There's a Reason It's Called, 'Prospecting'

In sales, we refer to the activity of searching for new business as "prospecting." A potential customer is a "prospective" customer, so we call that customer a "prospect" and, hence, the activity of seeking out that customer, "prospecting."

Not too long ago, I decided to look up some information online about prospecting. Naturally, I consulted the all-knowing Wikipedia. I did find a page on prospecting...but what I found was not exactly what I was looking for. It turns out there is another form of prospecting that predates its contemporary sales connotation. According to Wikipedia, prospecting is, "the physical search for minerals, fossils, precious metals, or mineral specimens."

When I first came across this page, the image of Yukon Cornelius from "Rudolph the Rednose Reindeer" popped into my head. Then I thought of the famous "gold rushes" throughout history that I had read about. It occurred to me, then, that this form of prospecting is what most people outside of the sales profession think of when they hear the word. Then I got to thinking...maybe "prospecting" in sales isn't so different as the "prospecting" I found on Wikipedia. Here are a few similarities between these two forms of prospecting, similarities between digging for gold and digging for customers:

1. Prospecting is about finding something valuable. Prospectors aren't searching for gravel. They aren't interested in common stones. They are looking for something of value: gold, silver, precious minerals. What they find must be worth the shovel they dug it up with. That is why, in the gold rushes, people left everything behind to pursue this activity. There was a lot of value to be uncovered. Isn't that what we're doing when we prospect as salespeople: digging for something valuable? Aren't we involved in our own sort of gold rush? Customers are our gold. They are worth the journey, worth the effort, worth everything to uncover. We dig for customers, because they are of tremendous value to us. That is really what prospecting in sales is all about.




2. Propsecting is hard work. There's no doubt about it, these people who went to work excavating for valuable commodities beneath the surface were not lazy. Often, the terrain would be rough and the gold would be deep. Digging a hole deep and wide enough to see if there was even anything to discover could take weeks or even months. In sales, we should be prepared for the same level of commitment to prospecting. Much of our efforts will be in vain. We will spend time cultivating opportunities that will turn out to be "fool's gold." But that's just part of the game. We have to be willing to be persistent with the hope that we might turn something up. We might not find anything if we start digging, but we will definitely not find anything if we never pick up a shovel.




3. Prospecting involves staking claims. According to Wikipedia, those will wish to "prospect" a certain area must stake a claim to that area by putting posts on the four corners of the area in which she plans to dig. That reserves the area for that particular prospector and enables her to focus her efforts on that area exclusively. In sales, we don't have the luxury of staking claims in the sense that we can legally keep competitors out. However, we should select an exclusive "area" from which we expect to dig for customers. The world is too big and the markets too varied to search everywhere for customers. We aren't looking for anyone anywhere who buys anything. We are looking for customers that our solutions can benefit. We must erect the posts and stake claims in our own niche. That way, we are able to narrow our focus and be sure to find customers if there be any to find.




4. Prospecting has changed. The Yukon Corneliuses of prospecting have come and gone. As with many professions, technology has greatly improved prospecting methods. Metal detectors and magnetic separators are routinely used and most propsectors today are experts in geology. Prospecting in sales has changed too. Technology has made prospecting a lot easier. There's traditional cold calling, but there's also emailing, social media, CRM, smartphones, etc. Tools are abundant for use in prospecting. Expectations of salespeople, therefore, have also changed. Machines do the grunt work. Modern prospectors are experts in the landscape. Salespeople must be as well. A good pitch no longer suffices. Business acumen is a must for prospecting in sales today. If you are not an expert, you are not worth listening to.

There you have it. Now, get a shovel and start digging. There is gold to uncover!