Think you need new clients in order to generate new revenue streams? Think again. More often than not, existing clients are the best source of new revenue, writes Randy Shattuck in his article, Do You Really Need New Clients? New clients have greater risk, may not remain good clients over time, and can be costly to acquire, he says. In addition, “it’s easier to sell something new to an existing client than it is to sell an existing service to a new client.”
To do that, of course, requires planning and close work with clients to create new services that will appeal to them. Following the strategy outlined in Shattuck’s article not only can generate new revenue streams but can revitalize client relationships.
What if you truly do need new clients? How can you get them? RainToday’s How Clients Buy Benchmark Report shows that corporate websites play a significant role in lead generation. As this week’s chart shows, 83% of the buyers surveyed say a service provider’s website holds at least “some influence” over their decision to engage in initial discussions.
That means you must think of your website as the hub for your marketing and thought leadership activities. No matter what lead generation tactics you employ, the first stop a prospect is going to make is your website.
You can also improve your chances of acquiring new clients by getting on a prospect’s buying decision team. Sound like an impossible task? Not if you help facilitate the process, writes Sharon Drew Morgen in her article, How to Get on the Buying Decision Team. Drawing on a past experience, Morgen describes how she acquired a new client by helping them decide what type of service they really want and navigating them through their internal decision issues. Doing so creates trust and ensures you’re on hand when the prospect is ready to buy.
But if you want a prospect to accept your proposal, you must prove that you are innovative and a thought leader in your industry, says Michael W. McLaughlin in his article, The Information Advantage: How Firms Can Avoid the Road to Obsolescence. In this electronic age, your prospects and clients already know the basics. Providing them with more of the same only means you will get lost in the noise. Get them to take notice of you by offering innovative ideas and advice.
Suppose, however, you propose your innovative solution and the prospect says they aren’t interested? Is it the end of discussion? No, says John Doerr in his podcast interview, Client Objections: No Doesn’t Have to Mean No. When a prospect or client objects to something—whether it’s a proposed service or the cost of your service—it’s an opportunity to ask questions and find out what the true issue is. You can then explain and perhaps offer a new solution—and get them to say yes, he says.
