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


Sales & Marketing Plan Strategies

Design and Implementation of a new Sales & Marketing campaign... Read More

Speed-up Your Sales Cycle

This week's article is my response to a question by... Read More

8 Procedures to Take Control of Sales and Marketing

The Cash to Cash Cycle Part Three of SeriesWe're sprinting... Read More

The Get Dangerous Quickly Approach to Product/Service Training

In 2000 a computer distributor hired me to help them... Read More

Online Sales: Secret To Increase Your Sales By Bundling Your Products

Microsoft has used this online sales secret to become a... Read More

Promoting Your Private Label at Industry Trade Shows

So everyone thought you were crazy when you announced 6... Read More

Seven Deadly Sales Mistakes That Cost Business Owners Big Money - And What To Do About Them

1. LOOKING for a "quick fix" to close more sales... Read More

How to Organize a Seminar or an Event

Seminars and events have always been implemented as a holistic... Read More

When Its DUH? Time at Trade Show - 3 Little Words Save the Day

TIME, MONEY, HASSLE - You can make a sale on... Read More

Increasing Business Through Distributors

You're a small company with a good product. You are... 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

How to Increase The Sales Of Promotional Products

I have searched for a new way to increase the... Read More

Increase Your Sales Accept Credit Cards, Part 2

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

The Sales Carpenter

I remember moving my family to Argentina as Vice President... Read More

Sales Marketing: 12 Sneaky Tricks To Help You Outsell Your Competition

Business can be like war sometimes.You may have to fight... Read More

Ten Awesome Ways To Incease Your Sales In Holidays

Everybody thinks that the businesses will slow down a bit... 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 Tactics to Beat Your Competition

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

Building Trust For Lifetime Success

Trust.One word.One very powerful word that can increase both first... Read More

Generous Donor Refused (how qualified business slipped away)

Generous Donor RefusedPicture this. You are a fund development director... Read More

Overcoming Sales Objections for Small Business Networks

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

Outsourcing the Sales Function

Small to medium companies that want to increase sales or... Read More

Sacking Clients: Brand Power Wheel

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

Are Your Sales Meetings Boring?

Many sales meetings are boring and a waste of salespeople's... Read More

The Benefits of Catalog Sales For Your Business

Things to watch out for when selling your product in... Read More

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

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

We Will Make It Back----- A Fictional Story Based on Fact About Sales Management Success

Bill Borders stepped up onto the podium. He had just... Read More

Determining Sales Fit; the Key Growth Process for Your Business

Help your organization grow by assessing the right indicators in... Read More

Disclosure Laws Favor International Terrorists

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

10 Things to Help Your Business When Sales Are Slow During the Holidays

Twiddling your thumbs and waiting for some business to come... Read More

Whats a Professional Sales Manager?

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

Investing in Your Sales Team

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

Business Career, Executive Coaching Article - Perfection vs. Excellence

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