Prospecting Is Dead

Ari GalperAdvisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

What’s the first thing that comes to your mind when your referrals have slowed down and you need new clients?

Most likely, a voice enters your mind from your old mentor who said to you: “If you need new clients, get out there, ‘shake the trees,’ and start prospecting!”.

It’s probably below your pay grade at this stage of your career (especially if you have a book of business) to have to start “pounding the pavement,” as the old sales gurus used to say.

But is prospecting (in the traditional sense) still a relevant and applicable concept for selling?

In the pre-internet era, when information was relatively scarce, prospecting for new clients by cold engagement in an attempt to prove your value (the “numbers game” approach) was relatively effective, because society was predisposed to trusting most people, without a previous developed relationship.

Demonstrating your expertise through providing information meant that you had knowledge. Having knowledge portrayed you as an authority.