What is the size of your prospect pool? This is an important question, and one that came in our last blog post. 

We’re addressing it this week because it’s kind of a trick question actually. 

Your prospect pool isn’t everyone. You know that already, and if you didn’t, then let’s rip that band-aid off quick.

You can’t sell to everyone.

You need to choose a targeted group to sell to, but the size does matter. Depending on what your offering is, and how you intend to market it, you need to ensure you have a big enough pool to market to.

But we’ll get into that. In this blog post, we’ll cover:

  • Why you need a big enough pool, depending on your marketing strategy (and how big it should be)
  • How to ensure your market is big enough
  • And the trick… what the size of your prospect pool really comes down to at the end of the day

Ready to go swimming?

Why The Size Of Your Prospect Pool Matters

In our previous qualification series, we discussed an issue that comes up once in a while… what you should expect when working with a lead generation company. We discussed how lead generation really works… that it’s not a one-and-done deal, but that it’s an ebb and flow process between marketing and sales that needs to be aligned. That takes time.

It’s relevant today because a big factor in how we market using ads, for example, depends on the size of the prospect pool. We brought up the fact that your prospect pool is frankly, out of our control. However, with some adjustments in targeting and perhaps even in your offer, you can adjust your targeting so that the pool is bigger.

I’ll be more specific. When you run ads, you need to ensure that in order to have enough leads coming in, you have a big enough pool of people you’re targeting. 

It’s a simple formula really… let’s say you are targeting several industries – 

  • Mining & Metals
  • Energy/Oil & Gas
  • Transportation/Trucking/Railroad
  • Government/Municipalities/Military
  • Industrial Plants
  • Construction
  • …And Airports

Within those industries, you want to target companies with 201 employees and above. This will reduce your prospect pool, of course. But a quick search on LinkedIn shows that there are enough companies.

Even farther, you want to target by job title (afterall, you need to be sure that you can talk to the right people), so let’s target our ads to:

Managers and above. 

Then, in each of those industries we’ll have job title keywords like “Operations, Mine, Environment, Surface, Tailings, Infrastructure, Safety, Purchasing, Site, Mill, Facility, Plant, Signal, Foreman, Roadmaster, Switch Maintainer, Engineering, Planning, Dispatcher, Environmental, Purchasing, etc. 

After you narrow it down to all that… do you still have a big enough prospect pool that you can sell to and enough to keep your sales team busy?

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How Most People Think of Their “Prospect Pool”

Most people think of a prospect pool as the people in their immediate database, or in their network. More experienced companies will understand how to target the exact people they want to go after. 

What you need to realize though, is that’s just the beginning…

What The Size of Your Prospect Pool REALLY is

Your prospect pool depends on your industry, your offer, and even how you market. It depends on whether or not you are reaching out to “warm” prospects or “cold” ones, whether or not you’re doing manual outreach or social media ads.

>>> We touch on that here – Prospect Qualifiction: Data is more than just the numbers <<<

It’s a pretty simple formula actually. Let’s say that even after all the targeting we just went through, that you use the advanced search on LinkedIn and you can actually see that you have a pool of potentially 7,000 people you can target. (I’ve just made that number up.)

From there you send out targeted ads on LinkedIn. Give it a three month period to allow for optimization and let’s say that you now have a narrow pool of leads who’ve actually shown interest. The qualification of these prospects really depends on the algorithm you’ve developed on the ad platform you choose. A good rule of thumb for LinkedIn, for example, is 80%. 

Or, perhaps you’re also doing targeted one-on-one outreach and you’ve got conversations going with 100 people. But they’ve shown interest. They know who you are, or at least have heard of your company by this point.

Let’s take a deeper dive though. How many are qualified?

We’ve talked a lot about qualification on this blog because it’s so important to the sales process. Let’s say that you review each of your leads line by line and realize that based on industry, job title, company size, really only 150 are prospects you’d be interested in speaking with.

From there, how many will actually book appointments? And how many will actually be in a position, or have the need for your services?

THAT is the final number of what your prospect pool really is.

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Knowing the True Size of Your Prospect Pool Gives You Control

When you can narrow it down like this, you have a better chance of making predictable sales forecasts, and understanding what your actual revenue is likely to be. This type of control allows you to plan and prepare – and to manage your resources and your expectations wisely.

Can We Help?

At LinkedSelling, we aim to be transparent and provide a valuable service to our clients: giving them more control over their sales pipeline. 

Doing this helps our clients increase their revenue and achieve consistency and reliability. Can we help you too?

The best way to know is to discuss your goals. We need to get to know your company a little, your industry, and your audience, and we can give you an idea of whether or not our methods will help you like they’ve helped our clients. 

(And yes, this process is also how we narrow our own prospect pool, but it’s also how we maintain high standards and ensure that we can deliver)

We’re here to help companies take the lead. If you are looking for more consistency and control over your sales pipeline, whether you’ve looked into either inbound or outbound lead generation methods, let’s talk. It’s worth it to understand your options. Click below to schedule a no-obligation consultation with a Director of Client Strategy on our team. You’ll discuss real strategy, and have an open and transparent conversation about what’s viable in terms of ROI for your company and industry.

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The post Why Your Prospect List Size Matters And How To Measure It appeared first on LinkedSelling.