New Business Vs. Good Business
As business people, particularly those with a vested interest in client acquisition, the “thrill of the chase” is a feeling that’s difficult to ignore. The feeling that hits your stomach when yet another potential client rings who has been referred by a past or current client, is like butterflies, but without the nervousness.
Though I digress, as business people, the excitement garnered by new business prospects is one that we all (hopefully), know and love.
However, the question quickly turns into a concerning one. Are the new business prospects who are calling the type of clients that will allow our business to grow, in experience, size and revenue? Or are they potential clients who don’t fit the ideal customer profile and will force you to over-commit and/or under-deliver?
“So you started your business two weeks
ago, you don’t have stock, a store front, a
marketing plan or any money…”
There is nothing more frustrating, discouraging and ultimately, depressing; than working with a client who, despite your best intentions, you cannot help. More often than not, you’re stuck between a rock and a hard place as you frequently know how to help – or at the very least have a variety of ideas to try – though the client just can’t afford that much of your time. Leaving you wondering, do I help the client at the expense of over-committing and setting unrealistic expectations moving forward? Or go back to the client and admit defeat?
Imagine this, a business owner or CMO calls you off the back of a referral from a trusted individual or business; to turn that opportunity away because it “doesn’t fit the mould” could be very detrimental, as the person putting your name out there may be reluctant to do so again next time. Although, if they’re not your ideal client, or if you will have to over commit and under charge to provide results, well that’s not smart practise either.
In the end, my question comes down to, where do you draw the line between “new business” and “good business”? And how frequently, if ever, do you turn away new, referred prospects because they don’t fit your ideal client profile? Should you?
Tyler Shorten – Director of Business Expansion