StrategyBy James Debono, Published March 16, 2012
Sometimes as a small business entrepreneur you spend so much time getting the next lead that you forget about what to do once you have that lead. The reality is that leads sometimes need nurturing in order to become the profitable long term business opportunity that you need them to be.
‘Ring fence’ Your Existing Clients
Competition in the market place is rife. More and more companies are looking to replace lost revenue and profitability through acquiring new business – and some of the ‘new business’ your competitors are targeting will include your existing accounts! In order for you to stay ahead of the competition you need to ‘ring fence’ your existing clients.
Don’t get complacent with your existing customer base. Your customers have got you to where you are today. And they are still a valuable asset for further revenue if made to feel valued.
Pick up the phone give them a call! Find out what challenges they are facing, find out what benefits they are getting from using your existing products and services, remind them of these benefits and the value they are getting. Find out if the competition has been in and what was compelling about their service.
If you run an internet based business then make sure you have an email sequence in place that delivers great value to your customers. Reminding them exactly of who you are and what you do for them, but also what you can do in the future.
Know Your Prospect inside Out
What did he have for breakfast? What color socks does he wear? What Coffee does he drink at Starbucks? Maybe that’s a little extreme…
You do want to know what makes him tick, what keeps him up at night, what one problem could you solve for your customer that would have him diving into his pocket and producing an open wallet right now? What are his life ambitions and goals? Take time to find out exactly who your customer is!
When you know more about your prospect it means you can develop your content marketing strategy to specifically target that person. Talking to their specific wants and needs and ultimately reducing the sales cycle.
Do More
As a small business entrepreneur you probably already feel that there are not enough hours in the day right? However now you know who your ideal prospect is you can manage your time more wisely.
Get yourself positioned wherever your client is likely to go, be the person giving the answer to the questions he is posing, provide new and valued insights that will drive revenue and help solve problems in his business.
Host webinars, seminars, write reports, post articles or guest blog on leading sites within your niche.
If you work in a methodic manner to fill your pipeline with the ideal client then you can afford to lose a percentage of those clients. I know that is counter intuitive but the fact is you will not convert 100% of the clients in your pipeline. You just won’t!
Purely by doing more and increasing your activity, you increase your chances of success – and therefore increase the amount of money you can earn. Simple math, isn’t it?
Ooze Authority
Some of the best small business entrepreneurs I know are trusted advisors for their clients. They’re someone whose opinion their clients and other people in the industry respect they have earned influence. They’re someone their clients turn to first to get information about purchasing decisions – either now or in the future. They’re someone that has a high level of credibility and clients trust their opinions and advice.
Highly effective people know that the more authority you have, the more likely people will open their ears and listen to you without being overly critical. Having the ability and time to influence these customers is what makes the most profitable small businesses.
Invest in yourself
As a small business entrepreneur you will face new challenges each and every day. One of the key charcateristics of an entrepreneur is to accept those challenges and overcome them the best way you can.
Take 5 minutes to list down your strengths and your business weaknesses. Pick one weakness each week to research; whitepapers, articles, books. Set yourself a goal to become a master at this deficiency in a certain time frame and a plan as to how you will do that. The weakness could be increase motivation or improve influence in niche or improve your sales skills. Whatever it maybe always look to better yourself.
As a small business entrepreneur the more you know and learn the more value you can offer others. When you offer more value you will make more sales and grow more business opportunities. So what are you waiting for? Get started implementing these strategies today.
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Earl Neikirk, AP