Trout season opened last week, and I had a very successful fishing trip this past weekend. It occurred to me on my way home yesterday that most of the principles for good fishing apply directly to best practices for new business. And even though I've been fishing (and prospecting for new business) for many years, it never hurts to take a few minutes before you pack your gear to remember the basics. If you want to be catch the limit every time, you need to follow a few guidelines:
1. Know which fish are biting before you get in the boat.
A good fisherman needs to study the fishing reports before he leaves the house so that he can know which lake or stream offers the best opportunity. An essential part of successful new business prospecting is to know all you can about general marketplace trends and the business category or niche in which you are competing. You need to keep a close watch on which companies and industries are growing and which are stagnant. Both offer opportunities for new business growth, but must be approached from a different perspective and with a different promise.
2. Have the right equipment within easy reach.
I always carry extra rods and reels, along with my tackle box to make adjustments if something breaks or if I need different equipment without having to return to the dock and missing an opportunity. Successful agencies make sure they have a variety of creative samples, a strong website that shows their versatility and capability to good advantage, and a library of case studies and client testimonials that can be used to adjust their sales story as they learn more about their prospect's needs. And they need to have the flexibility to incorporate new strategies as the sales cycle advances or changes.
3. When you find the right bait stick with it.
On Friday afternoon, my boat partner and I caught over 50 trout (it was a catch-and-release lake, so we didn't worry about over-fishing the area). On Saturday, he decided to try a different lure, while I stuck with the same basic set-up as the previous day. I caught 3x more fish than he did. Every client prospect and situation must be treated as a unique opportunity, but if you find a winning strategy stick with it. I don't mean that you should use a cookie-cutter approach, as that seldom works. But if you find something that works, don't abandon it just to try something different.
4. Compare notes with others on the best places to fish.
Before we leave the dock, I always ask around to see if I can pick up any tips to improve my fishing success. I've found that the real pros don't mind sharing advice on the hot lures and flies, or the best depth or locations to find the most fish. The same kinds of information can be found when new business prospecting by joining professional associations, reading blogs and hiring new business consultants. That last point may sound self-serving coming from a new business consultant, but I truly believe that independent, experienced counsel from an unbiased perspective can dramatically improve your success rate.
5. New technology tools can help your success rate, but only if you know how to use them correctly.
A fishfinder can be an invaluable asset to improve your odds for success. But you must know how to properly mount the transducer, tune and adjust the sonar settings, and correctly read the screen to use it to your best advantage. In new business today, social media marketing is the hottest topic around, and can be used to increase your new business success. Agencies can use blogs and social networking sites to broaden their awareness and build their reputation. They can also use these tools as a part of their sales strategy as many clients need help in understanding how their business can take advantage of new media alternatives. But their ultimate need is not just how to effectively use email, blogs, podcasts, mobile marketing, viral marketing, pay-per-click, user-generated content, Twitter, etc., but how to mix them with traditional media to create the most impact. Be careful not to jump on the social media marketing bandwagon without knowing how to use it properly.
6. Be prepared for changes in the weather, but don't change your tactics too rapidly or drastically.
Every fisherman knows that the weather can change in a hurry, so they should be prepared to adjust their strategy, their gear and their clothing to match new conditions as they arise. But if they spend all of their time setting up their new gear or putting on their rain outfit, they might miss a fish or find that the conditions have already changed again by the time they finish their adjustments. The same can be true for new business prospecting. Some agencies are constantly looking for the next, new thing and thus are always making adjustments in their prospecting approach, their presentation techniques and their materials. My advice is to be careful not to move away from what you know or do best just to have something new. A smart strategy and good insights to help the prospect grow their business don't have to be presented in a fancy high tech video or Powerpoint presentation to win a client's trust (and business). I've had just as much success with hand-drawn flip charts and ideas that were scribbled on the back of a napkin as I have with a fancy presentation. Be prepared to make adjustments when needed, but never forget that good ideas trump everything else.
Good fishing!
