Know the Source of Business
One of the first questions we ask a prospect or new client is, "How did you get the business you have so far?" Some can answer exactly. Others aren't as certain. When we begin our first discussions with a new client, our preferred modus
operandi is to set up a program that allows us to talk to their customers who will
give us a comprehensive view of our client's business. If we can't talk to customers
right away and find out why they selected our client and what the experience has
been, we must rely on the information our client provides us. Business executives who are responsible for business planning should know the
source of all their business. Knowing the incoming traffic patterns for new business
is critical to knowing how to increase those traffic lanes. A senior partner at one
very large and prominent law firm was bemoaning the fact that revenues were
slipping, business development was slipping, and partner polish was? well, not
very polished anymore. When we asked where they got most of their business he
said he didn't know. As a starting point, knowing all sources of business would be
of great value to him as he makes business planning decisions for a new year. If you know how and why you got most of your business, you'll have solid clues
about how to get more. Another Davis, Kingsley & Company client had been
spending considerable amounts of money and energy courting bankers. We
assumed those relationships were of benefit to them so we commented to their
president, "Bankers must be a reliable source of new business for your firm." His
reply was, "The greatest percentage of our business comes from referrals from
lawyers." His reply showed me they were not directing their time toward a market
that offered the value they need. They were more comfortable building relationships
with bankers than with lawyers but it was costing them money and time. Those are
misdirected energies. It seemed obvious to us ? from our perspective as outside
advisors - but it was a blind spot for them. Many companies know exactly where they get their business and who brings it in.
And they know that this information may change over time. They have programs
and processes to help them focus on those sources to continually audit their
business development trails. If you have responsibilities for the growth of the
company, do you know specifically where, how and through whom your company
derives every bit of its business? Darcie Davis, President of Davis, Kingsley & Company is a
management consultant, speaker, author and trainer. She works with
companies to secure genuine feedback from their clients before advising
them on strategic decisions about sales, marketing, and operations. Her
advice will keep your clients out of the jaws of the competition. Learn more about Customer Satisfaction and Feedback Programs
offered by Darcie and her firm at http://www.DavisKingsley.com.
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