In my book, "You're Going To Be Great At This!", I discuss the sales term "whale hunting". If you're not familiar with the term that's okay. Generally speaking, whale hunting refers to looking for that large account or client who can provide you with a large payday. I hope to provide you with some tips and comments on how to do this successfully.
Long ago I discovered a crazy phenomenon. I was selling life insurance policies, usually smaller face amounts for less premiums. One case would usually take roughly 8-10 hours once the client agreed to purchase, and most of that time comprised of correspondence between myself and the client or myself and the underwriter. And because of the low premiums, my commissions weren't very high so I had to work on a higher volume of business.
One day, with the help of a veteran co-worker, I landed a very large premium policy. My commissions were more than quadruple what I normally earned. After a bit of recapping (I always revisit my work), I realized that I had spent the same, if not less, time working on this case as I had on other cases.
You'll notice I said "once the client agreed to purchase". That's because the sales curve before that can be much longer, and that is because unless you're already working the "country club" crowd (a generic name that can be replaced with the Yacht Club), access to these people can be difficult. Personally speaking, I'm not much of a golfer, but I do like to attend functions where whales still can be found, like civic organizations and fundraisers.
So what keeps us from hunting whales? First, it takes us out of our comfort zone. You may be intimidated by calling on someone "out of your league". I get it, but you're going to get rejected by people everyday anyway, so put it in perspective. I personally have acquired an "affection for rejection" because every "no" gets me closer to a "yes".
Secondly, as I mentioned earlier, it can be a tough market to penetrate because you may have to know someone who can get you in the door. This goes back to networking consistently and meeting as many people as you can. Look for those who are successful, but also those who have potential to be successful, such as grad students. Did I mention the sales curve is long?
Also, keep in mind that everyone else wants to take a shot at that whale too. Sometimes you can actually work with someone else to split the rewards (or commissions) in lieu of working against someone.
Something to keep in mind is that whales know other whales. If you get turned down, stay professional, thank them for their time and continue on. There are a lot of whales out here, and if you do your research you'll find more of them.
My advice for everyone who is interested in whale hunting is to constantly be on the lookout for anyone who can get you in the door with a whale. Again, it's all about networking! At the same time, don't put all of your eggs into one basket. Continue working your market, but be vigilant about asking questions, like "Who is your boss?" You never know who can put you in touch with a whale and the rest of the pod.
Long ago I discovered a crazy phenomenon. I was selling life insurance policies, usually smaller face amounts for less premiums. One case would usually take roughly 8-10 hours once the client agreed to purchase, and most of that time comprised of correspondence between myself and the client or myself and the underwriter. And because of the low premiums, my commissions weren't very high so I had to work on a higher volume of business.
One day, with the help of a veteran co-worker, I landed a very large premium policy. My commissions were more than quadruple what I normally earned. After a bit of recapping (I always revisit my work), I realized that I had spent the same, if not less, time working on this case as I had on other cases.
You'll notice I said "once the client agreed to purchase". That's because the sales curve before that can be much longer, and that is because unless you're already working the "country club" crowd (a generic name that can be replaced with the Yacht Club), access to these people can be difficult. Personally speaking, I'm not much of a golfer, but I do like to attend functions where whales still can be found, like civic organizations and fundraisers.
So what keeps us from hunting whales? First, it takes us out of our comfort zone. You may be intimidated by calling on someone "out of your league". I get it, but you're going to get rejected by people everyday anyway, so put it in perspective. I personally have acquired an "affection for rejection" because every "no" gets me closer to a "yes".
Secondly, as I mentioned earlier, it can be a tough market to penetrate because you may have to know someone who can get you in the door. This goes back to networking consistently and meeting as many people as you can. Look for those who are successful, but also those who have potential to be successful, such as grad students. Did I mention the sales curve is long?
Also, keep in mind that everyone else wants to take a shot at that whale too. Sometimes you can actually work with someone else to split the rewards (or commissions) in lieu of working against someone.
Something to keep in mind is that whales know other whales. If you get turned down, stay professional, thank them for their time and continue on. There are a lot of whales out here, and if you do your research you'll find more of them.
My advice for everyone who is interested in whale hunting is to constantly be on the lookout for anyone who can get you in the door with a whale. Again, it's all about networking! At the same time, don't put all of your eggs into one basket. Continue working your market, but be vigilant about asking questions, like "Who is your boss?" You never know who can put you in touch with a whale and the rest of the pod.
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