Why do most, if not all
companies need to generate new business?
Quite simply one thing you can guarantee is that by
planning to stand still you will fail – all businesses
or companies will lose customers over a period of time.
It is not a question of whether you will lose customers
it is just a case of how many or what percentage of the
customer base will go elsewhere?
New companies or products and services appear and
disappear all the time – we upset customers sometimes
regardless of what we do – or they just want to change
for the sake of change.
So what must we do? We have to find new clients or
interested parties – at Pulse we call this new business
generation.
New business is defined as discovering new people or
companies interested in buying our product or service –
generating such demand is a business in itself.
New business generation should be split into different
sub sections:
What are trying to achieve?
What business are we trying to generate? This may sound
somewhat silly but it is not – it is critical. What type
of companies or individuals are we trying to find?
Are we trying to increase turnover? Or are we aiming to
increase profitability? Or do we have other goals?
Now we are certain or at least sure that we know who we
are trying to find – lets go and get them?
How?
There are numerous ways of generating new business – the
internet, telesales, word of mouth, local or national
advertising, sales promotion, direct mail, incentives,
PR etc.
In order to keep the cost of new leads generated to a
minimum we need to assess the impact of what each course
of action would have in terms of new business generation
i.e. how much will advertising cost? What would the
likely return be? Have we done this before? If so what
results? Are we entering new territory?
If so we need to be careful – new ideas or ways of
finding new business need to be assessed on a
risk/reward basis.
What are the risks financially and otherwise? What are
the rewards or potential rewards?
If you are unclear or need help – Pulse can advise –
please call us on 01743 441253 or email us at sales@pulselondon.co.uk. |