We had such a great response and engaging conversation at this month’s networking luncheon, that upon special request we’ve compiled notes so that you may review, comment and share with your colleagues. Each table’s top 3 tips/answers/advice are outlined to help your business grow!
The July networking luncheon marked the first meeting of the 2012-13 year opened by the new Nashville NAWBO President, Linda Stubblefield. Participants were challenged to debate and share knowledge on pre-selected questions touching on today’s hot topics. Thank you to everyone who participated and a special thank you to Marcelle Guilbeau, NAWBO Extra Programs, for facilitating the table topics.
Topic 1 : How do you survive a weakened economy?
- Efficiency. Increase efficiency.
- Evaluate expenses. Cut what isn’t necessary. Consider what can be saved or funds that can be directed more strategically.
- Use more electronic marketing and less print.
- Outsource non-customer facing tasks or those that you do infrequently. Interesting website to find help. www.fiverr.com “The world’s largest marketplace for small services, starting at $5”
- Protecting/Expanding Sales
- Offer customers phased work, deliver and bill in pieces to make it easier for them to continue to provide business.
- Value add to customers. Serve multiple purposes. Save clients money. Add an enhanced service.
- Learn to say “no” to business you don’t need.
- Identify your best customers – core, marginal, at risk. Align emphasis of where you spend your marketing dollars. Create tools to attract “best customers.”
- Commit to going where the best opportunities are.
- Recession proof your product or service.
- Find your passion – customers will buy more readily if you are enthusiastic.
- Identify a unique service or need that’s not being addressed.
- Respond to clients who are in survival mode.
- Be flexible. Offer customers options. Offer payment plans.
- Move to a better economic environment.
- Increase sales and marketing efforts while others cut back. Can gain market share.
- Focus on differentiation – how your company/product/service is different.
- Regularly measure success and continue to focus efforts.
- Ask new customers if they have family, friends, associates that may need offering.
Market
- Focus on a niche. Something unaddressed or under-served in your market.
- Look for related niches or a new way to market.
Growth
- Money is cheaper – lower interest rates. Considering expanding or buying equipment.
- Adapt to the circumstances. Focus on growth, not survival.
- Able to hire people you might not have access to in better times.
Communication
- Networking. Don’t wait for customers to come to you. Go to them.
- Employees. Have a culture that allows information to come from the bottom up, not disconnected. Employees can give you signs about what’s going on in the marketplace.
Topic 2 : How do you find new customers in a weakened economy?
Referrals
- Discover your source of best referrals and focus on that.
- Communicate with your customers and incentivize for referrals.
- Ask for them.
- Referrals give your sales staff a warm call instead of a cold call.
Databases & Online Directories
Strategic Alliances
- Partner with a non-competitive business that shares the same customer base.
Retention
- Offer waivers for subscription-type services. Better to receive less income for a stated period than lose the customer entirely. Also creates goodwill.
- Highest level of customer satisfaction possible.
Communication
- Blog. What are people are reacting to? Follow a good blog to see how it’s done. Consider what the reader will get out of it. Offer something useful to them.
- Public speaking. Collect business cards and contact information. Add to e-mail and blog list for follow up. Become the expert in your field.
- SEO (search engine optimization). Know where your customer comes from.
- Organizations. Target groups where your industry is under-represented.
- Website. It should be sending you prospects.
- Networking. Build relationships. Have a pro-active plan and follow-up quickly.
- Get involved in trade associations.
- Write Newsletters, Whitepapers. A resource that helps client.
- Keep a positive attitude. Be your own cheerleader.
- Listen. Identify clients’ pain points.
- Win over gatekeeper. Discover decision maker.
- Brag book. Show off your work with samples and testimonials on paper, video, and online.
- Take advantage of reviews (Zagat, Yelp) and positive press.
Consider bartering.
- One table suggested Trade Bank “The Smarter Way To Barter”
Final tip of the day, don’t forget to GIVE referrals to other people.
Our Monthly Luncheon is the last Thursday of each month at Maggianos.
11:00 – Networking
11:30 – 1:00 p.m. – Program
We hope to see you at the next luncheon!