Where is your next big client? Picking a pond is important.
Let’s continue where we left off last week, where we talked about bringing the big-company mindset into your business and your team. Having a big fish mindset will help you overcome the mental obstacles that will keep you from being successful.
Now that you’ve learned how to overcome that, we’re going to identify who is our ideal big fish. It’s essential to know about the fish you are looking for before you put a plan together. We’re also going to take a moment to talk about the potential “red tape” you may encounter along the way.
It is important to know a few things about your fish. All people and companies have habits, and it essential to be able to identify them. For the sake of this article, we will talk about the most important habits for you to identify. These habits are their purchasing habits, procedures, and company culture.
- Fiscal Budgets:
- It’s essential you know the fish’s fiscal budget, so you know exactly when they are planning their expenses for the year. Knowing this information allows you to tailor your plan to approach them just at the right time.
- Current Fulfillment Partners
- Spend time identifying who they are buying from already. Your goal is to understand why them and not you.
- You need to know who has influence over purchasing, who does the actual buying, and who can kill a deal if they want.
- Purchasing structure
- Besides knowing who the decision-makers are, it is important to identify the company’s desired sales process. For instance, do they want an RFQ or RFP, an estimate, etc.?
- Get on Their List:
- You need to know how to get on their list of people to buy from. Your name needs to be on the list but at the top of it and in as many categories as possible for more interaction. Ask about a procurement program and what you need to do to go through the application process.
- You need to learn the company’s unique language and communications methods. These could include report names, buzzwords, and even the nicknames they have for their employees.
- Take the time to identify the values at all levels of the company. Not just the ones on the website. Values are essential to understanding motivation is the path to problem-solving.
These three areas are just the starting point for identifying your “Big Fish.” I encourage you to spend additional time creating an Ideal Client Avatar.
Red Tap Warning
Now that we’ve talked a little about what you need to know about your fish, let’s a quick look at the “red tape.”
Bureaucracy might as well be a four-letter word with the emotions it stirs in all of us. “Red tape” is a necessary evil, but one you can use to learn from. There are two ways to learn from their system:
- Analyze their activity.
- Review their correspondence.
Being an outsider looking in can have its advantages too. If you hate dealing with the “red tape,” imagine how their employees feel dealing with it. If they need to crunch some numbers, offer to do it. If they need more info, make sure you are giving it to them in a user-friendly way.
Congrats on creating your Big Fish profile you have taken the next step. As much as fishing is a solitary activity when it comes to business it is important to get help. Engage your team, support network, mentors, and coaches in this process. As always, I am here to help don’t hesitate to ask a question.
The best time to start was yesterday, but today will do just fine.
About the Author
I am a business coach and consultant specializing in uncovering the root cause of a challenge and offering an unexpected solution. That solution typically results in a substantial increase in profits and the peace of mind to set you free from your business.
I ask powerful questions to clarify who you are and what you want. I am empathetic, although surgical in approach. I make my clients feel they are the only person I am working with. I have an uncanny way of drawing people out and getting to the heart of the matter.
I am a Pittsburgh native who aspires to free business from the rat race. If I am not working to improve the lives of my clients. Then you will most likely find me on the ice playing hockey, reading, or making plans for the future.
If I can ever be helpful to my readers, it would be my pleasure to connect and see where I can bring you value. I look forward to continuing to share more great lessons with my growing community.