New Business Development is a Process You Have to Follow
Lo and behold, the following period saw some of the most productive results we’ve ever had. 5 new clients agreed to work with us pretty quickly and our pipeline solidified since we didn’t come across as desperate. What changed? In reality, nothing! It was simply timing and making sure that the sales lead pipeline was strong to start with. You can’t convert prospects into customers if you have no prospects and you won’t convert every prospect. All we did was follow up religiously when agreed and we didn’t give up. Two of the new clients had been prospects for nearly 3 years! But the timing was finally right for them.
There are many ways to develop new business. Small businesses have limited time and budget. However, our tips for new business development are as follows:
- Decide on the methods you will use to develop a new business that fit your company in terms of time and resource
- Make sure those methods fit the target market you want to reach
- Make sure you follow a new business development process. This means following up religiously
- Build up a robust pipeline. Sadly, it is still a numbers game, and the more valid prospects in your sales pipeline, the more will turn into clients
- Allocate time each and every day to new business development. That could be new prospect calls, prospect follow-ups, calls to past clients, emails, content development for your website, or any other one of your chosen routes.
- Adapt the methods and process if it isn’t working but don’t drop things simply because you want to change. Analyze and allocate value to what you’re doing and to the sales lead pipeline you have. One of our clients gained a £250k client from our telemarketing in month 7. What would have happened if he’d stopped in month 6?