Growing your business in the current economic climate is challenging to say the least. As such, businesses need to think of new, often more radical ways of growing their revenue.
Cost cutting is a quick and easy fix – less cost in a more efficient business generates a greater profit. This works, as long as you don’t cut too much. A more aggressive approach is to acquire a few new clients from your competitors.
No business, no matter how good their service has a 100% satisfied customer base. This means that, if targeted correctly, you can acquire some new clients from a competitor who fails to fully service their requirements.
In order to effectively acquire new clients, you will need to define the unique selling points of your business. Whether your products / services are faster, better, cheaper or come with better customer support and service levels – you must define what it is that sets you apart from the competition. Next you must communicate this message to your target market in an appealing and enticing manner.
Targeting your potential new clients is the difficult part. You must work out how to identify the least satisfied clients of your competitors and then reach out to them with an appropriate campaign. By studying your competitors and networking at relevant industry events, you can begin to profile their client base. Next, develop a campaign which can be placed in a manner which will be seen by the target clients.
You could develop a campaign which involves articles on relevant topics in the trade press, seminars and presentation slots at relevant industry conferences and a targeted advertising campaign including email marketing which defines the advantages of using your products / services. Highlighting your USPs will ensure that your targets are aware of what sets you apart and creating a level of interest in your products / services.
Next, you will have to close the deal. Follow up is crucial. If you speak at a seminar or conference, make sure to get a copy of the attendee list. Next, you can send a follow up email to all attendees and this can be followed up further with a phone call.
Finally, ask for the business. The conversation should focus on the value that the client gains from working with you rather than your competitor. Finish up with a discussion about how “we have plenty of business but we are always looking for more”.