Generating New Business: The Critical Mistake Companies Make
The Problem: New Business Generation
Over the last 3 months EWO has been working with 6 companies that have a common problem. They have a solid core of long term clients but struggle to acquire new business. Over time the average spend of these core clients has been decreasing so there is increasing pressure to acquire a fresh set of clients.
The Root Cause: Business Description & Communication
If a business has long term clients then it is clearly delivering something of value to its target market. It also has a competitive advantage over many other businesses. That being a substantial track record and good reference sites.
Therefore the business has all the assets required to be successful at new business acquisition. However one piece of the pie was missing in every single case. A simple way of communicating the 'value proposition' of the business, otherwise referred to as a 'compelling reason to buy'.
Finding an Answer: Strategic Research
'Key Messaging' in marketing is a critical part of a business' window dressing. Too many companies describe their products and services in terms of how they refer to them internally and that's the most critical mistake they can make. Your marketing needs to describe your offering in terms of how an outsider looking in will see it.
When a potential buyer looks at your business they see it in a very complex web of competitors, alternate offerings, news headlines, market information, sales pitches, competing demands, financial pressure, needs and the list goes on. Did you properly consider this context when you developed the key messages for your business? Very few people do. That's why EWO offers a strategic research service that is in constant demand. Using an independent body like EWO we can research:
- Online and offline competitive landscape
- Competitor activity and sales pitches
- Pricing activity in the market
- The honest opinions of existing and past clients
- Canvas opinions of potential clients
- Changing market dynamics
Once this research is complete then it becomes clear what the key messages of the business need to be to attract and convert new business. Once the refined messages are implemented then the impact on business sales is usually instantaneous.
The Results: Increased Inbound Enquiries
By simply refining the key messages of the business we have achieved instant benefit for many clients, particularly in a business-to-business environment.
- An IT software company saw a doubling of inbound software enquiries within 2 weeks
- A research company received its first ever online enquiry within 24 hours of implementing changes
- Refining the responses given during telephone enquiries saw an immediate doubling in the conversion rate from enquiry to appointment for a health service provider.
Next Steps: Completing Strategic Research
At a very basic level you may choose to do some research on your competitors online and collect their marketing collateral and review how they are positioning their services. Beware, they may not be doing a good job of it so don't replicate what they're doing! If you have some budget available it will be well worthwhile getting one of the EWO researchers to call 10 of your clients and get independent feedback. You can also use this information as content for case studies and testimonials. With more extensive budget we can also independently call prospects to determine their decision drivers and conduct pricing research on your competitors.
If you would like to know more about our strategic research please contact us on 1300 792 782.
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