Finding new customers isn’t something you do when business isn’t doing well or you’ve ‘got a moment’. Finding new customers is the life-blood of most businesses. It should be an ongoing strategy. Of course existing customers are important, but for most businesses you will lose 10-20% of your customer base each year. So just to stand still you need new customers. Certain businesses churn at a much higher rate. So how do we find new customers?
In this article, I will share some proven strategies and techniques to help you find new customers.
There are many different ways but I will look at some of my favourite strategies to generate new customers. However, ensure that you test and trial several different routes to find what works best for your business.
Be clear who your ideal customer is. Not all customers are equal and there’s no point pursuing the wrong ones. They may be wrong for you because they are unprofitable, complain a lot, are unreasonable or don’t remain a customer for long... so be selective about who to pursue.
The best new customers come from referrals and recommendations. This is when an existing customer refers you to a colleague or friend. Existing customers become your unpaid salesforce. This is one of the easier sales as the door is half open and often they are less price sensitive. Become comfortable asking clients and customers who else they know who might be interested in your product or service. Asking isn’t a sign of desperation.
LinkedIn is a valuable tool to develop your contact base and also to look at your ‘level 2s’. ie connections of your connections. Consider how you can develop your LinkedIn profile by adding articles, videos and other content to appeal to prospects. Other social media may also be appropriate to your business.
How well does your website turn visitors into prospective customers? Check your Google Analytics to see how many visitors you receive – how many convert into customers? How can you get them to stay longer on the site and provide to you some basic customer information so you can start to build an ongoing dialogue? Which phrases did they search for on Google? Which blogs and articles are they reading? Which emails from you did they open?
Speaking and attending relevant conferences and seminars can be very productive. Ensure you are attending events where your ideal customers are in the audience, not your competitors. Ideally take a speaking slot which raises your profile as an expert or thought leader. Attending as an audience member can also be fruitful. Develop your networking skills.
Articles can raise your profile and position you as an expert. Make sure they are seen by your target audience.
Follow up lapsed or lost customers. Often they can be relatively easy to attract back especially if you have new products or services to tempt them with.
Make sure your first meeting with a new customer or client isn’t your last with that contact. If you’ve invested heavily in attracting prospects make it count. Make sure you convert prospects into customers. Take time to prepare and plan for the meeting. Ensure you are meeting with a decision maker. Do you research and thinking in advance. Review their LinkedIn profile to see who you have in common. Forrester Research found that only 17% of first meetings are followed by a second one. Earn the right for a second meeting. Anticipate their concerns, questions and objections. Listen, diagnose and prescribe. Can you make whatever you sell ‘mission critical’ rather a ‘nice to have’?
One classic question customers are likely to ask or think is “What’s special about you?” How well differentiated are you from your competitors? If you sound like all your competitors, you’ll be bought predominantly on price. Developing your value proposition is hard but you need to ensure that it is compelling.
Stay in touch with prospects. A new prospect won’t always convert straightaway. Stay on their radar through your thought provoking content and demonstrating expertise.
Finally this is not about having good intentions. Take action. Expect some knock backs, that’s part of the game, but learn from them and improve.
By Chris Merrington, Spring 80:20.
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