Want to Increase the Amount of Business that Your Firm is Getting?

Business development is important for every business and refers to the action of bringing in customers or clients that are likely to make positive contributions to a company's bottom line. Business Development is all about establishing relevant and subsisting relationships in the market place.

In this article Alex Margarit offers you an introduction into the world of business development and new business acquisition. Utilizing your existing client base to maximise your inbound sales revenue.

Your existing client or customer base is the number one most important tool to increasing your firm's business. The most important relationships for any business are those that it holds with its customers. For this reason it is paramount that companies consider their existing customers when identifying ways to increase their market share. Customer service theory tells as that by creating positive experiences with their clients, businesses can often reap big rewards in terms of new business referral with every "raving fan client" avidly promoting the business to others based on their experience.

Prospecting & Sales

Prospecting for clients is an important means to increase market share. Prospecting is a valuable part of the sales process and normally involves identifying a targeted list of potential customers that meet with the firm's marketing objectives. Direct sales campaigns can then be initiated to entice them into becoming a client or customer of the firm.

Referral bases

In any given market there will often be a large number of potential referrers of business that may not necessarily be potential clients. Typical referrers can be industry bodies such as associations or clubs or otherwise other opinion leaders in the market. Opinion leaders are generally people in the market that are regarded as having an insight into the market and who have some measure of influence over target markets. Establishing valid relationships with referrers can be a wonderful source of new business.

Strategic Alliances and Joint ventures

Establishing strategic alliances and joint ventures can be a great way to maintain a focus on your primary product offering whilst simultaneously expanding your market participation. The basic premise is that there are always a number of firms in any given market who are selling to the same target markets as you are. By creating a strategic alliance with a firm who is not directly competing with you, both parties will be able to collaborate towards the one goal of better servicing their client base. Given that each firm in the alliance has an area of specialization, why re-invent the wheel. An alliance will allow the customer to benefit from a wider product range while both parties can negotiate a referral system for incoming sales.

Alex Margarit is an Internet Marketing professional based in Brisbane, Australia. He has written a number of published works on Marketing.

In The News:


pen paper and inkwell


cat break through


Sex, Drugs, & Rock-n-Roll at Trade Shows

Here's the Scenario...You're at a trade show. Out of town.... Read More

Management From Within

Inspiration and Management from Within ? Part 2.The more you... Read More

Hiring--A Vital Key In Sales Management Success

Recently, I was asked to spend some time on the... Read More

Increase Your Sales Accept Credit Cards, Part 2

In part two we will discuss overcoming objections, which credit... Read More

Sex, Drugs, & Rock-n-Roll: Trade Show Traps and Tips

Sex, Drugs & Rock-n-RollHere's the Scenario...You're at a trade show.... Read More

Never Trust a Silent Customer

Imagine you run a pizza parlour. You have all these... Read More

Overcoming Sales Objections for Small Business Networks

Do you need help overcoming sales objections? Do you sell... Read More

Ten Awesome Ways To Incease Your Sales In Holidays

Everybody thinks that the businesses will slow down a bit... Read More

The Differences Between A Commercial Collections Agency & Lawyer

If your letter writing and phone calls have all failed... Read More

Is Your Sales Trust Factor High Enough to Win Against the Competition?

How high is your sales trust factor?Is it higher than... Read More

Small Business Marketing: Overtaking Your Competitors

Few businesses keep tabs on competitors, yet such knowledge can... Read More

Sales Competence Isn?t About Quota Performance!

Compounding the problem are two myths regarding measures of competency... Read More

Sales Tactics to Beat Your Competition

This month I want to share a success from a... Read More

3 Steps To Getting A Sales Meeting

The best way to get a new customer is to... Read More

How To Become A Better Sales Manager

YIPPEE! Kendra won, or should I say, "She was hired,"... Read More

Sacking Clients: Brand Power Wheel

Remember in the last message we talked about your directional... Read More

4 Marketing Myths Threaten Your Sales

These 4 marketing myths can cause you to lose sales... Read More

Accepting Responsibility for Your Sales Success

That we live in a time of relentless and pervasive... Read More

All Small Businesses Need to Gather Community Intel

How well do you know your community? As business owners... Read More

How To Use A Powerful Leadership Tool To Step Up Sales Results

Good sales people can close, but few "step up" for... Read More

Business Career, Executive Coaching Article - Perfection vs. Excellence

"(Howard) Hughes never learned how to convert his knowledge to... Read More

Is Your Forecast Too Sunny? How to Improve the Accuracy of Sales Forecasts

As spring moves to summer, the forecast should be for... Read More

Make Time, Not Excuses

There are four primary activities that successful salespeople engage in... Read More

Investing in Your Sales Team

While there's no easy answer to this question, there are... Read More

Want to Increase the Amount of Business that Your Firm is Getting?

Business development is important for every business and refers to... Read More

Sales Coaching... Fact or Fiction?

The old adage in selling has always been, "Find out... Read More

Whats a Professional Sales Manager?

I was in the depths of a major depression. As... Read More

Disclosure Laws Favor International Terrorists

The Federal Trade Commission has rule that are supposedly in... Read More

A Coachs Handbook For Sales Managers

This article may be reprinted in its entirety with express... Read More

How to Win Over the Man in the Chair Salesmanship, Repetition, and Direct Mail

In a classic business-to-business print ad from the late 50's... Read More

Project/Program Management Best Practices for Success in ANY Industry!

Where is our success? Although there have been improvements, over... Read More

The Surest Way to Boost Sales

If you have a small business and you are looking... Read More

Producing Premium Performance

One of the major issues that arises in managing a... Read More