Q: What’s our total addressable market (TAM)?
A: TAM usually refers to the total demand for a product or service that is calculated in annual revenue. In partnership terms, this could mean the total amount of money or prospects that want to donate to your mission, your opportunity,
or both. In other words, “how big is the pond you can fish in?” This question can help you identify the underlying potential and opportunity for corporate revenue at your organization.
Once you’ve identified which companies give to your cause and would like to invest in the opportunities you have to offer, refine even further by considering your “Ideal Partner Profile” (IPP). To do this, analyze:
- Past wins/losses & pinpoint trends in motivations
- With which companies in this TAM do we share values
- Are there certain industries that we want to focus on
- Giving trends and thresholds of each prospect (i.e. If a company typically only gives $50,000, and your minimum commitment is $250,000 – they are not a good prospect)
- Size/location/employee base
Once you have your IPP defined, it’s now time to determine your lead generation goal. To do this, consider your overall revenue goal for corporate partnerships, the average partnership donation of your current partners, and
your average conversion rates from pitch to close. This exercise will help you identify the potential size of your prospect pool, and how many/which leads you need to have in order to meet your revenue goals.
Q: How can you increase pitch-to-close conversions?
A: For us, it’s a 1-2-3 punch:
- Define more qualified leads: Establish right-fit, right-decision-maker, and the right time to engage or partner with that company.
- Quick & easy outreach: Keep your initial outreach simple and quick. Get to the point in your cover email. Focus on impact, opportunity, and your ask – which should always be to hop on a phone call (or Zoom) to discuss
more.
- Create and Distribute interesting and unique content that establishes you as an expert. Some examples include blogs, webinars, reports, and case studies.
Once you have your leads, content, and process, don’t forget to track your email open rates, score leads, and follow up with those most interested at least three times after the initial outreach.
Q: How can we re-introduce our mission to lost partners or prospects?
A: “89% of B2B marketers say brand awareness is their top goal, not sales.” This is because once someone has heard of you and knows what you
do, you have a significantly higher chance of converting them to supporting you. With the times changing, your mission evolving, and companies considering new social issues and partners to align with, it’s the perfect time to
re-connect with partners or prospects that you’ve lost or lost touch with.
Start by curating a list of lost partners/prospects over the past 24 months. Then, curate and deploy a “win-back” e-mail marketing campaign over the next 3 weeks, that could look something like this:
- First Week – Checking In, Mission Story & Impact Updates, Call to Action = Catch Up Chat
- Second Week – Interesting Case Study, Report or Executive letter to all corporate partners, Call to Action = Invitation to Get-to-Know Your Org Webinar
- Third Week – Webinar reminder, Mission-served Thank You video to all partners, Call to Action = Become a Partner Today (link to your email)
Our world has changed in a lot of different ways over the past 18 months. As we enter the second half of this year and prepare for the next, the way we approach finding and building profit-purpose partnerships must change with the swelling
tide.
We must get more sophisticated. We must work more efficiently. We must get more strategic on who is right-fit for our organization, and how can we reach them faster and with fewer resources. Those who do will rise above in 2022.
To learn more about Accelerist’s new and improved Prospecting Engine, or just ask us more questions about prospecting – get in touch!
About the Author
Brittany Hill is the CEO and Founder of Accelerist, the partnership intelligence SaaS platform where causes and corporations connect. As a passionate data seeker and trend translator, Brittany specializes in using analytics and innovations to support B-corporations and Fortune 1000 companies as well as enterprise and federated nonprofits in their pursuit of sustainable events and partnerships. Brittany’s trendsetting insights have been featured in Forbes, Huffington Post, TIME, and MSN.com. In her role, Brittany spearheads social impact product development and leads a talented team that has supported hundreds of customers in effectuating social change.