Shark week is week dedicated to tune TV programs to a contemplating and mysterious creatures in the deep blue –yes, you have guessed it, it is all about shark. Sharks are known for their big appetite in feeding small creatures under the sea and there are actually two different kinds of shark. One that grabs a targeted bite like Bull Shark or Great White Shark and the other hand is the Whale Shark that open their mouths and take in all small creatures like plankton. Same with sales and marketing, targeting specific prey or just simply gobbles in any prospect that may pass their mouth.
Ultimately, whether you’re most like a shark or whale will depend on your objectives and nature of your business. In fact, both species are critical to the ecosystem, just like most B2B organizations need an optimal mix of both broad-reaching and targeted strategies to achieve their different goals. Let see how they differ in each goals in sales and marketing.
Both sharks and whales need to eat to survive, just like the end goal for both Account Based Marketing (ABM) and broad-based marketing is to generate revenue. However, while whales need to consume large numbers of fish, squid, and other tiny creatures like plankton to survive, sharks are more attracted to fewer, larger creatures.
The interim goals and success metrics for marketers can be different as well, based on the approach they use. B2B Marketers who use a broad-based marketing approach may measure lead quantity and quality, marketing qualified leads (MQLs), sales qualified leads (SQLs), and opportunities created. Whereas, ABM marketers may prioritize meetings, average selling prices (ASPs), win rate, velocity, and account penetration metrics. This is because the broad-based marketing funnel is different from the ABM funnel, which is flipped—the stages in the former revolving around awareness, interest, consideration, and purchase and the latter comprising of identify, expand, engage, and advocate.
There are plenty of fish in the sea, but the key to reeling them in lies in your marketing strategy. Whether you choose to be a shark or whale or a hybrid of both depends on your goals. At the end of the day, one thing is for certain—your customer is the king of the sea. And while this does not apply to the unsuspecting and ill-fated prey of sharks and whales, prioritizing customer experience above all else is an essential practice to be successful.