7 Steps To Scoring New Business In A Bad Economy

Discussion in 'Starting a Business' started by KacieParker, Jan 6, 2012.

  1. KacieParker

    KacieParker
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    1. Don't go for everything at once.
    When trying to win over a potential new customer, settle for a phone call simply to make voice contact first, and then try to find a reason for a face-to-face meeting. Then another one. And another. A bad economy makes trust more important than ever, as I said a few months ago in a post about selling to consumers in a tough economy, and nothing will inspire trust faster than simple familiarity and friendship. You don’t have to land the account before working to increase the trust your prospect has in you.

    2. Be prepared for long delays, punctuated by sudden activity.
    In case you haven’t noticed, the slack economy has led to hesitant and tentative business planning. No one is rushing to judgment any more. Companies are staying flexible and putting off spending to the very last minute. Even when they agree internally on the urgent need for a project or an initiative--something you could perhaps help them with--they won’t make a final decision until the very last minute, in order to conserve cash. It’s impossible to rush the process, and if you want to win the account you still have to be there when they’re ready. It will be a constant hurry-up-and-wait cycle, but sooner or later projects will happen, and spending will occur. So be there. Always.

    3. Use social networking to find a friend--or a friend of a friend--who knows your prospect.
    Businesses are all different, with different operating styles, planning horizons, and cultures. And the executives and decision-makers within every business are unique human beings, with their own needs, preferences, and biases. The more insight you have about your prospect, the more likely it is you’ll be able to tailor your message appropriately. And having an introduction can’t hurt either, when you can get one. Obviously, your first step will be Googling all the names and searching the web. But a very important second step will be to find someone, somewhere, who actually knows someone useful at the prospect company. A Facebook study last May showed that active Facebook users are connected with other active users by just 3.74 degrees of separation, on average. That’s worldwide, from Boeing to Best Buy and China to Chicago. LinkedIn and other e-social networks probably have similar characteristics. So an executive somewhere on your team almost certainly has a friend who has a friend who knows an executive on your prospect’s team. Find that connection, and remember there may be several.

    4. Make an offer your prospect can't refuse.
    In order to generate a phone call or a meeting, you have to offer the prospect something of value, in a way that he can’t turn down without seeming…rude. It could be the interesting results of a survey or some piece of research, or perhaps a competitive overview. Whatever you offer should be curiosity-arousing, and it should cost the prospect minimal time or effort. You should make it available on any schedule the prospect wants, and at whatever location the prospect prefers. It should be detailed enough to be interesting and useful to your prospect, but not so detailed as to enable the client to initiate completely without you. And it should be free. Keep asking yourself: If you were the prospect, why wouldn’t you want to see this information or learn this new thing, in order to do business more effectively? Then eliminate all those obstacles.

    5. Never ever call to confirm a sales meeting, once it’s been set up.
    No matter how much planning you’ve done, if you call to confirm in advance there’s a very good chance the client will cancel or (more likely) put off the meeting. Better just to get there when and as you both agreed. Think about it: What’s the worst that could happen if the prospect forgets your meeting? It will give you a small debt to collect, another chip to use in your steady quest to earn this customer’s trust. Of course you understand, very sorry, maybe next time…

    6. Always have a next step in mind that can be agreed to instantly.
    When and if you have the opportunity to get someone's attention in a phone conversation, be around the corner, down the street, or even downstairs in the same building, if possible (I’ve done this more than once). If you want a face-to-face meeting with a potential client, then try to figure out how to be at the right geographic location for it, right now, because while a prospect will often be reluctant to put a formal meeting on the schedule, if you can literally be there in 10 minutes, she might just agree to a quick meeting on impulse.

    7. Once you win some business, be sure to follow up for more.
    One of the biggest mistakes almost every company makes when it goes to great lengths to bring in a new client--and believe me, we see this over and over--is not to expose the client to other divisions, services, or products within the company. So make sure your sales staff are incentivized to broaden your firm’s exposure to a brand-new client. You want them looking for other, often unrelated opportunities, and involving all the other “silos” at your company. Do this well, and pretty soon your business units won’t even consider themselves silos any more.

