Industry Issues
On Finding New Business...
The last issue of The Bottom Line looked into the importance of locating innovative ways and places for finding new customers.
The central concept explored in Issue #7 was what was referred to as the "growth event." A growth event is occurrence in a business which involves major change. These changes could include: new technology, new executive hires, acquisitions, expansions, major success milestones, or new investment plans. The premise is that all such events offer the potential for new buying perspectives, needs opportunities in general. Here are a few more ideas for spotting growth events in your area.
- Product Launch Press Releases
New product launches and product updates are often heralded in press releases. Ask yourself just what this launch could mean in terms of the company's demand. Major new equipment installations for example could necessitate new demand for such things as cleaning products, lubricants, bearings, fasteners, etc. Two widely used press release sites are Business Wire (www.businesswire.com) and PR Newswire (www.prnewswire.com). - Employment / Classified Ads
Companies of all types advertise for career positions daily and in a variety of media. Ask yourself what you can infer from the ad about the company, the position and the need that is being addressed. For example, if you see an ad for a Director of Manufacturing at an automotive parts company, you may have an opportunity to develop a fresh dialogue on proposed new business solutions while being less disadvantaged by incumbent competitors. In addition, there is generally an expectation for a new executive hire to create change. A new executive hire is a threat to the current suppliers of products and services. As well as local newspapers, career websites are useful sources of information: www.monster.com, www.hotjobs.com. - Local Development Projects
A development project could entail a new shopping center, housing development or a major renovation. These projects are often advertised early on so as to attract tenants. If you are selling construction supplies, the earlier you are aware of these pending projects, the better your chance of sharing in the spend. Such development projects can be found in the business and real estate sections of local newspapers.
