Experience shows that the most effective hunters are very focused on who they go after. They target solely high potential clients. High achievers do not chase every piece of business. The hunt must exist only for those clients with high potential.
So then, how do you define high potential? How do you define YOUR Sales targets?
Defining high potential will vary across industries and in different ways. Generally, it is very much influenced by the product or service that you sell and who the best prospects are for your business.
For consumer related groups, for example, demographics can be very important. Criteria such as age, household income, buying habits, and ethnicity help define where to focus effort.
For business to business organizations, a more robust set of criteria might be used. They include things such as:
- Demand for your product or service.
- Your success stories with similar companies
- Annual sales of the customer within industry
- Growth trends of the industry or customer
- Number of employees
- Competitor presence or vulnerability
- Value you and your organization offers
- Expected profit margin
- Geographic location
- Service requirements the customer might have in doing business
- Complexity of decision making process
- Impact on your business if the customer is acquired
And there are more. So, in narrowing who your targets will be, we recommend that you choose no more than five criteria to initially guide you, and then focus your efforts on finding sales targets that fit those five criteria. If you find that some criteria are very hard to match, consider selecting other criteria that may not be as rigorous.
We also recommend that you not have 100 targets, but rather, create a more manageable list, say 20-25 to start with.
By being tightly disciplined on your targets, you create momentum. You are able to better articulate your value to others. Your messaging has the potential of resonating well. You are able to draw organizations or customers to you because you are focusing on them and their issues, needs and requirements.
A good friend of mine continues to remind me: “In targeting your customers, always think what you are famous for, and leverage that. Be very very specific about where you invest your effort. The more you narrow, the more you will attract business and the more value you will be able to deliver.” Wise counsel. If you wish to accelerate your success as a Hunter, as a Rainmaker, hone in on your best targets until it becomes a habit.