1. Talk to your existing clients
Imagine this social event is full of strangers, but in the distance you see one of your best clients. Chances are that you will go and talk to them above everyone else.
The same applies in business, because you are much better off communicating with existing clients than hunting prospects; it costs a lot more to find a new client than retain one.
Communication takes many forms, from conversations, seminars, newsletters or even via social media platforms like Twitter. However, the best form of communication is to listen.
The more you listen, the more sales opportunities that will appear, either for your client or for people they know. Get to really know your clients, know how they live their lives and what makes them tick.
Stay in regular contact with existing clients and know when their circumstances change (LinkedIn is good for that). When talking to them, paint pictures through storytelling, bringing to life recent cases that you can share. That way you’ll have clients say those famous words “I didn’t know you did that…”
2. Talk to the lost clients
Going back to the analogy of a room of strangers, the person you spot in the corner is actually an old client, one that you have not seen for many years. Do you ignore them? Do you just smile and wave? Or do you go over and shake their hand?
Never be afraid to contact lost clients.
Instead understand why you have not seen them for so long. It could be something you have done or nothing to do with you. Without contact, you’ll never know why.
Research shows that a business is twice as likely to successfully sell to a lost client as to a new prospect.
Yet, this is frequently the most overlooked source of incremental revenue, as companies think a lost client equals a lost cause. Have a strategy for both client retention and client win back.
3. Be introduced
You are back at the party and a contact of yours decides to introduce you to someone who you would like to meet. Generating business is the same as introductions, and referrals are vital.
However, referrals don’t always happen by magic.
You need to talk to the people you know to increase the chances of an introduction; otherwise it is out of sight and out of mind.
Use LinkedIn – it is the virtual equivalent of the principle of six degrees of separation. By connecting to the people you know, you can discover who they know. There may be people you’d like to be introduced to, just like you might at a party.
So, get connected, get introduced.
4. Introduce yourself
Some people, like me, find it hard to strike up conversations with people they don’t know. Others are very good at it. Making the first move is one thing, but you must be able to engage in conversation.
As mentioned above, listening is a vital communication skill here. Avoid talking about yourself, instead find out about the person with whom you are talking. But be ready with your elevator speech.
Story telling can be a great way of introducing yourself to new people through other communication channels. Let people know you’re an expert and demonstrate it with thought leadership (David Finlay gave some tips on this in a recent Solutions feature).
When they are ready to buy, they will contact you.
If you try a hard sell straight away, you may lose the prospect forever. Besides, you wouldn’t try selling mortgage advice to someone you’d just met at a party would you. No, it is all about tell, not sell.
5. Use your staff
Who would you prefer to take to the event with you – someone who has just joined your business or someone who knows it inside out and would say nothing but good things about you?
It has been shown that the more motivated the employees, the more likely it is that your sales and profits will rise.
A more motivated workforce means less staff turnover, which reduces cost and ensures your service levels remain high. A new team member could take up to six months to get into the flow, and understand your culture and client needs.
In fact, the key rule of client loyalty is, serve your employees first so they, in turn, can serve your client, who in turn can bring more clients to your door.
You don’t need to go very far to find ways to grow your business – existing clients and staff are a good starting point.
Jeff Knight is managing director of Tonic Marketing
