What is spear fishing?
Spearfishing comes from getting spear leads:
It is common within B2B businesses to separate leads into 3 different categories:
It is usually the lead generation that flows naturally, through word of mouth. These leads have a very high conversion rate and are attracted organically. The main channels used to acquire such high-quality leads are customer referrals, public relations, SEO (Search Engine Optimization), content marketing, and communities.
However, there are also negative aspects to consider, and this type of lead is called a seed for a reason: the harvest takes time. To acquire seed-type leads, you need to establish a close relationship with your leads, to the point where the purchase becomes an almost natural progression. But building that relationship takes time.
The customer already knows who you are, what you do, and what you believe in. All they need is a gentle push to make the purchase.
When the company’s goal is not to achieve the highest conversion rate but to capture a large number of people or companies, these leads are referred to as Nets (network). It’s like casting a net into the sea, where you’ll find different types and sizes of fish, as well as garbage, seaweed, and everything in between – but there will also be good fish in the mix.
The primary channel used in this approach is Inbound Marketing, where the company offers valuable content such as ebooks or webinars related to the topics that potential clients are seeking. In exchange for this content, the company collects the lead’s contact information.
Traditional advertising campaigns also fall into this category, where ads are created to reach a large number of companies.
With Spear leads, you’re fishing with a harpoon or a spear, targeting a specific fish (the company you really want to acquire).
In Spear-type leads, the primary channel used is outbound sales, where a team of salespeople actively prospect and contact companies that closely align with their product, aiming for conversions.
To effectively carry out active prospecting, it is crucial to have a highly skilled and prepared team since selling through cold calling is not easy. However, with a well-executed process, starting from selecting the right contacts, identifying pain points, and showcasing the benefits of your solution, this strategy has the potential to deliver remarkable results!
Looking at your clients as mere numbers, rather than treating them as valued customers, may yield initial growth for your company, but it can have detrimental effects in the long run. Relying solely on metrics-driven approaches to acquire new leads may result in rapid sales performance improvement.
However, without carefully assessing whether these leads or clients align with your Ideal Customer Profile (ICP), you may face difficulties in retaining them, upselling, cross-selling, and ultimately, it can harm your company’s reputation and customer satisfaction while impacting churn rates.
In spearfishing, similar principles apply to the new model of Account-based Marketing, where relationship-building is paramount. Understanding the breadth of your clients’ needs requires deep diving into their world. Display empathy towards the prospects you engage with, as empathy coupled with market knowledge can transform commercial transactions into meaningful human relationships.
The ultimate goal of your spearfishing campaign should be to foster deep engagement with your target accounts, showcasing the real impact you can make for them. By investing upfront in understanding your target accounts, crafting compelling narratives that differentiate you from competitors, and implementing well-planned processes, you can execute precise maneuvers within the ongoing campaign.
The best outbound/spearfishing campaigns necessitate strategic maneuvers to course-correct if needed, or to maximize results by leveraging insights, referrals, and market references gathered during the initial stages. Timing is key when combining these elements, leading to a spearfishing methodology like no other!
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