6 Ways to Build Business in a Difficult Economy
It’s all over the media - radio stations and television… the doom and gloom of the downed economy. It’s difficult for small, medium, and even large corporate businesses not to panic and start looking to “batten down the hatches for the worst part of the storm”. During these times it becomes essential for any Business Owner to look at how they can ramp up their marketing and business development, not take cover and hide. It’s time to get creative with low cost marketing solutions, get in front of as many prospects as we can, and turn our company into a lean, mean, business development machine. Our first step in the transformation is to…
1 - Look in your own backyard. When was the last time you pulled up a list of all your existing customers and gave them a call to check in on how they are doing? My clients do this on a regular basis. I had a software client make a list of his customers in order from highest revenue generated to the lowest. Within the first 15 calls he had secured 3 new sales and had a referral that turned into a very large account for his company.
When making check-up calls with existing clients, don’t call them to make a sale but call to ask them how they are doing, and how your particular product/service is working for them. That’s it. It’s a Check-up call, not a Sales call. You would be surprised at how often this will turn into “Great to hear from you, we were just thinking of you because we need to purchase…”
Best Case Scenario: You may secure new business
Worst Case Scenario: They may complain about your product/service. At least now you have the opportunity to resolve their issues and turn them from an unsatisfied customer into a champion for your business
2 – Prospect, Prospect, Prospect. Potential customers are not going to bang down your door – you have to get out there in front of them. The more people you meet, the better your chances. Sales is a numbers game. You’re not going to close every prospect you meet, but the more you meet, the higher likelihood you have to do business together. I always tell my clients not to make assumptions about their prospects... you never know who they know and who they may be able to connect you with. I challenge you this week to get out to two networking events this week. Get out there!
3 – Use Social Media as another tool in your Business Development Arsenal. If you aren't on this booming bandwagon you’d better get on it. You’re either going to get on the steamroller or you’re going to get run over by it. Social media is just another way for you to develop new business and the more strategies you implement to build business the better. Look into sites such as: Facebook, Biznik.com, Twitter and LinkedIn, to name a few. Spending 1 to 2 hours a week is all it takes to increase your exposure to your markets. My challenge to you - visit one of the above options and spend 30 minutes learning about and thinking of how this can help you build your business.
4 – Form Alliances or Partnerships. Look to see who you can form a potential alliance or partnership with. For example, if you are an Interior Painter look to partner with an Interior Designer or Professional Organizer. Perhaps you could offer to paint a room and have the Organizer rearrange the furniture or organize the closet. You could bundle your services. Alliances can be with colleagues who own a complimentary business to yours. Go for a coffee and explore the possibilities with each other.
Tip: it is not a good idea to form a partnership or alliance with your customers or potential customers.
Best case scenario: you receive more exposure to your target markets and you and your alliance make money together
Worst case scenario: the alliance does not work and you need to end it
5 – Reconnect with Old Leads. Look back over the leads and prospects that didn't pan out over the last year. We all have them... meetings we tried to setup that didn’t work out, phone calls/emails that that never got returned, prospects that were keen to buy but somehow it wasn't the right fit at the time, etc. Now is the time for you to reconnect with all of these people.
Best case scenario: you re-warm prospects or leads for a sale.
Worst case scenario: the prospects still aren't ready to buy... but now you are top-of-mind. Now what are you going to do to stay there?
6 – Don’t stop the gravy train. Once you start this process don’t stop. Once you see some success from the options talked about above, keep the fire stoked. Business success is built on consistency. Be consistent in your marketing efforts and you will be rewarded. It reminds me of one of my favorite quotes from Chef Bobby Flay “Take Risks, Learn from your mistakes, and you’ll be successful”
Liam Brown is a Business Coach with clients across North America. He has built three successful companies and for the past 3 years, he has been sharing his business knowledge as a coach to small and medium sized businesses. Liam also provides seminars on Business Development, Sales and Marketing to groups across Canada and the United States. He can be reached at: Liam@Sidestepcoaching.com