24 May 2010 41 Comments

How to develop new business and gain new customers

Author: yinkaolaito

Yinka Olaito is happy,excited and passionate Communications & Media specialist, Trainer and speaker. Yinka Olaito helps Profits and Non-profits with effective communication and positioning for premium service delivery and returns. Yinka Olaito also has special interest in Development Communication and has consulted for noted UN Agencies. Yinka Olaito is the CCO of Michael Sage Consulting(Communication/digital media), African Child Education Right Initiatives(NGO) and Content Director, Africa Development Talk( online Platform for discussion on Policy, Governance, development across Africa) and Africa Foundation for Young Media Professionals

brand business generationBrand's business developmentRecently, a professional colleague of mine attended a conference that is centred on business development, agency and account management etc. I seemed to like the take outs of the conference so I requested for the materials which he gladly sent to me. After taken time to digest the contents and I am currently putting strategy in place to experiment some of the issues discussed, I thought it wise to share some of the major points discussed with our community. As we know knowledge is no longer power but sharing is. This has been the reason for this community.

Part of the conclusion drawn by the experts and speakers at the conference with regards to new business development as well as growing established agency includes:

Learn to cheat: what! That was what my religious mind said when I saw this. Cheat my foot! Whatis wrong with business integrity? But at second thought, I decided to have an opened mind to the idea. As we all know, most parent taught their kids to be honest and steadfast. Never steal or cheat to get up is a common sermon one hears as a child. But here the experts are teaching ‘learn to cheat’. Experts at this conference submitted that every innovation or creativity is a product of someone thinking about how to improve on the status quos. Every innovative, creative mind often looks at what is and see what could be. So in a way that is ‘cheating’ on the person who originally moved the idea to what it is presently. To excel in creativity, one must learn to look around and see what others have done, repackage the idea for a new market. Remember Bill Gates did not invent the computer. Coca cola idea is not what it used to be when it started. Someone repackaged it to what we now have.

Focus on a pitch which you are passionate about: Many people believe that being jack of all trade will help them to get out of financial mess. The more you dilute your brand by pitching for every request for proposal the more you create trouble for the brand in the minds of the target audience. One of the disadvantages of going for every pitch is that you waste time and damage your brand equity in the next bids. To know which pitch to go for, find out the level of in -house capacity. Also consider your  in- house enthusiasm about the pitch. Where there is no enthusiasm, the morale to go extra mile will die a natural death.

Learn to ask questions and define ways to solve them: Before you attempt to open new business or attract new customers, sit down to ask questions. Note that foolish questions will attract foolish answers. So learn to ask productive questions that will lead to great idea and new business generation.

Research and understand what your prospect’s market will die for: sequel to the above, go ahead and do a lot of market research. Get feedback. Find out which problem your market want to solve first and that which they have capacity to pay for. Help your client to understand the solution you are offering and how that will be to their advantage if they follow through.

That will serve for today. Stay tune.

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