    BY: DON PEPPERS
     
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  2. andrea10

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    It became very difficult to take a new business on net level considering the current economy. To achieve proper growth in business there should be a proper business plan which will be implemented with help of expert's advice. Most probably new business owners doesn't consider theses things but all above factors are very much important to rich the next level.
     
  3. colesraymond

    colesraymond
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    Parker thanks for sharing informative Steps To Scoring New Business In A Bad Economy. Really i like this post and i share to my facebook wall and i tweet to this link....
     
    #3 colesraymond, Apr 3, 2012
    Last edited by a moderator: Apr 3, 2012
  4. paralin

    paralin
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    I am really inspire bu your post. The way of communication is nice and informative. I have visited many places but the information that you shared is very true and good. You can find many other good money making tips by visiting Google and other networks.
     
  5. band

    band
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    In short, creativity is the ultimate way to kill competitor and keep a company growing. Steve Jobs has prove it, the success of 3D Toys Story and iProducts.
     
  6. paralin

    paralin
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    Social networking is the most useful tip for you in this regard. If you can make good relationships with your buyer and seller then there are many chances for you to take a good stand also in bad economy. You can also find more good money making tips by contacting "onlinebusinessidea.com" and "ratracewinner.com".
     
  7. sallya121

    sallya121
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    Your tips are good .In bad economy ,trust is important.I believe we can make business improve even it is in bad economic condition.
     
  8. eKindom

    eKindom
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    KacieParker, This tips are useful to me. Thank you! social networking such as facebook needs long time planning, Is this right?
     
  9. Navida

    Navida
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    Nice effort KacieParker. To stay in bad economics, the most important things you need is temperament, your calmness, flexibility and adoption of changes according to market situation. The point "Always have a next step in mind that can be agreed to instantly" is a key to adopt new things in future.
     
  10. Mark T

    Mark T
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    Good read. I personally struggle before in my own little business due to lack of confidence and trust in myself before. I always stay on my comfort zone until I learned that improvement is and was always outside your business comfort zone.

    Even in bad economy, if you are flexible and taking the risk, then success is always there waiting for you.
     
  11. Business Attorney

    Business Attorney
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    Good points. Some people want to go at the same speed without taking into consideration external factors such as the bad economy. That is unrealistic.

    Of course, the "bad economy" is never entirely bad. While there are some sectors of the economy that suffer, there are often others that boom. For example, among lawyers in the U.S. during the bad economy, those that had traditionally handled real estate development, financing, zoning, etc... were all very slow. On the other hand, lawyers who handled foreclosures were booming.

    One of the tricks is to recognize opportunities in a bad economy and change your plans to take advantage of the external forces rather than succumb to them.
     
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  12. AshleyWhiteBusin

    AshleyWhiteBusin
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    Having a bad economy is out of our hands. We have to take every consideration when starting a business.
     
  13. Felix07Richerd

    Felix07Richerd
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    You made fantastic nice points here. I performed a search on the issue and discovered almost all peoples will agree with your post.
     
  14. RevaxMedia

    RevaxMedia
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    Pretty good advice, thanks for sharing.
     
  15. shilpakalyane

    shilpakalyane
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  16. msdussal

    msdussal
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    Great tips...
    Thanks for this tips Its really helpful for me.
     
  17. alonzomerrill

    alonzomerrill
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    I read your whole post and as per my view its a very useful tips for the new businessmen to do the successful business. The new businessmen who follow this tips they can easily run the business successfully and get the maximum profit. Every new businessmen should understand that big social network can make more profit for owner of the business.
     
  18. ilovedesign

    ilovedesign
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    Number 2 is quite enlightening. I guess people shouldn't take prolonged calmness as a sign that people won't be buying from there anymore. It's just part of the ups and downs of business.
     
  19. gogreenbusiness

    gogreenbusiness
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    Great insights! Thanks for sharing this article :) This will surely guide us on how to survive dealing businesses under not so good economy.
     
  20. jessicabrown

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    Great & informative post.Its true that to bring business on certain level we need full strategy & pre planning. Advice from others also help.Social networking is also very important. we should be aware of current market trends & should promote business online
     

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