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Pathway 7: Cold Prospecting (with No Introduction from a Mutual Friend)

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Cold prospecting refers to efforts on your part at meeting someone with whom you would like to do business – without the benefit of an introduction. Cold prospecting represents roughly 12% new client business, according to our survey data.

Many successful rainmakers have built their careers off of cold prospecting. Cold prospecting can work, it's just that it takes longer to build a relationship with someone who doesn't know you and isn't introduced to you.

There are two types of cold prospecting. The first is blind prospecting. Molly from Edward Jones was blind prospecting, knocking on doors without any prior research on the prospect. The better and more effective form of prospecting is what is called targeted prospecting. Targeted prospecting is when you have a very specific target audience and have identified a good candidate based upon extensive market research, as was the case with my friend Mark in the previous story.

When you've done your homework, and you have identified an organization or an individual who you would like to serve, your best option whenever possible is a warm introduction from a mutual friend. But sometimes we simply don't know anyone who can introduce us. In these cases, cold prospecting may be our only option.

Ask anyone who cold prospects for a living and they'll readily admit that it's hard work, and you'll strike out much more often than you'll score. You have to develop thick skin and get used to a lot of rejection. The key is to find common ground with your targeted prospect, something you have in common that serves as a proxy for an introduction from a mutual friend.

How to Win Client Business When You Don't Know Where to Start

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