It is the million-dollar-question for most entrepreneurs. In order for your business to grow, you need to win new business, while growing your existing business. Study after study have proven that it is much cheaper, and much more profitable, to market to an existing customer. If you already have a relationship with a customer and they buy something else from you (either a product or service) that “sale” didn’t cost you half of what acquiring a new customer would cost. So, when looking to grow your business, start with customers you already have.
However (and it is a big however), marketing and selling to your existing customers will only get you so far. Eventually, you need to win new business, find new markets and attract new customers. I estimate that probably millions of pages have been written on this subject. But Chris Brogan narrowed it down to 7 Ways to Win New Business. I like things that are direct and to the point. I like lists. And I loved this post.
One of his ideas struck me as critical to the success of most entrepreneurs: Focus on what you do best, and do that even better.
One of the most common “mistakes” I see entrepreneurs make is to try and do everything all at once…even things they don’t like and/or aren’t good at. The best marketing strategy won’t work if you don’t execute it well. The best way to make sure you execute well is to….focus on what you do best and do it even better. If you need help with other stuff, ask for it. You can find a consultant, contractor or an employee who likes doing what you don’t. Find the things that you like doing and are good at. Focus your energies there. The results will speak for themselves.