Key Takeaways
- Hunting and farming are two different prospecting methods. Hunting involves actively seeking out new business and can yield immediate results, but requires constant effort. Farming is about nurturing existing relationships and encouraging repeat business, which can take time but results in a more stable food source.
- There is no ‘silver bullet’ in marketing; a combination of hunting and farming methods is often most effective. Cold-calling (hunting) can generate immediate business, while social media (farming) can foster long-term relationships, leading to more business over time.
- The ultimate goal should be to gradually transition from hunting to farming. As the business grows and relationships are established, the reliance on hunting for immediate business can decrease, allowing for a more sustainable, farming-based approach.
Hunting
When hunting, you eat what you kill. Hunter prospecting methods involve doing things that get you business immediately. The downside is, you’ll soon be hungry again and need to spend time hunting down new clients. As any jungle predator can tell you, your success rate will vary and there are times you may go hungry for a spell.Farming
As some point in our pre-history, early Man figured out that planting crops to grow food was less dangerous than taking forays into the forest. Plus, having food around when you’re hungry is a nice perk. But farming takes time—crops don’t just spring up overnight. But we also learned to domesticate animals, because having a food source corralled in pens eliminated the need to hunt their wild cousins. So what does this have to do with prospecting? Early settlers pulled up stakes and travelled hundreds or thousands of miles to start a new life. The first thing they probably did after erecting some type of lodging was hunt for food. I doubt they merely planted a few crops and waited until spring before having their first meal. Yet, that’s what many new businesses and startups do—they’ve been told that social media and inbound marketing is where it’s at … and they starve before spring arrives. So how hungry are you? Early settlers needed to make a kill immediately in order to survive. If you’re just starting out, you need to do the same. One thing I’ve learned from being in this industry is that each marketing or advertising method has inherent strengths and weaknesses. Unfortunately, many business owners are looking for the “silver bullet”—the one method that will bring in all the business they need. The reality is that effective marketing is more like a team than a shotgun. What will you do to get clients immediately? You may be well-connected and begin to generate enough business through your network. (We did.) The trick is to define what “enough business” means to you. If you’re an independent freelancer who needs $4,000 a month to live, take your average sale and divide. If that tells you that you need three new clients a month, how many leads must you generate? If 10 leads lands three new clients, how many people should you talk to each month? Here’s a hint: it’s more than 10. What’s your success rate? Lions catch less than 30 percent of the prey it hunts; cheetahs, 60 to 70 percent. Which are you? Consistently having conversations with people in your target market is the first step. How are you going to get in front of enough of them? Here’s where the either-or fallacy hurts most freelancers: either inbound marketing is best, or outbound marketing is best. But you can generate plenty of conversations using both cold-calling and social media. The former is hunting, the latter is farming. Cold-calling is more likely to generate a new client immediately; social media less so. Social media is farming—it takes time for the relationship to flourish, but once it does, the prospect is more likely to hire you because of it. Cold-calling’s major disadvantage is that you have no relationship (therefore, no credibility) with the person on the other end of the phone. Just like those early settlers, your marketing goal ought to be to gradually wean yourself away from hunting and into farming. As your crops begin to grow and you begin to domesticate some wild prospects, you’ll have a barn full to which to market.Frequently Asked Questions about Prospecting: Hunting vs Farming
What is the difference between hunting and farming in prospecting?
Hunting and farming are two different approaches to prospecting. Hunting is a proactive approach where salespeople actively seek out new customers, often through cold calling or other direct outreach methods. Farming, on the other hand, is a more passive approach where salespeople focus on nurturing existing relationships and encouraging repeat business. Both methods have their advantages and disadvantages, and the best approach often depends on the specific circumstances and goals of the salesperson or business.
Is hunting or farming more effective for prospecting?
The effectiveness of hunting versus farming for prospecting can vary greatly depending on a number of factors, including the nature of the product or service being sold, the target market, and the skills and preferences of the salesperson. Hunting can be more effective for finding new customers quickly, while farming can be more effective for building long-term relationships and encouraging repeat business. It’s often beneficial to use a combination of both methods.
How can I decide whether to use hunting or farming for prospecting?
Deciding whether to use hunting or farming for prospecting often involves considering your business goals, target market, and resources. If your goal is to quickly expand your customer base, hunting may be the best approach. If you’re looking to build long-term relationships and encourage repeat business, farming may be more effective. It’s also important to consider your own skills and preferences as a salesperson.
What are some strategies for effective hunting in prospecting?
Effective hunting strategies in prospecting often involve proactive outreach methods such as cold calling, email marketing, and social media outreach. It’s important to research potential customers thoroughly before reaching out, and to tailor your approach to their specific needs and interests. Persistence and follow-up are also key to successful hunting.
What are some strategies for effective farming in prospecting?
Effective farming strategies in prospecting often involve nurturing existing relationships and encouraging repeat business. This can involve regular check-ins with existing customers, providing excellent customer service, and offering incentives for repeat business. It’s also important to stay top-of-mind with your customers through regular communication and marketing efforts.
Can I use both hunting and farming in prospecting?
Yes, many salespeople and businesses find it beneficial to use a combination of hunting and farming in prospecting. This can allow you to both expand your customer base and nurture existing relationships. The key is to find the right balance between the two approaches that works best for your specific circumstances and goals.
What are the challenges of hunting in prospecting?
Hunting in prospecting can be challenging because it often involves reaching out to potential customers who may not be familiar with your product or service. This can require a significant amount of time and effort, and there’s often a high rate of rejection. However, with persistence and the right approach, hunting can be a very effective method of prospecting.
What are the challenges of farming in prospecting?
Farming in prospecting can be challenging because it requires maintaining and nurturing existing relationships over the long term. This can require a significant amount of time and effort, and there’s always the risk that customers may choose to do business with a competitor. However, with excellent customer service and a focus on building strong relationships, farming can be a very effective method of prospecting.
How can I improve my hunting skills in prospecting?
Improving your hunting skills in prospecting often involves practicing and refining your outreach methods, researching potential customers thoroughly, and learning to handle rejection effectively. It can also be helpful to seek out training or mentoring from experienced salespeople.
How can I improve my farming skills in prospecting?
Improving your farming skills in prospecting often involves focusing on customer service, regular communication with existing customers, and finding ways to add value to your customer relationships. It can also be helpful to seek out training or mentoring from experienced salespeople.
John TabitaFormer owner and partner of web firm Jenesis Technologies, John is currently Director of Digital Strategy at Haines Local Search, a company providing local search marketing solutions to SMBs, including print and Internet Yellow Pages, web design, and local SEO. When not working or spending time with his family, John offers great sales and marketing advice on his blog, Small Business Marketing Sucks. When not working or spending time with his family, John offers great sales and marketing advice on his blog, Small Business Marketing Sucks.
