Prospecting is the process of identifying and reaching out to potential customers or clients who may be interested in a product or service. This step is crucial in sales and marketing, as it helps businesses build a pipeline of leads that can eventually convert into sales. Techniques for prospecting can include networking, cold calling, and using social media platforms. Effective prospecting involves researching and qualifying leads to ensure they fit the target market. Sales professionals often use tools like Customer Relationship Management (CRM) software to track interactions and manage relationships with prospects. By nurturing these connections, businesses can increase their chances of closing deals and growing their customer base.