Convert Business You Lost

Consider the business you have done this year. Did you lose some business that you should have closed? If so, what could you have done differently? What would you do with the extra money if you had converted all of that lost business? 

A quick response time can make all the difference between closing a client, and losing them to your competition. You should monitor and respond to emails, texts and phone messages promptly. In addition, observe all channels people may use to send you business including Facebook and LinkedIn. If you go on vacation, forward your calls and emails to a co-worker who can respond promptly. 

Bad mouthing your competition is not going to impress anyone. It creates a negative impression of you and may cost you business. Some sales people think that slamming the competition will convince a client to do business with them. 

If you belong to a professional networking group, arrive early and stay late. Some of the best connections have happened before and after the meeting. It is important to attend all of your meetings. If a guest shows up one time and you miss that meeting, you may miss the opportunity of a lifetime. 

Listen to your client and understand what they want before you offer a solution. Understanding their needs allows you to offer the right solution. It is important to know who the decision maker is too. No matter how good your solution is, unless the decision maker hears it you may not close that business.   

Develop and implement an effective follow up plan. Sometimes you have to touch a relationship several times before it matures into its full potential. Vary your follow up techniques to include phone, text, email, handwritten cards, etc. This applies to both potential clients and referral partners too. 

Read More

Expanding services could cost you

Should You Expand Your Services? 

Many businesses are expanding their services to generate additional revenue. It seems to make sense to sell more to your existing clients, especially if the product or service is similar to what you offer now. What if expanding your services actually costs you money and removes your competitive advantage? Would you still do it? 

Consider the hypothetical cases of two different printing companies in Tucson. 

Pete has owned a thriving printing business for years. Then online companies started offering discount print services and took away some of his market share. Pete decided to expand his services to include promotional products, graphic design, vehicle wraps and website design. He hired and trained people to market and provide those services. Pete’s expenses went up, but so did his income. It looked like Pete found his solution. 

Meanwhile, his biggest competitor, Mario, decided to stay focused on his printing business and increase his market share instead of offering additional products. 

Mario contacted several local professionals who offered promotional products, graphic design, vehicle wrap and website design. These are the same services Pete, his competitor, just started offering. Many of these people had been referring business to Pete for years, and were unaware Pete was now competing with them. 

Mario met with all of them and explained he had no interest in competing with their businesses. He promised to keep his business focused on printing, but needed their help. Mario asked if they would refer their print business to him, and he would refer business back to them. They all agreed and Mario was able to generate additional business. He pulled market share from his biggest competitor and did not incur any additional expenses. Maybe Mario found a better solution?   

If you are thinking of expanding services, consider focusing on the core of your business and create additional strategic partnerships instead.  

Read More