DEFINITION of 'Pound The Pavement'
Diligently and tirelessly working towards a desired objective such as getting a job or building up a business. To "pound the pavement" in the financial industry means using networking and marketing activities such as soliciting clients door-to-door, talking to prospects and organizing seminars with a view to building up one's "book" of clients. Pound the pavement may be regarded as the outdoor equivalent of "dialing for dollars," which refers to the practice of soliciting business by cold-calling prospective clients.
BREAKING DOWN 'Pound The Pavement'
Pound the pavement may have been an effective way of building an investment book of business in the past, but its effectiveness is debatable in the modern era of discount brokers and instant information. In any case, rookie brokers at most dealers are encouraged to build their business through some form of pounding the pavement, especially as the advent of "Do Not Call" registries has made cold-calling unviable for business-building. Pound the pavement in such cases may often take the form of targeted seminars and networking events aimed at prospective clients, rather than door-to-door solicitation.