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- How to use that Bird in the Hand to get the Two in the Bush
- It’s common knowledge that it’s easier to get more business from existing customers than to find new customers from scratch. Since you are already delivering value to a particular customer, it’s easier for them to continue using your product or service than to take a chance on alternatives, and based on your experience, you understand clearly how to solve the problems that your current customers have. Likewise, it is sometimes hard for customers with whom you have no prior relationship to take a chance on you if they have more experience with another vendor. This is one key reason why third-party references and case studies are so important to reduce the fear factor associated with new customers buying from your company.
- In between your existing customers and the prospects with which you have no connection are affiliated prospects who work for other divisions or at other locations of the same company as your current customers. They may not know you, but chances are they have run into your current customers at company meetings or expos. They may be charged with some of the same corporate initiatives that drive their brethren who are your customers. As they look for products or services to improve productivity and quality, or reduce costs, a well-placed reference or testimonial from your customer can make the difference in getting you an audience for a presentation, or getting your product included on the other group’s short list for evaluation. If your current customers are pleased with the value you are delivering to them, they may even help put you in touch with exactly the right people in their sister organizations. It’s an inside track that carries a load of credibility and relationship-building cache.
- How do you leverage this valuable source for new business leads? Don’t expect to win the lottery if you don’t buy a ticket. “If you don’t ask, you won’t receive.” Informing your customers that you are actively growing your business to serve them better and need their help is that simple. Ask for referrals. But even if you can’t get your current customers to give you hot leads, you will hopefully be able to get your customer to lend his or her name to a case study or testimonial that describes the value that you have been delivering to them (see www.mktx.com/case_studies.htm). Then be creative regarding how you get that testimonial in front of the company’s other divisions.
- How can your marketing communications firm help?
- Often we do this by getting the case study published in trade journals that the prospects read. We’re clear to emphasize that the value we
deliver to their corporate siblings, we can deliever to them as well. Sometimes, we develop a direct mail campaign targeting a list of names of people in the other divisions. Sometimes, we develop testimonial ads. Sometimes, all of the above.
- A case in point is Precision Machine & Manufacturing of Eugene, Oregon. Got testimonial. Wrote case study. Used in the company's e-newsetter. Got published in a relevant industry trade pub. Did mailings using the article reprint to show the company's success in the same industry. Added a link on client's website to the article as it appears on the publication’s website. Worked the case study into company's advertising campaign.
- So, the next time that you’re looking to increase your business tomorrow (which is all the time, isn’t it?), start by closely examining who your best customers are today.
