New Ways to Expand Your Market Share with Prospecting
No matter how successful you are as a business owner, you’re always going to face an urgent need to uncover new opportunities. Passive “farming” sales strategies are not as viable as they used to be; instead, you must focus on prospecting—but with a twist. Here are five fresh strategies you can put into action today to attack new markets and skyrocket your revenue.
1. Get Personal. Thanks to today’s highly social marketing methods, your business can foster and develop many one-to-one client relationships. It’s imperative that you engage in these customer conversations—because one long-held principle is still true: On average, less than 25 percent of leads are never contacted. You should be snapping up the prospects being overlooked by your competitors.
2. Create and Maintain Momentum. Every day you are not growing market share and driving revenue is a day someone else is taking market share and revenue away from you. An effective sales team is one that focuses not only on active demand, but even more so on latent demand. That’s how your business can create and maintain momentum.
3. Develop Effective Leadership. Organizations struggle with prospecting because many sales people are not comfortable with it. Whether you’re a multi-million dollar company or an army of one, it’s your sales force that needs to go the “last mile” in attacking and capturing new markets. Fortunately, cloud technology can be very effective in scouting business prospects.
4. Maximize Efficiency. The past several four years of economic uncertainty have caused many organizations to downsize. Now that markets are expanding again, businesses are being confronted with the daunting task of trying to do less with more—like driving 20 percent more revenue with 20 percent fewer people. You must harmonize your resources with your level of demand.
5. Go Global. It seems that almost overnight, the world has evolved into one giant market. There are of course challenges to branching out internationally (like training, evaluating and managing sales teams between continents) but the benefits can far outweigh the costs. Through managed expansions or channel partner relationships, your business can find massive demand in any corner of the globe.