Why Prospecting Is Important for Your Business

Every entrepreneur seems to believe that every consumer or business needs our product or service. As a result, when we look for new customers, called prospecting, we tend to spread our energy around without really focusing on who is our unique customers and how to find them.

As you will learn in other lectures, the sales process depends on creating a “pipeline” of opportunities. For every potential customer, you add to the pipeline, you can assume that one or two will become paying customers. That means you need to have ten potential customers (sometimes called prospects) in the pipeline at any one time to get one customer.

“You need ten to get one. So spending time building the pipeline, or prospecting has to be a function to which you allocate time each week.”

So building the pipeline – as it is called in the sales world – is not nice to have, it is essential. You can’t have 3 potential customers and expect three sales. You need ten to get one. So spending time building the pipeline, or prospecting has to be a function to which you allocate time each week.

Remember, our most precious asset is time and while you must do prospecting to keep the pipeline full, you must improve that skill so you can make the best of your precious time.