You’ve heard that a huge target market can be bad news for business development.
(Targeting too many prospects can clog up your pipeline with low-value opportunities, and waste a lot of time and energy.)
But you want the most possible opportunities, so you resist the urge to narrow and refine. No big deal, right?
Wrong. An overly broad market doesn’t just slow down your biz-dev, it hamstrings your own sales reps, and prevents your process from getting off the ground in the first place. Here’s how:
Where Should Your Sales Reps Start?
Imagine I ask you for a referral. I tell you I can work with “everyone who needs my product.” Who comes to mind?
Chances are you’d struggle to come up with anything promising.
What if, instead, I asked you for “serial entrepreneurs in the technology arena located in your city.” Your mental picture becomes clearer.
Now imagine you’re my newest sales rep. You ask me where you should start looking for prospects.
If I say “go out and find people who need us,” that’s not a lot to work with. You’d have to do quite a bit of legwork just to get started in your search for new business. Your commissions suffer. Your pipeline is dry. Nobody wins.
But again, if I tell you to start with “staffing companies with more than one location and annuals sales in excess of a million dollars,” you’re going to be a lot more motivated and successful—and you'll fill your funnel (and mine) more quickly.
Just like in the referral example, the more specific I am, the better equipped you are to give me what I’m looking for.
With Your Target Market, Less is More
That big question still remains: won’t a narrowly defined target market limit by biz-dev success?
To the contrary—a defined target market creates a direct path to more appointments and sales.
That’s true in part because a specific question (how many businesses in X industry with Y employees and Z annual sales) is more likely to get a specific answer.
See for yourself with our Prospect Finder—just answer a few questions about the kinds of businesses you target, and we’ll give you the exact number of firms in your local market that fit the bill.
(We’ll give you additional copies to check how each of your reps might answer the same questions.)
Then imagine how successful your sales team could be with the right roadmap and the right tools to reach your destination.