Whale Hunting Practice #6: Refine your Target Filter

Now you have a target filter of criteria to identify the best whale prospects for your company–the categories that are important to you and the metrics for each category to judge it as an A, B, or C rating.

Now you’re almost ready to use it!  First, you should decide whether some categories are more important than the others.  For example, maybe location is critically important to your choice of customers, or the size of the prospective deal, or the nature of your entree into the company.  For whatever reasons, one or more categories might be weighted as twice or three times more important than the others.  We typically score 3 points for an A, 2 points for a B, and 1 point for a C on each category.  If you weight a category at 2x, the A becomes 6 points, the B becomes 4 points, and so on.

But before you score, you need a list of companies that seem to fit your criteria.  Using your target filter as a guide, you will run your requirements against one or more businesses databases to get an initial list of companies that seem to match.  Do some research–the beginning of your scouting process–on your criteria for those companies, and assign them a score according to your Target Filter.  The companies with the highest scores are your best prospects for whale hunting.

Do you use a Target Filter in your sales process?  How is it working for your business development?

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