The Hunting to Farming Ratio in Business Development
How much time do you and your sales people spend hunting for new accounts v. “tending the soil” (farming) for existing customers?
Do you think the balance between the two is optimum? or in line with your stated objectives?
How much would revenue increase this year and next if the balance was adjusted to an optimal level? The best balance for your business may not be what you think it is-and may have a greater effect on your bottom line than you imagine.
As sales and marketing consultants, we see too many situations where the sales people are under utilized as “hunters” and excessively involved in customer service. Over time they bring in too little new business from new accounts-and even too little new business from existing accounts.
Causes of this problem-and good solutions-can range from the organizational design, job re-definition, and performance metrics down to the skill levels required to identify and win new business. Even technology can play a role in both the problem and the solution.
If the hunting/farming ratio may be a problem on some level within your firm, please contact us. We offer to discuss the issue on a no cost basis, help you calculate the opportunity cost of lost sales, and propose solutions.
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