Prospecting, the act of identifying, nurturing, and reaching out to potential clients, is a vital skill for financial advisors looking to grow their firm.
Prospecting helps you build a client base—which is essential for the success of your business.
However, reaching out to potential customers and decision-makers can often feel like an uphill battle. Outbound prospecting activities like cold calling and cold emailing can be frustrating and time-consuming, and relying solely on referrals might not be enough to keep your pipeline full. Everyone seems to be turning to social media lately, but you know that too often it’s the luck of the algorithm.
Prospecting is important because it creates opportunities to connect with new prospects and grow your client base. By investing time and resources into prospecting, you can expand your reach beyond existing customers and open up a whole world of new sales potential.
Although it’s mostly used by sales professionals, it’s necessary to at least get basic prospecting skills under your belt (especially if you don’t have a sales team to fill your sales pipeline with qualified leads).
Prospecting is a profitable complement to a larger marketing strategy when done thoughtfully. However, not all prospecting tactics are equally effective, and starting without a strong plan can lead to inefficient or ineffective outreach.
In this article, we’ll explore some sales prospecting techniques that have helped BGM’s consulting clients grow their business.