Fishing for More Pipeline Opportunity
B2B marketing and sales is a numbers game. There are constraints that the math has to work within. For example, you can’t expect to generate $300M in revenue on a $100K solution if the total addressable market consists of 500 companies—that’s just simple arithmetic. You can’t catch more fish than are in your ocean.
The more sophisticated numbers game is in capturing as much of that total addressable market as possible. There are a couple of ways you can do this.
The first is to go after as many of the potential buyers in the total addressable market as possible. In other words, cast the widest net.
The problem is, what you drag in won’t be just the fish you’re after; it will also include a bunch of other sea creatures and probably some trash. It takes time and resources to separate it all and figure out what’s what. Not to mention, because you used one single net, some of your target fish won’t get captured.
Modern marketers understand that this one-to-many approach is limited in its effectiveness, particularly in the complex world of B2B technology. As a result, your net may drag in a lot at the top of the funnel, but because your one-size-fits-all approach actually fits very few, your conversion rates throughout the sales cycle are low. Sure, you can try making bigger and bigger nets, but this is ultimately an inefficient way to play the numbers.
At the other end of the spectrum is the one-to-one approach.
This is where you go after one particular fish—the exact right target that meets your ideal customer profile (ICP) and is in-market for a solution—with bait that has the specific movements, colors, and reflections to attract that fish. With this method, your conversion rates are likely to go way up, but because it’s so resource and time consuming, you’re limited in the total number of fish you can go after.
Imagine you had a big net that could filter out all the sea creatures and trash so you can easily pick out just the fish you’re looking for. And now imagine you also had the exact right bait to attract each one of those fish. That’s exactly what you get in the B2B prospecting environment with Opportunity Identification (OppID).
Speak with a pipeline expert to build a program that meets your needs.