If the economy slows over the next 18 months winning new business will get more challenging.
To keep your business strong in any economic condition, you need to upgrade your business development process.
There are three critical decisions you have to make to ensure you’re able to win business in unfavorable economic conditions:
Focus on one target market.
When new business is scarce, there will be more agencies vying for fewer opportunities. How will you get in the door if the prospects don’t see you as meaningfully different from the herd? You need to know your prospects’ business and be able to show relevant case studies to set you apart.
Identify a channel to reach them.
Knowing your target market will tell you where they go when they need their questions answered or expert advice.
In some markets, it’s webinars; in others, it’s LinkedIn; in some, there’s a Slack channel or private forum; wherever it is, that’s where you need to be!
Don’t try to be everywhere. Each channel has its learning curve and changes to keep up with; focus on one channel and own it!
Make an irresistible offer.
Because you know the industry and the buyers you are talking with, you can craft an offer that hits right at the heart of their needs.
What do the folks in that market need that they can’t defer or deny?
Bring that offer, and you increase your win percentage!
Where is your current process weak? Where is it vital? Which of these decisions do you need to focus on?
I’ve built a quick, 10-question assessment that can identify the next right thing to sharpen your process and suggest some next steps that you can take to improve.
Start today, don’t wait for the economy to force you to work on your business development process.