On finding new business...

Here are some ways to drive new business for your company:

Finding new business is a fundamental goal of any company; but where should you look? Some companies may decide to go after a new vertical market or undergo costly new product development. While these may be sound business decisions, it pays to look at the potential that already exists "right under your nose". The following are business approaches that help identify who might buy from you and what to sell them.

1. Classify your customers as to whether they are "base accounts" or "strategic accounts". Develop a game plan for supporting your strategic accounts - this might include a teamed sales approach, executive involvement, special terms, committed supply, consignment inventories, unique delivery commitments, volume incentive plans, contracts, formal business review meetings, shared risk on mutually growing a business opportunity, etc. In short, solidify your key account relationships and apply your team's best thinking as to how to deliver unique value added services.
2. Get a good understanding of your key customers' business objectives. They will buy products and services to complement:
• What they are currently doing
• What they are planning to do. Additional business can be derived from understanding their business plan and acting as a consultant to support their new endeavors.
3. Recognize which sales produce the most profit. Finding a new customer is expensive and first time sales rarely produce a return proportional to the sales efforts and costs in finding them. Obviously we need new customers but they should be approached from a strategic angle (point 1 above) so as to promote an ongoing relationship and not a one-off transaction.
4. Help your customers increase both their sales and profitability. One way to do this is by co-operating on an inventory analysis. Study the order and consumptions patterns for their largest selling items. Identify ways to reduce inventory, tighten up delivery schedules and minimize costs associated with obsolescence. Have you come up with a great marketing idea for your own company? If so, share it with your customer - many companies don't have the time or resources to develop marketing campaigns of their own - so help out!
5. Ask your customers for referral help. It's amazing how well most people will respond to an honest appeal for assistance. Ask them to consider trading partners, suppliers, customers, association affiliates, neighbors, etc.
6. Look to do for your customers what they can't do or don't do themselves. Also look at things that they are doing that are not core to their business that could be more effectively outsourced.