I wrote this email to a client today. I have been working with them to set up and activate the things which will move them towards sales. And I answer the Chicken and Egg question too…. read on
I think you have made significant progress in understanding three things which are essential to a successful new business development process.
- Deep focus on the target prospect companies and how to find individuals and make contact with them
- Validation that there is a flow through activities from awareness, interest, desire, action (AIDA)…. e.g.XYZ is moving down that funnel well. Also you have closed off the funnel for ABC and won’t waste time with him – he got returned to a ‘holding pattern’ in the newsletter mailing list.
- Recognition that we need to get to know more new people and to find ways of becoming relevant to them – from personal chat / email to newsletter subscription to face to face meeting.My guidance is being acted upon and you are seeing results which will bear fruit. Also it’s forcing you to challenge presumptions and to run little experiments to see what the market responds to. These both change over time and so I have learned never to guess. But you knew that, didn’t you?
New Business is a Process
Can I help you?
What we will do is
- Review your recent new business success (or otherwise)
- Assess the process
- Research the possible bottle-necks, gaps and successful elements
- Guide towards an improved method
Chicken or Egg; which comes first?
So to answer the question – it depends. No, that’s not a cop-out.
Marketing comes first when the firm already has revenues and is looking to grow average size of sale, launch new products or new markets.
Sales comes first when the firm has a product and is not yet profitable enough to invest in intensive marketing or isn’t converting enquiries to revenue.