Any successful new business strategy starts with knowing who your target audience is. As an agency you’ve likely already homed in on your unique value proposition and are ready to start engaging with prospective clients.
A critical piece many agency new business professionals miss out on is making sure they have a broad enough target audience to sell and market to. We find that [twittee tweet=”Fuel your #marketing and #sales efforts with a targeted AND substantial audience. via @AgencySquared” content=”the key to fueling your marketing and sales efforts is an effective, targeted AND substantial audience.” ]
When working with our clients, we’re often asked, “How many prospect records do I need?” To get the most from your outreach, we recommend a minimum of 3,000 with the goal of having 5,000 that you can continuously engage with.
Those numbers might seem like a lot but keep in mind there are tools to help you build out your prospecting database. In fact, many of your agency peers are likely using one. According to the 2016 Mirren/RSW Mirren New Business Tools Report, 9% more agency executives are investing in list building tools (compared to 2014) to help grow their new business. Our clients typically use Winmo, however there are other resources like Hoovers, Data.com and LinkedIn to help you create hyper-targeted data sets.
The importance of audience segmentation.
As you continue to grow your prospecting audience, segmenting the data into relevant batches is very important. We often segment prospects into these three groups to help us prioritize outreach and customize content:
1) Right to Win
Right to Win clients are those that are a perfect fit for our solutions. We set parameters for what a perfect client is for our agency: what issues they have, where they are and what they specialize in. If they fit those criteria, then they HAVE to be working with us.
2) Great Fit
This will be your biggest group of prospects. They have a problem we can solve, but may fall outside our parameters on a few criteria here or there. Maybe they are a bit outside of our typical region, or they’re an industry we do not normally operate within. They still have a problem we can solve however, and that means we want to talk to them.
This is may be the smallest group, as they are more of ‘passion projects’ from the team – or the ‘great white whales’ that would be incredible to land. They are probably not worth committing the majority of your new business time to chasing, but landing one could make a huge difference in morale or revenue
Keep in mind this is just one way to segment your data. Every agency has a different strategy, and how you go about slicing your sales intelligence might be very different. Some find that the easiest way to group prospects is simply by industry vertical, while others choose to base their groupings off of job titles. Taking the time to think through who you want to be working with, and more importantly, what your prospects care about, will help you determine just how your agency should be dividing your prospect target list.
Yes – broadening your audience might seem like a lot of extra work, but the payoff is well worth it. By getting your message in front of more prospects that have a need for your services, you’re more likely entice qualified conversations with the brands you want to do business with.
Go ahead, the odds are in your favor.