Why New Client Acquisition Is A Lot Like Flounder Fishing

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When you think about it, there are a lot of similarities between flounder fishing and new client acquisition. Join Richardson’s Jim Brodo for a light discussion on the process comparisons between fishing and new client acquisition in today’s changing business environment. http://bit.ly/16OVDc5

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Why New Client Acquisition Is A Lot Like Flounder Fishing

  1. 1. Why New Client Acquisition is a Lot like Flounder Fishing By Jim Brodo, SVP Marketing September 27, 2013
  2. 2. Copyright © 2013 Richardson. All rights reserved. Why New Client Acquisition is a Lot like Flounder Fishing This past summer, I spent some time fishing for flounder. While I was moderately successful, I still had plenty of time to think about the similarities between flounder fishing and new client acquisition. Click the following to read our full blog
  3. 3. Copyright © 2013 Richardson. All rights reserved. Why New Client Acquisition is a Lot like Flounder Fishing Step One, Market Identification – • If you are going for flounder, you have to go where the flounder go. • There are three ways to identify these targets o Plan old Guess.  Just throw your line in the water and hope for the best o Follow other fisherman  See where they hang out, and fish near them o Conduct research on the Web and social media sites  To find where flounder have been hitting  Similarly, when attempting to acquire new clients, you need to: o Identify the market o The territory o The specific targets Consider the ways in which both work:
  4. 4. Copyright © 2013 Richardson. All rights reserved. Why New Client Acquisition is a Lot like Flounder Fishing Step Two, Create Awareness – • Use the right bait to attract flounder. • Set your boat in a certain area and let the tide move you and the fishing line • Throw out your line and you hope to capture the flounder’s attention while the weight drifts on the bottom of the ocean. In today’s business environment, we essentially follow a similar process. • Begin the new client acquisition process with a message – our bait – to attract the interest of the buyer. • We then use a variety of tactics, like Search Engine Optimization, Search Engine Marketing, content marketing, public relations, and advertising to get our message out into the marketplace. • We then wait, hoping to be in the right place at the right time to get a nibble from the buyer. Consider the ways in which both work:
  5. 5. Copyright © 2013 Richardson. All rights reserved. Why New Client Acquisition is a Lot like Flounder Fishing Step Three, Catching the Big One • If we have selected the right fishing area and used the right bait, then it should be only a matter of time before the fish bite. • We have to reel them in carefully, or they can get away. • We don’t know what is on the end of the line until we land it in the boat. • It could be a huge flounder or a little shark stealing the bait. Now think about new client acquisition. • After we have developed a targeted message and sent out the communication, we sit and wait until we get a response, or a bite. • Once we do, our work still is not over. • We have to set nurturing activities in motion to reel them in. • At first, we don’t know what the opportunity is. Is the lead a keeper or a time- stealer? • We must further qualify it using our criteria before it can officially be labeled a Sales Qualified Lead, or “keeper.” Consider the ways in which both work:
  6. 6. Copyright © 2013 Richardson. All rights reserved. Why New Client Acquisition is a Lot like Flounder Fishing Review Process Step Flounder Fishing Demand Generation Step One, Market Identification Determine what type of fish you want to go after and then find out where the fish are Identify the market you want to communicate with and to whom Step Two, Create Awareness Determine the right bait and tactics to draw the attention of the fish Craft your message and choose the appropriate communication tools to spread your story Step Three, Catching the Big One Wait for a fish to bite, reel it in, and determine if it meets the official criteria to be a keeper Wait for buyers to respond, draw them into the sales cycle, nurture the lead, determine if the opportunity aligns with your business model
  7. 7. Copyright © 2013 Richardson. All rights reserved. Why New Client Acquisition is a Lot like Flounder Fishing The similarities between fishing and new client acquisition are interesting to think about. In fact, these basic processes can be used for many areas of business and everyday life. The best part of this aha! moment for me was that, for many years, I had trouble explaining to my young kids exactly what I did for a living. Then I thought about the similarities to fishing. I walked them through the fishing analogy, and they finally got it. My ten year old said, “Now I understand, you fish for businesses; you are a business fisherman.” I can’t wait to explain this one at the next Parents Day at school. So I am a Fisherman!
  8. 8. Copyright © 2013 Richardson. All rights reserved. Thank You • Thank you for viewing this slideshare. • If you have any feedback or comments, or would like to learn more about the award winning sales training products and services offered by Richardson, please email me at jim.brodo@richardson.com. • Did I actually just say eMail? – You can also connect with me at: • LinkedIN - www.linkedin.com/in/jimbrodo/ • Follow me on Twitter - @Richardsonsales • Join our blog – http://blogs.richardson.com • Call us at 215-940-9255 • Or contact me directly through our website http://www.richardson.com

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