What’s an old Russian joke got to do with getting new business?
Has your business increased in the last 12 months? Don’t discriminate between more new customers or old customers who spend more money; count the increase either way. If you didn’t, you should be wondering why not.
Yes, I know, it all started with the implosion of the internet. Then came the terrorist attacks. Then the global recession. And after that a war that threatened to destabilize the world’s political structures for peace and harmony. Who knows what’s next, but the fact is, none of these “cataclysmic” events have really mattered.
How can I say such a thing? Because for most of us, several more customers or a few additional transactions can turn a mediocre year into a great one. And the large-scale trauma and transition at the macro level doesn’t really affect our ability at the micro level to find the next customer or make the next deal. The only place those macro things matter is in your head, but, for better or worse, what happens in your head tends to powerfully affect what happens in your business.
Yefim, a Latvian émigré who worked for me years ago, told a joke (if you can call it that) about the former Soviet Union. He said, “What is the difference between an American and a Russian?” “The American hopes things will get better and the Russian hopes they won’t get worse.” Well, after a year or two of mediocre, even lousy business, you’re probably becoming more like Russian – I’m not sure if things can ever get better. And you are wondering if you can spend resources to do something about it.
When you think the world is going to hell in a basket, not taking steps to improve your business seems natural. Expect customers and prospects to say no to even your best proposition. After a while, you just stop trying.
Thinking of more business starts with thinking that such a thing is possible, no, likely, but if you’ve read this far, you may still be a believer. And if you think it is possible to increase your business, despite what is being reported on the evening news, then it is time to get to work. No more excuses. It is not the weather. It’s not the season, I don’t care if it’s summer, Christmas or Ramadan. Not even the economy.
So what is the good news? In 1966, Richard Farina wrote a book titled “I’ve been depressed for so long that it’s okay with me.” Does it feel that way? Great, because making a difference will be easy. It has probably been idle for so long that any improvement will look just wonderful.
Here is the secret.
There are only three ways to grow your business: you can find new customers, you can make your customers buy from you more often, and you can make customers, old and new, buy more each time.
“You mean what is that?”
Listen carefully, grasshopper. This little formula can provide a great insight into how to go about your business right away, if you allow it. I want help? Answer the following questions.
What ways are you currently using to find new customers now? Go ahead and make a list, even if it’s just in your head. Are those ways working? (No, probably not, otherwise you wouldn’t be reading this.) Are they the same as you used a year ago? (Shame, they didn’t work a year ago, why should they work better now?)
What new products or services have you introduced in the last six months to help your current customers? (You haven’t, no one is spending money). Of course not, they already have all the things you sell that they think they need.
What new combinations of products, or products and services, or subscriptions, or renewable services, or … It’s amazing how many ways there are to increase the value of each individual purchase. How many of these new offers have you made to your prospects and clients in the last six months? (I’m not even going to wait for your answer).
If you ponder each of these questions like a Zen Koan, you are sure to come up with at least two, and perhaps many, new ways to grow your business.
Of course, these are not the only things you can do, but they are a great start.
Can’t come up with ideas? Let your clients do the work for you; after all, it is the best for them. Take a survey: Call 10 or 20 and find out what they need from you that they can’t get. Even simpler: use one of the online survey tools like surveymonkey.com or zoomerang.com.
While you’re at it, you might want to make sure your main product still makes sense. After all, customers don’t buy it like they used to. That can only mean a few things: either you’re doing a bad job of telling people why they want it, or they just don’t want it.
Both problems can be fixed, but it is important to make sure that you are fixing the correct one. If you fix your marketing and tell people about something that nobody really wants, you are wasting money. On the other hand, if your products are really suitable for the market, but you are not communicating effectively, you could end up changing your products unnecessarily.
I hope that from this simple exercise, you realize how easy it is to quickly start generating new and greater business. Just ask yourself good questions and make up some good answers. After all, that is thinking.
Then take those thoughts and put some into action.
–PL
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