Being actively involved in a local networking group can be a powerful thing. I am fortunate to be a participating member in “The Synergists”. This group of professionals is passionate about networking and making a positive difference in the local business community and with each other. Recently we dedicated two meetings to the topic of Customer Development. The outcome was this informal list of best practices. If there is some redundancy in best practices, it’s because that particular practice was noted more than once, thus significant to the group. I plan to use these in my next seminar on customer development in April. These valuable tips from experienced and successful entrepreneurs need to be shared. Enjoy.
Establish new contacts.
Retention and new relationships are equally important.
Relationships are key.
There are time limitations on customer development. Need to engage and empower employees.
How do we leverage individual capabilities?
Improve image of sales force with technical people.
Focused on longer term development strategies.
Become a trusted partner.
Success on two things:
1. Leverage talent with people
2. Products
Three development ideas for professional services:
1. Mentor and coach and now you go sell
2. Here’s some of my clients to get you started, now go build on that
3. Here’s a book of business, go take care of them and grow it
“I’m willing to vest my time with my staff.”
You’re only as good as your weakest staff member.
Grow or die.
Need to have a coach with an outside perspective.
Need to have a business development process.
Need to have an action plan that matches the process.
Need to have a vision towards obtaining my financial goals.
Define your vision.
Create the strategy to get there.
Measure your progress monthly.
Identify gaps and make corrections.
Grow your people.
Have outside perspective with accountability.
Growth in revenue vs. growth in profit.
Segment your business and concentrate on profitable actions.
Re-define your vision of the business to adapt to change.
Not every customer is worth the sale.
Is there is not profit, why do it?
Diversification – Risk assessment
Fine line
80/20 rule
Focus on sectors or vertical markets
Pick your audience and make your deliverables and value proposition known to that market.
Break fix model. Who is going to fix my problem? How will they find you?
Make sure your solution solves the problem you profess.
Consider trial programs.
Relationships are key.
Don’t put all your eggs in one basket.
Be a specialist.
Have incredible work ethic.
What is your industry like, and how are you different? What will your customers appreciate?
Get involved. Ex: Associations.
Target Market. Effort & focus will get you BETTER leads.
Partner with your competition if at all possible.
Look at your long term profitability vs. short term.
Utilize LinkedIN. Connect with those you meet.
Write personal Thank You cards.
Be different. Ex: include scratch off lottery tickets with you Thank You cards.
Planning should always be part of what you do: vision, strategic vision, operational planning. Compare what you did based on your plan and make monthly adjustments.
We’re all sales people at heart.
Don’t stop doing the work to get referrals. Ex: build value add by hosting & presenting a seminar.
Get others re-engaged by being proactive.
Continue to update your databases with correct & current information/contacts.
Share your knowledge with others. This will make you reputable and referrals will come from it.
Give first. The rest will follow.
Throw a dinner/lunch/breakfast to show appreciation. This will let them leverage ideas too!
It’s all about relationships.
Don’t be afraid to end a non-profitable relationship.
Be a benefit to people.
Today vs. 15 yrs. Ago –
More transactional sales due to the internet.
Do little things for your employees to show appreciation & make their jobs easier & more enjoyable.
Baby Boomers – savers & hard workers. Middle Class – Hard workers, but spend a little. Younger Generation – Spend.
Keep you services from being “just a commodity”.
Do the follow up: Studio Gear provided A-V services at a discounted rate to a professional group, demonstrating our quality services. After the event, I sent a follow up letter letters and a brochure to members of the group. Then phones calls to selected members to make appoinments. After that, include these folks in our contact database.
Develop “rules” that you are going to operate under and then follow those rules without exception.
Continue your education in and outside of your profession. Share & teach what you’ve learned with a peer group.
Assess money spent to results.
Don’t just plan, document your plans so you can measure results and adjust as appropriate on a monthly basis.
Know your customers. Know where they get their information from.
Target Market. What type of people or business does your personality or “way of doing business” mesh best with? Get in front of an association and become known as the specialist in their area. “Give” to that industry and it will pay back in dividends.
Talk to your existing clients: Do they have prospects for unrelated projects? Are there other ways you can service them?
Instead of discounting, which diminishes the value of your product, pass an incentive along to a cause your potential customer may wish to support.
“Use the rifle approach.” Go right after who you want to do business with.
Find a niche – nurture the niche. Don’t be all things to all people.
Testing & measuring all business development efforts – no matter what they are – so you know what works, what doesn’t, and what needs to be adjusted, etc. Otherwise you could potentially be wasting a lot of time, money, and effort on initiatives that aren’t driving revenues & profits.
Be yourself. Be your best self. Be in the moment. (focus) Treat everyone with courtesy, dignity and respect. Remember the value of face to face contact. Give first – be genuinely generous.
Ask your good customers to introduce you to someone they know. Potential customer = warm referral.
“Crack” marketing. Give it to them for free until they can’t live without it. Then sell the product/service.
Get to know your fellow Synergists. People buy from people they like and know!
Sell & focus on a speciality. “Don’t put all your eggs in one basket” or one client.
Call your 5 largest clients each week if you have not heard from them.
Cold call for new prospects every day.
Keep it fresh.
Using your closest network of clients as an advisory board to use ideas for new opportunities to grow your business.
