As per Hubspot, 

Sales prospecting is the process of initiating and developing new business by searching for potential customers, clients, or buyers for your products or services.

As per the Balancesmb, 

A prospect is a potential customer who has been qualified as fitting certain criteria outlined by a company based on its business offerings. 

Lead generation begins with identifying sales prospects. It is necessary to determine if a contact is a sales prospect or not before moving forward in the journey or process. 

There are several stages of sales processes which are mentioned below. The process of sales prospecting takes place somewhere in between. Lead qualification is the first step of sales prospecting. Next, the prospects turn into opportunities and encourage people to buy a product/service. Lastly, these prospects now turned into sales opportunities go forward to become customers and thus, generate sales for a brand.

The better your brand's sales prospecting is, more is the number of prospects in business. The potential of sales prospecting must be exercised to the fullest.

More the number of quality leads, more is the revenue generated. Sales prospecting helps grow the revenue of a brand / business in order to help it sustain longer in the market.

If you work systematically to gather sales prospects, you can easily segregate high-quality leads from others.

This process also helps in data gathering, which means a full-fledged database can be prepared via sales prospecting.

Sales prospecting helps map the trajectory of a customer's journey. It increases the lifetime value of them as a prospect turned into a potential lead and then a well-received customer.