Times are tough right now – there’s no doubting that. And business development in the communications world is no different. Companies are cutting back on marketing budgets, taking more initiatives in-house, etc.
But there are still plenty of opportunities out there for new business, even in a down economy, if you know how to look for them strategically and efficiently.
If possible, stick with what you know
Doing due diligence and making a strong effort to streamline new business efforts are critical. In other words, know what you do well and target companies who will benefit from your services.
For example, researching companies who excel during a slow economy is a good place to start. Then filter that prospect list to focus primarily on industries or areas where your firm excels.
While MMI has an extensive client list, we have strong expertise in real estate and health care, making sense for us to target companies in those fields.
Proof is always paramount
More than ever, showing evidence of ROI and how you contribute to the bottom line is essential. Companies need to see in black and white how you’re helping them reach their business objectives.
Armed with strong case studies and ROI figures, selling becomes much easier. Not to mention how ROI makes for happy current clients.
Speaking of which… show them the love
It’s easy to forget an extremely important target audience when thinking about new business – it’s your current client base.
One of the most effective and efficient ways to drum up new business is to expand your services with clients already part of the firm’s portfolio. Growing business internally is a firm-wide responsibility.
Replacing a client is much more difficult. A client loss can also damage your firm’s reputation in the marketplace.
Instill the mindset
At MMI, we’ve made a company-wide, conscious decision not to participate in the recession. As strange as that might sound, it makes perfect sense in the world of new business because despite the economic climate, there are always opportunities. You just have to find them.
