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Profile Raising

Step four: Profile raising for new business

Getting well-known for what you do is a very long-term process. But this should not deter you because it’s relatively easy nowadays to become known for a specific skill or product.  

Becoming famous for being good at what you do in a public forum takes a few simple steps, repeated.

Symbol for profile raising as part of new business development

The goal of this step in the new business development process reinforces prospects’ decision-making when they come to select someone to do work for them or with them. If they can find out about you independently, and online they are far, far more likely to hire you then if they cannot find out about you.

Where is your brand findable in public?

So let’s have a look at the different places where a stranger could find out about you and your business and the things that you do.

  1. Do you write articles?
  2. Have you been mentioned in the news?
  3. What about public speaking?
  4. Have you ever been to a conference?
  5. Do you ever speak or present at business events like BNI, the Chamber of Commerce or Local Business / Professional Membership Associations?
  6. What about running workshops or webinars?
  7. Do you host events at your own premises?
  8. Could you invite clients and prospects to learn more about your skill and expertise in a face-to-face environment?

Here are some of the things that you could do to improve your “find-ability”.

Business awards Does your industry run annual awards and could you enter?  Many parts of New Zealand have local Westpac Business Awards happening every year.  This not only adds to your internal feelgood factor for the team by entering, but it also gives you handy PR and some external credibility if you get through to the final stages.

What about opinion formers? There are always people who are prepared to stand up and talk about your industry; could they quote you? These people may be journalists but often nowadays they might be bloggers or podcasters.

Networking is important for most businesses particularly if you want to win clients locally. Having actually met someone is a very strong and easy way of building trust. Find out where your local networking opportunities are. This may be the Chamber of Commerce, local meetup groups or BNI.

I do recommend you check out the website meetup.com because a lot of good events are run and publicised through there.  You can search by location to filter.   And also, look at Eventbrite for your country. You will see that Creative Agency Secrets does a lot of Eventbrite work and we find the people actually search this site and sign up to our events.

Members of your staff also talk about your company and it’s important that every time they mention your firm you want it to be positive and also consistent. It’s important that you, the business owner, are not the only ambassador for the business.  Can you enthuse them?

Conferences, trade shows and exhibitions are another good place where you can get better-known. You could run a trade stand or you could just attend and see who else is there and talk to the other people you meet. If you’re able to get onto the conference speaking platform as a speech-giver then of course it’s a very good way to put your message across in a subtle manner and showcase your expertise. Do your research locally – are there conferences running and can you get a copy of the full attendees list if you are a speaker?  This gives you an opportunity to get in touch with people after the event as well.Symbol for profile raising as part of new business development

Read the other posts from this series here!

Step three: New business pipeline

How well are you doing at winning new customers and prospects? Is it very important because your percentage success rate at winning opportunities has a direct impact on the number of opportunities that you convert paying customers.

symbol for new business pipelineEven a small improvement in your success rate will help you to make more money.

Step 3 in our Methodology is all about the steps prospects go through before they decide to buy from you.

Recent new business success

Let’s start by doing an analysis of your recent business successes. Go to your accounts software and print out a list of all of the invoices you have raised over the last six months. Make a note of the total sums payable by each individual and rank than by size so that you have the largest paying customers at the top of the page.

Now let’s have a look at some of the history of each of these customers or clients.

  1. How did you first get to know them?
  2. What dates did they first get in touch with you?
  3. What was the first opportunity they discussed?
  4. What was the final proposal to put to them? Was there a difference from 3 above?
  5. Who led the discussions?

Now let’s do the exact same thing for your existing prospects. You should have a list somewhere of all of the prospective new clients with whom you’re in discussion at the moment. Print that list out and answer the same questions as you did with your previous clients. Below is a form that you can use to fill out which may help you to order your thoughts for these.

Classify new business, lead sources,

Where does business come from?

Within your list of prospects may be some which are not yet concluded. Write down what’s the next step is towards bringing them closer to having a discussion with you and making a decision to buy.

How many biz dev stages are there?

A new business pipeline may have many steps, frequently there are common steps which all prospects go through. Usually for a B2B business they start with initial discussions, and you refine your offer and what the customer wants to buy, and you had a price and discussed whether they are prepared to pay for it, then you negotiate and then you either win or lose the business. It is a pretty standard sales funnel.

For B2C businesses the products are standardised and the steps have fewer reviews and revisions.

See if you can Identify what stage each of your current opportunities are at. Note: I put into an opportunity any discussion which has the potential to become new work – but I set it at a very early stage to reflect this.

Look for patterns in the data

What causes you to win business and what makes the sales funnel longer or shorter? Try to identify the causes of positive and negative situations in your sales funnel. These are areas to focus on – the ones which deliver faster revenues are worth focusing on.

If you have lost some opportunities recently, one tip I recommend is to ask a neutral third party to ring these people up and find out why you didn’t win the business. People will often be more honest than speaking to someone who does not work for the business. This can give you great insight.

Next time we’ll be looking at your business and brand profile and how to raise your profile.

Read the other posts from this series here!