What is Wall Street Wednesday? The Wall Street Journal Digital Network has a section specifically for small businesses. They address business related topics such as Financing & Investing, Building your Business, Technology, Franchising and more. Every Wednesday we will share a relevant small business article from the Wall Street Journal and provide our take on what WSJ has to say.
Three Best Ways to Win a New Client, January 14, 2010
Many small businesses ring in the new year by taking a fresh approach to winning new clients. Whether you plan to reinvent your company or just attract an untapped demographic, there are a few ways to achieve your goals. After pinpointing your audience, reposition your message to gain those customers. Work your connections, but keep in mind, it’s tougher than ever to land deals. These days, your potential clients might be hurting or short of funding, says Mike Silverman, managing partner of engineering-services firm Ops A La Carte LLC in Santa Clara, Calif. “If you’re fairly new at this, you really have to not be afraid of rejection,” Mr. Silverman says. “You can’t give up. There is light at the end of the tunnel.” Here are three best ways to win new clients:
- Go where the growth is.
- Ally with other businesses.
- Use online tools.
Click here to read the full article
Go Where The Growth Is: What Are Your Key Opportunities?
Every year (or quarter depending on the length of your sales cycle) you should be evaluating the viability of your primary target market. Outside factors influence every type of business and the target market that was once a gold mine may now be a dessert. Think about products and services that have been phased out based on external factors. For example, as technology developed some providers of dial-up internet services shifted their focus to cable and DSL services. More recent, as business travel has declined due to the economic downturn many airlines shifted their focus to selling upgrade services to individuals and families. In order to win more clients to need to target a viable market.
Event Planning Tip: If you are shifting towards a new target market, now is the time to plan a growth event. This is a great way to gain exposure to a large number of potential clients in your new target.
Ally With Other Businesses: There is Strength in Numbers
Far too often small business owners try to do it all themselves. Being a successful soloprenuer or small business owner is all about leverage. You must leverage your money, time, talents, and other resources. Think about other business types that offer complimentary services, how could you collaborate with them to leverage their client lists or to co-market in order to reduce marketing expenses? These businesses also become key sources for referals making it easier to close new clients.
Event Planning Tip: If you aren’t already well connected in your industry try hosting a networking event and invite related businesses. By hosting the event yourself, you place your business at the center of the event and it can help to establish your business as an influential business in your industry.
Use Online Tools: Inexpensive Marketing That You Can’t Live Without
It is 2010 and we are in the heart of the information age, online marketing is a MANDATORY component to your marketing plan. No matter what product or service you are selling, you are hindering the growth of your small business if you do not have a solid online presence. At MINIMUM, you should have a website that provides the basic information about your business and its products or services. In addition, there are an abundance of other networking and social media tools at your disposal that will allow people to connect with your business. Facebook, Twitter, Ning, Squidoo, and YouTube are among my favorite online marketing tools. Using these tools individuals are able to find and learn about your business and through social media they are able to connect to your brand. When that connection exists sales will follow.
Event Planning Tip: Using online tools is an ongoing effort building a solid following will help when you get ready to market your small business event. The people you interact with online already have a connection to your business, even if they aren’t in your target market they are far more likely to recommend your event to a friend.
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