Imagine having no idea on how to go about finding new business prospects, market changes, what your competitors are up to, or how you may better attract your target audience? Finding a new business encompasses starting an entirely different business from an already established one.
Finding new business can also mean finding new customers/clients by offering more services that suit their needs. Clancey Braxton Yohman shares insights on his ultimate strategy for finding new business in this blog post.
Clancey Braxton Yohman is a marketing and business development strategist, and here’s what he has to say on the subject.
What factors can affect finding new business?
Clancey Braxton Yohman: Many businesses are concerned that exploration may cause commercialization to be delayed since they are operating in a fog of uncertainty. As a result, they go with the first practical method that comes to mind, dismissing the analysis and planning that go along with thoughtful strategizing.
This mindset can be the beginning of a downfall. Although there could be situations where you decide to just ”go for it,” such ventures could yield good results. However, such a strategy will not always work.
What to look out for when finding new business?
Clancey Braxton Yohman: The first step is to understand which clients to target, what technology to use, what organizational identity to adopt, and how to position the firm against which competitors are part of any innovation’s go-to-market strategy.
Zero in on your target market
Clancey Braxton Yohman: If you know what kind of person or business you’re looking for, you’ll have a higher chance of finding them. Market research is not required, but you must clearly understand your target market.
Create a consumer profile, paying special attention to what they want and how you may appeal to them. Always strive to provide something different or better than your competition in terms of value for money.
Take the effort to figure out your target market, so you don’t waste time and money trying to find and sell to the incorrect people.
Stay informed about the competitors and new market trends.
Clancey Braxton Yohman: Another step to note is that it is critical to be informed about your competitors’ strategy, products, and target markets, as well as any new market or industry trends. You’ll be able to better identify ideal prospects as a result of this.
It also aids your company in preparing for market upheavals that may necessitate a fresh approach to qualifying leads and attracting your target audience.
Refresh your appearance
Clancey Braxton Yohman: Make sure that new clients find your business enticing. Is your company’s logo or signage looking a little worn out? Is it time to update your website? Is your online marketing plan bringing you results? Is it possible that it’s time to rebrand or rename your company?
Make your skills known. Publicize your sector expertise to generate interest—and new customers.
Speaking at industry events or to organizations your target customers belong to, participating in industry panel discussions or online webinars, and speaking at industry events or to groups your target customers belong to.
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