Before You Invest, Define the Outcome

Most companies focus on filling their marketing and sales funnels with opportunities. Sustainable growth, however, often comes from a handful of transformational wins that open new markets, create new capabilities, and generate years of follow-on business. I call these Golden Spike opportunities . The inspiration comes from history. In 1869, the ceremonial Golden Spike joined the Central Pacific and Union Pacific Railroads at Promontory Summit, Utah, completing America's first transcontinental railroad. That single event connected markets, accelerated commerce, and created opportunities that had never before existed. Eastern manufacturers gained access to western markets, western resources flowed east, and competition fueled innovation. Great companies create their own Golden Spikes . A Golden Spike sale is not simply a large order. It is a strategic opportunity that helps a company expand into a new market, launch a new service, establish a new partnership, or significantly deepen its position within an existing market. Often, it involves applying existing capabilities in slightly different ways to solve bigger customer problems. In my experience, Golden Spike opportunities are typically three to five times a company's average deal size while also meeting or exceeding gross profit objectives. They may come from direct or indirect selling channels and do not necessarily originate with large companies. Finding and winning these opportunities requires a different mindset than managing day-to-day sales activity. Successful Golden Spike hunters possess: Patience and a long-term perspective. A disciplined research process. Strong relationships with connectors, mavens, and key influencers. The ability to identify an internal coach who wants them to succeed. The skill to navigate the business, technical, and political dimensions of complex sales. Excellent time management and peripheral vision. Golden Spike hunters keep an ear to the ground. They build relationships long before a buying cycle begins and look for opportunities that competitors never see. So, how does this differ from Target Account Development ? Target accounts are organizations that closely match your ideal customer profile and can provide recurring business over time, including the occasional Golden Spike opportunity. Developing target accounts requires a focused direct-selling strategy designed to build relationships and generate a steady flow of business. Golden Spike Hunting is different. Target Account Development answers the question: "Who should we pursue?" Golden Spike Hunting answers the question: "What transformational opportunities should we create and win?" The two strategies complement one another, but they are not the same. One identifies the right organizations to pursue. The other seeks the opportunities that can materially change the trajectory of the business. As you think about your own growth strategy, consider these questions: What type of Golden Spike interests you—an existing product in an existing market, an existing product in a new market, or an entirely new product or service? How long does it typically take to uncover a Golden Spike opportunity? How much time is required to nurture and close one? How many opportunities must be found to win one? How many Golden Spike does your company need over the next three to five years? How much time and organizational commitment are you willing to devote to finding them? Most companies have a target account strategy. Far fewer have a Golden Spike strategy. If your long-term success depends on winning a handful of game-changing opportunities, perhaps it's time to bump your targeting efforts up a notch. Happy Hunting.