How Do You Grow Your Business? Farming, Fishing, or Hunting?
Characteristics Farming Fishing Hunting
Object seed bait target
Marketing Approach push pull push
Sales Cycle long short immediate
Risk medium low high
Cost medium low high
Attention constant passive constant
Mutually Exclusive? no no yes
Return abundant sufficient perishable
Delayed Gratification yes no no
Scale yes yes no
Dynamic promise value hope
For winning new customers at scale, fishing is cheaper, more effective, and more reliable than either farming or hunting.
How do you catch something you can’t see? Use bait! Monetize your value proposition to close more customers at scale.
“Nothing happens until a sale is made.” Thomas Watson, Sr., President of IBM from 1914 to 1956, coined this expression. He knew what he was talking about. Selling technology in the first half of the twentieth century, before the moon landing in 1969, was not an easy sale to make. Companies then, like many still today, did not understand the transformational power of technology to reshape industry and company fortunes.
What is a “sale” and how is it made? A sale is made when a buyer and seller agree to exchange values. The customer’s value is revenue, but what is your value to the customer? It’s not your price.
New sales are the lifeblood of every business, but not every business knows that yet. Without predictable new sales year over year, no matter how well intended a company’s mission or goals, the company will suffer with limited growth. New sales breathe life into all other company possibilities.
How to attract new customers year over year is the seminal question every business must solve first if it wants to maximize its value proposition and reach its potential.
Technology companies must monetize their value proposition to make more business. A company’s value proposition is the monetized value of its service or product to the customer - “your value.” If you don’t know the monetized value of your value proposition to your prospect, neither does he.
Sales are the problem, sales are the answer, sales are the point. Monetize your value proposition to make more sales and grow your business at scale.
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