New business is literally the lifeblood of business and the value and importance cannot be understated. However, when you are so close the product day to day it can be difficult to know what you should or shouldn’t be doing. We are our own toughest critics but sometimes our criticism doesn’t have the right perspective. So, we wanted to provide some tips for generating new business.
Focus on Your Core:
New products and services are often great ways to bring more value to existing customers, but until they are proven they can be difficult to market to new customers. Therefore, when it comes to generating new business, focusing on the core product or services that you have mastered and perfected can give you the most noticeable impact. And this is assuming that your core product is also one of your more profitable and attractive offerings.
Sell to a Niche:
We have discussed about the importance of niche quite a few times in previous blog posts, but that’s because of the value. It is easier and cleaner to deliver a concise sales presentation or elevator pitch when you can target a niche. It is always easier to spread out from there once you have someone attention. However, if you come in too broad you may not catch anyone’s attention.
Stay within your Brand:
Your business is successful in part because of the business and personal brand that you have built. If you get too far away from that brand when generating new business, you risk alienating your current market as well as building new relationships with insincerity. Be willing to expand your reach while still making sure to stick to what you and your brand are.
Be an Expert:
When you are an expert in your field, people look to you for guidance and advice. Being that expert and continuing to improve your knowledge will make you the go to person. When a potential customer has a question and you can provide new insight or knowledge you become the one they rely on. That will turn into revenue and profit.
The key to generating new business is to have a plan and to execute your plan. Too many businesses talk about their ideas and even create plans that never get executed. Keep in mind that there is no perfect time, but right now is always the right time for generating new business.