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Posts Tagged ‘client acquisition’

Most effective ways to get new clients revealed

A new survey is finding out about the experiences of professional services firms in getting new clients, and the results will show processes that are working, those that are more cost-effective and those that might be a waste of your resources.  Despite the much touted fact that selling further services to existing clients is more cost-effective than obtaining new ones, the reality is that every business needs a steady stream of new clients.  If you could find out the most cost-effective methods to acquire new clients, you could save precious marketing budget ‘experimenting’.  Competitors are unlikely to directly share what’s working for them, but wouldn’t it be great to know?   Those who complete the survey can opt to receive the results.

For a whole variety of reasons, every business loses clients over time.  Some of the reasons could be –

  • You have succeeded or completed the work, and the client no longer requires your service
  • Client has moved to a competitor due to their specialization, marketing, service, price or some other reason
  • Client personally knows someone who has just set up in competition and transfers
  • Client has decided to do it themselves – perhaps employing in-house
  • Client’s business has grown or changed and they require services you don’t offer or specialize in
  • Client is unhappy with your service and leaves

No matter the reasons and how you respond to these, it’s essential to regularly replace these clients to maintain your business.  This is a critical function of your strategic thinking and planning.  The block many professional services firms face, is understanding really what’s working in the sector.  It’s very easy to waste resources spending time and money developing and implementing strategies that, had you understood the experiences of others in the industry, you would have steered clear of.  It’s logical to share what’s working within a sector, and what’s not working, but most firms are reluctant to share this directly with competitors.  Most are especially reluctant to openly admit what hasn’t worked.  Also, what’s worked in other professional services sectors who are attracting similar clients, could also work for you.

The survey has been developed to find out, anonymously, what’s working and what hasn’t been cost-effective or good use of resources for professional services firms.  It’s short and can be completed in just a few minutes.  On the final page there is a web address that you can go to and opt to receive the results.  The survey closes at the end of October and can be accessed at https://www.surveymonkey.com/s/professionalfirmsnewclients

 

 

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Making the most of expos

We attended the BizExpo at the Kingsgate at Te Rapa today. It could have been an excellent opportunity to network with local businesses, but sadly the word did not get out, or perhaps the weekend was the wrong time to hold a B2B event. It was extremely quiet, maybe half a dozen people attending. Some of the exhibitors told me they had got to know some of the other exhibitors and that they were likely to use each other’s services, so some felt it had paid its way. Others thought it had been a complete waste of time.

Networking with the other exhibitors is definitely a benefit of an expo or trade fair. However you also want to get in front of the visitors attending. When we went through, only one person encouraged us to hand over our business cards, or give over our email address. As there was almost no-one else there, I stopped to chat to most of the exhibitors, and still only one asked for my card. That’s leaving the best opportunity of an expo or trade fair untapped. If you are paying good money for a stand, the least you want to leave with are the contacts of all the people who took an interest in your products or services, so you can follow up afterwards. The opportunities are not necessarily on the day of expo itself, but in the follow up. If you are going to exhibit, its important to understand how to do that, and to have clear goals about the outcomes you want from your outlay. You also need a plan to resource the follow up activities.

Hopefully any expo you choose to exhibit at has a much larger number of visitors than this one. If so, you also need to staff it adequately with both enough people and the right sort of people. Expos can contribute to a growth strategy, through new client acquisition, but must be well targeted and well managed. It also pays to check out the track record of the company running the expo.

Jenni is the Director at Strategies Direct, where she helps clients in professional and services industries to develop unique strategy and implement it effectively to achieve their goals. She invites you to download your complimentary report ‘How to Think Strategically’ at http://www.strategies-direct.com

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