My father and I often spend holidays trekking deep up croc-infested rivers in the Northern Territory to catch the illusive Barramundi. I also enjoy trout fishing closer to home in the chilly streams of regional Victoria.
My kids are getting to an age where they can appreciate how much fun fishing is. The only problem is fish are getting harder to find. The world has changed considerably since my childhood.
Some fishermen are happy just wetting a line even when they don’t catch anything. I find it more enjoyable when I’m catching fish – the bigger the better! Same goes for my business.
In many commercial markets big fish are almost impossible to snag. When you get a bite all it does is waste your time and money. Damn those tenders! If your success relies on catching big fish in recent times it’s likely your business has been impacted. Reduced budgets, and clients needing and demanding more value for less are challenges to be addressed and overcome.
It’s no secret our pond is smaller, faster and less personal than it once was. We are all more connected, however, busier, more distracted and we have less time. Competition has intensified making us self-focused and often needy. Given it’s tougher than ever before to catch big fish, how do you successfully hook them in a meaningful way?
I encourage you to analyse your existing clients and clearly identify who your most profitable and valuable clients are and why. Industry, spend, tenure, loyalty, mutual value and client satisfaction, are all important to factor into your equation.
These insights then form your “bait” to help you attract and build credibility with other like-minded fish. Then spend time scripting and crafting your “why” and client “benefits” into all your communication. Remember, you need big bait to catch big fish!
The right bait is futile in the wrong place. How you target your communication is vital to your success rate. Being all things to all people is inefficient. What media do your big fish consume? What do they value outside their work environment? What relationships do you currently have in place that connects with them? Is locality and intimacy important to them? Perhaps the big fish are closer than you think.
You will find your big fishes work by common principles. Many have similar roles, profiles, habits and behaviours. Knowing these will go a long way towards understanding where they dwell and how you can immerse yourself seductively in their world.
Like most things in life, timing is critical. You can have the right bait in the right place but if your timing is off, you will catch nothing more than a runny nose. Furthermore, if you hook-up and wind too quickly you’re likely to snap the line or pull the hook. Patience is a virtue and vital to landing a big fish.
For every few hook-ups, you may drop two. Don’t lose one and then give up. Take the time to understand “why” you lost so you can adapt your approach next time. Big fish are cunning and it takes a more thoughtful approach than catching small fish. The buying cycles are longer, risks are greater and costs associated are more significant.
If catching big fish is your game, you need to establish an annuity revenue stream to offset lumpy cash, and a contingency for forces out of your control. Having your livelihood determined by one or two big paying clients is not only risky, it can be exhausting playing slave to a slippery master.
It’s hard to go back to catching tiddlers once you experience the feelings associated with winning a long and tiring battle with a big fish. So if you have a strong and compelling “why”, I say why not!
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Trent Leyshan is the founder and CEO of BOOM Sales! a leading sales training and sales development specialist. He is also the creator of The NAKED Salesman, BOOMOLOGY! RetroService, and the Empathy Selling Process.
Smart Company is the leading online publication in Australia for free news, information and resources catering to Australia’s entrepreneurs, small and medium business owners and business managers.
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