I recently had a great discussion with my dear friend and client, Phil Symchych, founder of Symco & Co. Our topic of discussion was how to significantly grow one’s business and enter new markets.
I do acknowledge that when we help our clients grow their business and keep providing remarkable value, we become irresistible, which then brings in referrals, testimonials, inbound inquiries and significant new business. There are times, however, that we are ready to create new products or services and even enter new markets.
Here are the 5 suggested moves we have come up with to achieve these objectives:
- Identify who your clients and offerings are. This would mean recognizing the profiles of your best clients, what are their preferences, wants and needs, challenges, habits, likes, desires and dreams. Where do they hang out, what do they read, listen to and watch and are there special events they attend? I then suggest using all the channels available to select the first 20 – 50 to target and then move to the next group. Some of these channels are: referrals and introductions from existing clients, leveraging social media platforms such as LinkedIn, approaching your advisors, colleagues and networks such as accountants, lawyers and bankers. I would also pay attention to the local and national news and jot down individuals to contact that have been mentioned or recognized. This would also means having an intimate knowledge of your products and services and which should be abandoned, promoted and innovated.
- Research this group of first to contact. Study their web sites and blogs, search the Internet and the social media platforms for where they may have been mentioned. Look for mutual connections that may reveal additional insights about them. I would highly recommend you use some sort of database management system to track these contacts for your easy access and retrieval of information and further follow-up.
- Approach them. There are several ways to do so: Have others introduce you to them, email or send some value and propose a meeting, call them, attend powerful networking events and present and speak whenever possible. Also connect with associations and chambers of commerce to help their members and their own growth and success.
- Meet them in person or virtually. Understand their key issues and concerns. Offer great value that helps them personally and professionally and build genuine trusting relationships. Once you identify how you can be of great help, and have sensed their enthusiasm to proceed, put a proposal together.
- Engage them in becoming a client. This is where the journey starts of building relationship and trust and focusing on significantly impacting their business.
It’s not complicated you just need to take action and start at step one.
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