The summer is nearing an end and business owners are now looking at year-end sales. Here are three suggestions to help you build your business during the rest of the year:
Mine the gold in your existing client database:
When business owners focus on growing their business, they often think of bringing in new clients and that’s fine, but a much faster return on time and investment can often be found right in your current client base.
You already have credibility and visibility, and by doing a few things you can bring in business without spending as much time and energy required for new client acquisition.
1. Make certain that you know what’s going on with your existing clients. Do a “gut check” and check in with them about their overall business plans, potential new hires, or anything that may offer you an additional opportunity.
2. Review ALL the things that you can do for them, making sure that you’re not leaving business on the table.
3. Be proactive and make suggestions about other things that can expand the business that you are doing with them and add value to them as well.
Engage in proactive business outreach:
While re-engaging current customers, also have an ongoing strategy to acquire new clients as well. Depending upon your product or service, you might have a lengthy sales cycle, so it is best to engage in some or all these efforts on a consistent basis.
Your business development tactics can include:
- Cold calling
- Email marketing
- Social media
- Public relations
- Direct mail
Once you start your proactive efforts, you will probably see a corresponding increase in new business activity.
Network more efficiently:
Networking represents a significant opportunity for business owners. The barrier to entry can be very low and although there is an investment in time, the results can be well worth it.
Networking requires “work” and rarely are leads exchanged or business earned simply from showing up on a Zoom or in a conference room. Relationships must be nurtured, and trust gained.
And, as in all business development endeavors, staying visible is key. Reach out proactively to your key referral sources and networking “inner circle” and stay on their minds by adding value to the relationship. Make introductions for them, invite them to events, and share information.
The cliché “out of sight, out of mind” is very true in business development, and especially in networking.
Last point, the best time to start is now. The fourth quarter is right before us, and if you have a shortfall to fill, starting sooner rather than later is the best strategy.