Are you always looking for ways to secure new business? Do your plans include strategies and tactics to open up new markets and attract more customers? While repeat business from current customers is important, getting new business is critical to staying in business long-term.
Warren Buffet, a well-known business magnate and savvy investor, once said that “any business that is not bringing in new business is going out of business.” This is especially true with small businesses that often rest on their laurels and are comfortable with their current client base.
As a small business owner, it is an important component of your overall strategy to identify, prioritize and select the best ways to attract new business. This could include entering different markets, offering new products or services or diversifying your portfolio of offerings to appeal to more buyers.
According to a Bloomberg article, 80 percent of small businesses fail because they don’t understand their customers’ needs, and subsequently aren’t providing products or services that attract new business. Furthermore, they also don’t provide a point of differentiation, making it even tougher to add new business.
Making sure that your value proposition is clear, concise, compelling and accurate will help create demand for your products and services. Using the right marketing channels is also important. As a small business owner, getting new business is critical to not going out of business.