Prospecting
Doing specific activities with the intention of generating leads NOW. If you’re cold calling, you’re doing it because you want the lead right now, you want to start converting them. You’re not looking to build a brand with prospecting, you’re just doing certain things to cultivate immediate business. If all you ever did was prospect for leads, you wouldn’t generate long term referrals or things like that.

Marketing
Marketing is similar to prospecting, in that you’re doing things with the hopes of getting leads, but you’re also building a brand somewhat – getting your name out there and recognizable (like billboards or radio advertising). Marketing brings in some immediate leads, but is more useful for generating leads in the long run because it helps more people recognize your name and face. Though some may disagree, we tend to lump Public Relations in with marketing too – though PR is more about doing things that are newsworthy, to get people (the media, your community) talking about you – also adding to your recognition. It’s making sure your image to the public is a good one, that you come across honest and trustworthy. If you do things for other people and be a humanitarian, your good reputation will come almost naturally.

Farming
Taking an area or specific group of people and constantly farming them – planting the seeds, spreading the fertilizer, constantly nurturing one group of people. In other words, picking one or two subdivisions in your area and keeping in constant contact with the residents – with door hangings, postcards, informational packets, phone calls, etc. Part of a farming plan could be setting up a community website that’s password protected just for that area, or organizing a neighborhood watch or even a yard sale. You could plan an annual yard sale for the whole community, oversee the whole thing, and you have two separate groups of leads to cultivate. The first is the community throwing the yard sale – you can follow up with letters of appreciation and small gifts a month after the yard sale. The second group of leads would be the outsiders coming to the yard sale to shop – you can network with those people, give out business cards, etc. This idea can also be used to throw a neighborhood block party.