Tapping into your network and staff’s know-how may help you find new clients and boost sales, according to this small-business owner.
No matter how carefully we plan, or how hard we work, there are times when we may find ourselves with a need for a cash infusion. Sure, you could pay for some expenses with a credit card or ask for a loan, but more debt may mean you’re kicking the can down a road that could end up being a super steep hill. You could scramble for investors, but if you’re in financial trouble, some investors may not think you’re the best investment. One way to get out of a cash flow pickle is by bringing in more cash from new clients. If you need to find new clients, you may want to consider using one of these powerful strategies to help you attract new customers.
1. Work a new niche.
If you realize you’re seeing all the same faces when it comes to your customers, it may be time to branch out and find new clients!
One of the best, most enduring ways to bring in new business is to reach out to a segment of the population you’re not currently serving. Consider looking for ways in which you can tailor your offerings to appeal specifically to your new niche clients. For example, if you run a dry-cleaning business, try reaching out to local businesses with a special deal on cleaning corporate uniforms. Thinking outside the box may help you find new clients.
2. Offer an incentive for referrals.
Your current clients may have a larger reach than you realize. Offering an incentive for any new business they bring you may help attract new customers.
Whether you offer a discount on future purchases or a cool thank you gift, consider letting your customers know you appreciate it when they spread the word about how wonderful your company is.
3. Brainstorm with your staff.
Just because the young man who answers the phones isn’t out of college yet, it doesn’t mean he can’t offer you valuable insight. If you’re scrambling to find new clients, consider having a sit-down with your entire staff, either individually or together.
One of the best, most enduring ways to bring in new business is to reach out to a segment of the population you’re not currently serving.
Asking for suggestions about ways you can broaden your reach and appeal to new customers may help you attract new business. Your young employees in particular may have methods that you’re not currently using for outreach.
4. Work out a trade with friends in other industries.
I want to be clear here. I’m not advising you to trade your customers’ contact information without their permission.
What I am suggesting is that you consider looking around at the completely unrelated businesses your friends run and working out a mutual referral plan. So if a customer of yours comes in to pick up a pizza, you hand them your friend’s business card with an offer for a free lawn care quote. Your landscaper friend passes out discount coupons for your restaurant. Making sure you’re taking advantage of every networking possibility, and being particularly vigilant about reaching every potential client in your community, may help you find new clients. It can also be a great way to preach (and practice) the gospel of supporting local businesses.
5. Create a premium offering.
This strategy may sound counterintuitive, but let me make the case. Some consumers can be price conscious, and they may price shop to get the best deal they can find. But some consumers may be willing to pay more for exclusive, high-priced options as long as they feel like they’re getting good value.
You may want to study your business and find a way to offer a premium product or package of services that will appeal to your top-tier clients. Your premium offering may also help you find new clients. Bonus tip: If you’re selling a service, consider making your premium package a prepaid offering, so you get cash up front and your clients get great value over the long haul.
It’s easy to feel hopeless when the bills mount and revenue can’t keep up, but keeping an open mind and testing new strategies may produce a healthy crop of new customers and a fresh infusion of income.
Author: Mike Michalowicz
Author, Profit First