In these difficult times, it is easy to just batten down the hatches, cut costs to the bone and hope for the best, in the belief that getting new business will just be too difficult as everyone else is in the same situation. Also, many companies reduce their business development in “good times”, due to over capacity and also the assumption that things will always be like this and so when times get tough they do not always have a large, on-going bank of cold, warm and hot leads, already in process. Whilst it is definitely much harder to gain new business in difficult economic times, it is certainly not impossible. Yes, it takes more energy and commitment and there will be a lower success rate than in prosperous times, which van be demoralising, but that should not deter us. It is crucial that efforts are redoubled, as history has shown that it is the companies that think positively and innovatively that come through recessionary times and are stronger and more able to take advantage of new business opportunities when the economy starts to turn.
Here is a quick review of the general processes required to ensure that business development is carried out as efficiently as possible (key, since during time of recession, resources are generally more restricted) and to maximise the chances of success:
1. Raise your business profile
Raising your organisations profile can only benefit the likelihood of getting direct enquiries but also improves your chances of success in developing new business. There are a number of ways of doing this, many of which do not have to cost an enormous amount of money. Apart from the usual suspects in business marketing, consider things like “blogging”, writing articles for industry publications, increasing the profile of your website and its search ranking, using social media, improving your PR by getting involved with social and charity events, sponsoring an industry seminar or event.
Here is a quick review of the general processes required to ensure that business development is carried out as efficiently as possible (key, since during time of recession, resources are generally more restricted) and to maximise the chances of success:
1. Raise your business profile
Raising your organisations profile can only benefit the likelihood of getting direct enquiries but also improves your chances of success in developing new business. There are a number of ways of doing this, many of which do not have to cost an enormous amount of money. Apart from the usual suspects in business marketing, consider things like “blogging”, writing articles for industry publications, increasing the profile of your website and its search ranking, using social media, improving your PR by getting involved with social and charity events, sponsoring an industry seminar or event.
2. Generate Leads
Identify the types of companies that you want to work with and agree the number of contacts you will focus on and over what period (e.g 16 new contacts per month). Try and be open-minded here. Don’t be tempted just to re-visit old contacts. (it is important to re-visit your old contacts as well but these leads should not be included in your new leads target)Genuinely look for new leads and also consider whether you have services that could appeal to organisation outside of your normal customer group.
Look at Industry groups on the web. Look at social networking sites, like “LinkedIn”. Attend networking events and conferences and generally keep an eye on Industry news sources and even the local press. Revisit your old connections and see if they can give you any leads or referrals.
3. Qualify
When considering the shortlisted organisations, you need to find out some key details about them. Look at their website and any corporate literature. Make sure that you have something suitable to offer them. Simply firing shots off in the dark, in the hope that someone might be interested is a real waste of time and energy and something that people do in a panic. That is not to say that blanket email blasts and mass mail outs don’t work at all but they are massively more successful and more cost effective, if they are targeted accurately. Do some homework and find out who the key decision makers are within the targeted organisations and get their details. It is key to directly contact the right person to have any hope of getting a positive result.
4. Develop a relationship
Send a newsletter, brochure and information about the company to your qualified contacts. Send them links to your blogs and published articles, invite them to events.
If you have qualified your leads properly than all this hard work will pay off over time. Don’t expect an instant reaction and don’t give up. The success of this strategy requires that you continue to focus on your potential customers over a prolonged period. Think of this as the “courting period”
5. Get a Meeting
If you have done your work properly in the previous stages, you stand a good chance of getting a meeting. It is now key that you are extremely well prepared for this next step. The strategy will depend a lot on your organisation and the product and services you offer but regardless it is essential that you present the most professional image. Make sure you take any necessary brochures and product samples. Have a well prepared, short but impactful presentation and make sure you understand your products and your organisation extremely well. If your products are highly technical then consider taking a technical expert with you to assist with difficult questions.
6. During the Meeting
Find out what the company actually wants and needs and tailor your presentation to how your product / organisation can best fulfill that need. Don’t waste time on long presentations that the client has no interest in. get straight to the issues that matter to them and explain how you can help them.
Don’t lie or try to bluff. If you do not know an answer be straight and say, “I do not know”. If it is important make sure there is someone you can call immediately to get the answer, if not find out straight after the meeting and send the answer to the potential client as quickly as possible.
Don’t discuss negatives. “this part of the software does not work very well!” Sounds obvious but people do it all the time.
If you are asked about previous projects and customers, do not reel off a huge list but instead focus on one or two of the projects that you know well and that had shared needs or goals with your potential client, and that you can discuss with confidence. If you have done your job well previously, you will already have sent a profile with details like this during the “Courting phase”.
