THE MOST COST EFFECTIVE NEW BUSINESS DEVELOPMENT STRATEGY IN THE MARKETPLACE!
NEW BUSINESS DEVELOPMENT 1-2-3
New business is the lifeblood of any enterprise! Once new business stops coming in sooner or later there’s a decline. Following are three essential elements, that put together right, will give you the most cost effective means of new business development in our forever ebbing and flowing marketplace.
(1) DATABASE: The first thing needed is a quality database of potential prospects. Most Companies have lists of potential customers, but even if you don’t, there are reliable resources, you can use, and there are also unreliable resources to avoid. Most Companies also have prospects that initially didn’t close for whatever reason. Perhaps it was because of financial considerations, bad timing or poor follow up procedures. But these prospects should not be ignored. People change jobs, get hired/fired, and very often a different voice, a different prospect, or better timing, and suddenly it’s a whole new ball game. Lastly, while database quantity is important, it should never supersede quality.
(2) PROSPECTING: The telephone and email are the two most cost effective tools used by new business prospectors, but not necessarily in that order. Depending on the nature of the offering you can use one or the other, and/or both. The primary objective is to build a trusted relationship with a prospect that establishes credibility that is transferable to your sales force. Building this relationship early in the buying cycle may take time but it is extremely important. Prospecting for new business needs to be an integral part of the relationship between marketing’s demand generation and the salesforce’s selling efforts.
(3) SHOW & TELL: Arranging on-line demos, conference calls, or hopefully a face to face meeting with a properly qualified lead is the objective. Don’t expect to close the sale on the first contact, especially if you’re selling a hi-ticket product/service. Once you’ve opened the door with a properly qualified prospect you must follow through the sales cycle, and it may take considerable time. You don’t want to pester people but frequent updates, sending new pertinent information, and keeping them up to date with new features or interesting content wins the game. Most sales managers agree most sales are lost through improper or inadequate follow up procedures.
When you add the human touch to begin with and bring all the pieces together right, this is where conversion takes place. It takes conversation and consistent adequate follow up procedures to achieve the discovery that qualifies a lead at a level that most often closes the sale.