Hunters and farmers are crucial for a balanced and effective sales team. Hunters actively seek out new business opportunities, while farmers nurture and grow existing client relationships.
Setting benchmarks for these two distinct roles requires a nuanced approach to recognizing their unique strengths and contributions.
Hunting: Targeting Decision Makers
When it comes to hunting, the objective is clear: identify and connect with decision makers or key influencers within target accounts.
Hunters thrive on focus, speed, and accuracy. Monitoring the right benchmarks ensures hunters remain focused on their mission to bring in new business and keep the sales pipeline robust.
Consider these metrics for hunters:
- Number of new leads generated
- Speed of initial contact
- Number of meetings scheduled
- Conversion rate of leads to discover meetings
- Discover meetings to proposals presented
- Closed won rate
Farming: Cultivating Relationships
Farming, on the other hand, involves planting and nurturing seeds for future benefits.
Farmers build relationships that will yield referrals and repeat business over time. Unlike hunting, farming is a long-term strategy focusing on maintaining and growing existing accounts.
Benchmarks for farmers should help ensure that they effectively nurture their relationships and contribute to the long-term success of the business.
Consider these metrics for farmers:
- Customer retention rates
- Upselling and cross-selling success
- Client satisfaction scores
- Referral rate
- Target to key conversions
- Key account growth
Recognizing and Rewarding Success
Recognizing and rewarding their achievements is crucial for maintaining motivation and morale. Hunters often appreciate public recognition and competitive rewards, while farmers may find more value in personal acknowledgments and team celebrations.
Balancing Hunting and Farming
Not every situation is right for hunting or farming, and most salespeople often need to fill both roles. Knowing when to hunt and when to farm is critical.
- Hunting is best when time is of the essence, and specific targets need to be reached quickly.
- Farming, while slower to yield results, builds a strong network of potential referrals and ensures client loyalty.
Sales teams need a balance of hunters and farmers to thrive.
