prospecting comes into place – where you maintain constant contact with your client and turn them into an opportunity.
Things you do with an opportunity are a totally different story, and I don’t recommend we go into that here since prospecting is complicated enough as it is.
How To Use Prospecting?
The second part of talking about prospecting is that you know how and when to use it since those are the situations where you use the knowledge that the prospecting definition gives you.
People use prospecting in sales to convert a person that’s interested in what they’re selling into a person that’s considering buying the product or service in question.
A step like this is crucial in sales since people that are trying to sell something can’t do so without prospecting.
This just means that you have to follow the sales cycle if you want to see any results, including prospecting as one of the most important stages of that cycle.
Nonetheless, it’s important for you to know how to use prospecting in order to be successful in sales.
There are a few things that make prospecting a bit easier. A study showed that about 45% of sales reps say that prospecting is the most difficult part of sales, so it’s smart to have some things in place to help you get through this process.
The first thing I’d like to talk about is creating an ideal prospect profile. You have to know what you’re looking for in order to find it, and making a prospect profile helps you do just that.
You have to know what type of person you’re looking for since offering your products or services to someone that won’t use them is silly and won’t lead you anywhere close to closing the deal.
What I mean by this is that you should know which leads will turn into prospects, and how to turn those prospects into opportunities.
A person that’s interested in what you’re selling is already a potential opportunity, but prospecting allows you to ensure that they’re making moves in the right direction.
That’s where an ideal prospect profile comes into play. If you know that the person you’re talking to fits in that profile, you know that that communication is worth your time.
My second suggestion would be to actively work on your call lists.
As a salesperson or a sales rep, you’re constantly in contact with a big number of people (hopefully), but you do need to work on editing your call lists and taking notes for anyone and everyone you talk to.
Prospecting will become much easier once you know who are your leads, who are your prospects, and who are potential opportunities for closing the sale.
That’ll show you which people to focus on, and let you modify your approach to the contact you make with them.
Wasting time is one of the worst things you can do in this business, so prospecting with constantly edited call lists is a must if you want to save time and get better results.
Prospecting Definition – My Final Thoughts
As you’ve seen, there’s a lot that goes into prospecting which is just one of the steps in the sales cycle.
What is the definition of prospecting in sales is what we were talking about just now, but I presume you’ve figured out that just the definition doesn’t do anything for you.
Sales reps need to make concrete moves and set up their assets in a way that will make prospecting less complex.
Prospecting is business taken to another level, especially when it comes to sales. If you want to take your sales skills to another level, you have to start prospecting your leads in ways that will save you time and show you what actions are worth your time.
Having said that, I hope that I helped you get a better picture of the prospecting definition, how to use it, and how to make it easier for yourself.
I wish you all the luck in your sales adventures!