7. Follow up
The follow up is a crucial part of the entire process. You should immediately send an email, thanking them for the opportunity to meet with them. From your meeting you should have determined what their needs are and what your strengths and weaknesses are. Obviously, you need to focus on your strengths and so send them more detailed information in regard to matters that were discussed in the meeting. Perhaps an interesting article or details of another project you have undertaken which had similar challenges to their own. The goal here is to keep the communications channels open and reinforce the benefits of your organisations product/service.
Throughout all stages it is crucial to keep a record of your leads and their status. Create a database or use excel, linked to outlook, to record the company details, contacts, info about the organisation and the direct contacts and keep an up-to-date record of all communications, along with your own comments and updates.
Don’t forget old and existing customers. You need to give them an even better service and more attention that they got before. Your competitors are in the same boat as you and if they are any good, they will be trying to “court” your existing customers in the same way you are going to “court” theirs!
Identify the types of companies that you want to work with and agree the number of contacts you will focus on and over what period (e.g 16 new contacts per month). Try and be open-minded here. Don’t be tempted just to re-visit old contacts. (it is important to re-visit your old contacts as well but these leads should not be included in your new leads target)Genuinely look for new leads and also consider whether you have services that could appeal to organisation outside of your normal customer group.
Look at Industry groups on the web. Look at social networking sites, like “LinkedIn”. Attend networking events and conferences and generally keep an eye on Industry news sources and even the local press. Revisit your old connections and see if they can give you any leads or referrals.
3. Qualify
When considering the shortlisted organisations, you need to find out some key details about them. Look at their website and any corporate literature. Make sure that you have something suitable to offer them. Simply firing shots off in the dark, in the hope that someone might be interested is a real waste of time and energy and something that people do in a panic. That is not to say that blanket email blasts and mass mail outs don’t work at all but they are massively more successful and more cost effective, if they are targeted accurately. Do some homework and find out who the key decision makers are within the targeted organisations and get their details. It is key to directly contact the right person to have any hope of getting a positive result.
4. Develop a relationship
Send a newsletter, brochure and information about the company to your qualified contacts. Send them links to your blogs and published articles, invite them to events.
If you have qualified your leads properly than all this hard work will pay off over time. Don’t expect an instant reaction and don’t give up. The success of this strategy requires that you continue to focus on your potential customers over a prolonged period. Think of this as the “courting period”
5. Get a Meeting
If you have done your work properly in the previous stages, you stand a good chance of getting a meeting. It is now key that you are extremely well prepared for this next step. The strategy will depend a lot on your organisation and the product and services you offer but regardless it is essential that you present the most professional image. Make sure you take any necessary brochures and product samples. Have a well prepared, short but impactful presentation and make sure you understand your products and your organisation extremely well. If your products are highly technical then consider taking a technical expert with you to assist with difficult questions.
6. During the Meeting
Find out what the company actually wants and needs and tailor your presentation to how your product / organisation can best fulfill that need. Don’t waste time on long presentations that the client has no interest in. get straight to the issues that matter to them and explain how you can help them.
Don’t lie or try to bluff. If you do not know an answer be straight and say, “I do not know”. If it is important make sure there is someone you can call immediately to get the answer, if not find out straight after the meeting and send the answer to the potential client as quickly as possible.
Don’t discuss negatives. “this part of the software does not work very well!” Sounds obvious but people do it all the time.
If you are asked about previous projects and customers, do not reel off a huge list but instead focus on one or two of the projects that you know well and that had shared needs or goals with your potential client, and that you can discuss with confidence. If you have done your job well previously, you will already have sent a profile with details like this during the “Courting phase”.
7. Follow up
The follow up is a crucial part of the entire process. You should immediately send an email, thanking them for the opportunity to meet with them. From your meeting you should have determined what their needs are and what your strengths and weaknesses are. Obviously, you need to focus on your strengths and so send them more detailed information in regard to matters that were discussed in the meeting. Perhaps an interesting article or details of another project you have undertaken which had similar challenges to their own. The goal here is to keep the communications channels open and reinforce the benefits of your organisations product/service.
Throughout all stages it is crucial to keep a record of your leads and their status. Create a database or use excel, linked to outlook, to record the company details, contacts, info about the organisation and the direct contacts and keep an up-to-date record of all communications, along with your own comments and updates.
Don’t forget old and existing customers. You need to give them an even better service and more attention that they got before. Your competitors are in the same boat as you and if they are any good, they will be trying to “court” your existing customers in the same way you are going to “court” theirs!
