Finding and nurturing right-fit prospects can often feel like searching for a needle in a haystack. At least that must be the feeling since many of the businesses we talk with don’t have a process in place. Being proactive in the new business space is something that a lot of companies seem to begin once the incoming work has dried up. And then they find that it’s too late.

However, it doesn’t have to be this way. For years, we’ve been working with a strategy referred to by others as the Dream 25 strategy.

This strategy provides a plan for agency owners, and other professional service providers, looking to sell more effectively and build thriving, profitable businesses. We have found that there are generally five constraints that are holding people back from implementing a strategy like this.

·       I don’t have a list of right-fit companies to nurture.

·       I have a list of prospects, but I don’t know how to learn more about them.

·       I have all this information about my prospects, but I don’t know how to make sense of it.

·       I understand what’s important to my prospects, but I don’t know how to get their attention.

·       I have a plan to nurture my right-fit prospects, but how do I measure if it’s working?

In the following series of blog posts, we’ll tackle each one of these in detail so that you can develop a Dream 25 strategy of your own. And if you’d prefer, you can listen to a detailed discussion about the process on Predictive ROI’s "Sell With Authority" podcast.

What is the Dream 25 Strategy?

The Dream 25 strategy is a focused approach to business development, advocating for the targeting of no more than 25 prospects at any given time. The thought is that to effectively nurture the type of trusted relationships needed to convert new business, you cannot manage more than 25 at a time with excellence.

This method demands patience and detailed planning to create meaningful connections. "It requires persistence and personalization. And no agency can do that well for more than 25 of your hottest prospects," explains Stephen Woessner of Predictive ROI. The strategy is rooted in the principle that deep, thoughtful engagement with a select group of prospects can yield better results than a wider, less personalized approach.

The First Major Constraint: Building the Prospect List

One of the most daunting steps in implementing the Dream 25 strategy is the initial creation of the prospect list. Many agencies struggle with this first hurdle due to the time-consuming nature of the task and uncertainty about where to begin. "The agency doesn't have a list of right-fit prospects because building the list is time-consuming, and they don't know where to start," states Woessner.

One of the biggest reasons people struggle with this step is that these 25 prospects should be so valuable to you that you are willing to invest at least $1000 per year, per contact. As a rule of thumb, if you closed these clients, they should each be worth five to ten percent of your annual revenue.

And that gives people pause. They aren’t sure how to find a list of prospects like that.

Here are some tips that we use for our clients when getting them started with the Dream 25 strategy.

Overcoming the Constraint: Step-by-Step Actions

Define Your Right-Fit Clients: Begin by finding the characteristics of your ideal clients. What industry are they in? What size is their company? Understanding who your right-fit clients are is crucial to targeting similar prospects.

Analyze Current Clients: Reflect on your existing client base to find patterns or commonalities among your most successful engagements. What are your typical right-fit clients? What do they look like? Find an example of your favorite one to work with and use them as a lookalike.

Search Your Current Lists: You likely have a CRM (Customer Relationship Management system) full of contacts. Now that you have an idea of your target dream prospect (or strategic partner), search your contact list for those who may fit that description. Add those to your dream 25 list.

Use Tools Like LinkedIn Sales Navigator: Once you’ve gone through your client analysis, tools such as LinkedIn Sales Navigator can streamline the process of identifying potential prospects. By inputting criteria based on your right-fit clients, you can generate a list of companies and individuals that match your target demographic. You’ll want to grab more than 25 in the first pass because as you go deeper, you’ll rule some out.

Practical Tips for List Building

Track Key Data Points: For your first list you’ll only need things like company name, name of key contact(s), phone, address, website, # of employees, revenue estimates. This will help you make some decisions.

Start Small: If creating a list of 25 prospects feels overwhelming, begin with a smaller number, and expand as you refine your approach. Batches of ten can work well to become comfortable with the overall process. We suggest that in this step you begin with a minimum of 10 and max out at a list of 30. You’ll likely eliminate some of those contacts in the next step of the research process.

Leverage Your Network: Use your existing professional network to find potential prospects. Perhaps you’ve been introduced to someone who has huge potential for you but you’re still in the early stages of creating a relationship. Add that company to this list.

Keep It Dynamic: Your Dream 25 list should not be static. You’re going to regularly review and update your list based on interactions, feedback, and changing priorities. Perhaps you’ll even add people to it during the year. 

You can’t know everything: In this first pass, it’s all about creating a list. You can’t possibly know all the details to make smart decisions. As you compile a list, obvious patterns may make it easy to filter some of the companies.

Don’t overthink it at this stage. Just take that simple action of going in and starting it.

The Dream 25 strategy offers a promising path for agency owners, and other professional service providers, looking to stand out in a crowded marketplace. While the task of building a list of right-fit prospects, or strategic partners, may initially seem daunting, following these step-by-step actions and using insights from industry experts can significantly simplify the process. With the right approach, your agency can not only overcome the first major constraint, but you’ll set your business up for a steady stream of opportunities.

If you need help getting started, we’re always happy to have a conversation. Bring your questions or challenges to one of our monthly Q&A sessions and the community will gladly help get you moving. Or feel free to schedule time to chat one on one.