Are You Thinking About Biz Dev All Wrong?
A common oversight I see with business owners is focusing on the next new customer instead of their existing ones.
Most service-based businesses get the bulk of their clients through word of mouth and referrals. Despite founders often feeling like that’s not a strategy, it is. In fact, it’s often the best one.
It shortcuts sales cycles because your prospective customer already has borrowed trust in you from the person who referred them. Our brains are wired to find efficiency and this marries well with that innate strategy because your potential new customers don’t have to wonder, worry, and do a lot of research. Referrals are a win-win outcome for you and them.
Additionally, it’s easier for an existing customer to say ‘yes’ to another opportunity to work with you than it is for a new customer to say ‘yes’ the first time. They already know, like, and trust you (assuming you’ve done a great job) and you already have insight into their problems that need solutions (aka what you offer/sell).
I’m giving you the benefit of the doubt that the delivery of your service is excellent. If it’s not, please focus there.
Beyond that, how are you connecting with your past and current clients to nurture and deepen your relationship?
Here are some examples of things I love to do for them:
Host curated dinner parties
Offer unique experiences like sound baths that bring them together
Create networking mixers
Curate private digital communities
Provide surprise and delight moments (gifts, value-add introductions, birthday eve wishes, etc)
Send personalized notes and voice texts to check in
Reach out for milestone moments like birthdays, work anniversaries, revenue goals hit, and so on
What are you doing to engender deeper relationships with your client base near and far?
What’s one thing you can add to your customer experience to create more connection and trust with your brand?