In many organisations, the plaudits and glory tends to go to the hunters who bring in the new deals, with the farmers sometimes being somewhat overlooked.
Win New Business or Grow Existing Accounts?
It’s worth considering the often quoted (and maybe apocryphal) statistic that suggests that it is 8 times more expensive to win new business than to grow existing accounts. In practice this would depend on the nature of the industry, but it is often the case that businesses spend significant sums trying to generate new business opportunities, particularly when that involves exporting or working through lengthy tender processes.
Focus on Existing Relationships
One way to significantly increase revenue without growing costs is to focus more on the relationships we already have. Farming is often unjustly overlooked; it is a highly skilled role that requires account managers to gain an understanding of the client’s industry and challenges, and to have the integrity to build high trust relationships. Excellent farmers will need to be curious, emotionally intelligent, effective listeners, and able to make judgements about when to give information without overwhelming the client, or becoming an irritation.
Business Development
For any business or charity, there is value in reflecting on how business development resources are being invested. Does the organisation invest enough in the people and time required to build long term relationships and partnerships? Also, who gains the recognition and reward? If there is a disparity in perceptions between hunters and farmers, and in our experience there quite often is, this should be reviewed. Businesses can grow much more efficiently, whilst maintaining their reputation and strengthening their brand, when they become trusted advisors to their existing client base.
