(1). To proactively address an issue which is identified as potentially dangerous to the firm or a client relationship. The term is often used when trying to quietly clean up an error before the client notices anything is wrong.
(1). n. A potential client which is currently being courted by a salesperson. Prospects are generally treated as the most important person in the world during the marketing phase of the relationship. However, once the prospect becomes an actual client, they will receive the same half-interested, annual-meetings-level of service as any of the salesperson’s other clients.
“I’ve got this huge prospect I’m working on right now, Jeff. I don’t want to count chickens, but I’m feeling Bentley right now!”
(2). v. A gold-mining inspired term meaning to seek out new clients, either through direct marketing (i.e. cold calling) or networking (i.e. volunteering for a charity in hopes of meeting new clients). As with gold mining, prospecting often leads to several dead ends, fool’s gold deposits (i.e. clients who lie about their net worth) and occasionally, a gem.
“Sup, Lo-Dawg. I’m gonna need a couple hits for tonight. Going out prospecting at the clubs, yo!”