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Home » Management Articles
 

Know the Source of Business

One of the first questions we ask a prospect or new client is, "How did you get the business you have so far?" Some can answer exactly. Others aren't as certain.

When we begin our first discussions with a new client, our preferred modusoperandi is to set up a program that allows us to talk to their customers who willgive us a comprehensive view of our client's business. If we can't talk to customersright away and find out why they selected our client and what the experience hasbeen, we must rely on the information our client provides us.

Business executives who are responsible for business planning should know thesource of all their business. Knowing the incoming traffic patterns for new businessis critical to knowing how to increase those traffic lanes. A senior partner at onevery large and prominent law firm was bemoaning the fact that revenues wereslipping, business development was slipping, and partner polish was? well, notvery polished anymore. When we asked where they got most of their business hesaid he didn't know. As a starting point, knowing all sources of business would beof great value to him as he makes business planning decisions for a new year.

If you know how and why you got most of your business, you'll have solid cluesabout how to get more. Another Davis, Kingsley & Company client had beenspending considerable amounts of money and energy courting bankers. Weassumed those relationships were of benefit to them so we commented to theirpresident, "Bankers must be a reliable source of new business for your firm." Hisreply was, "The greatest percentage of our business comes from referrals fromlawyers." His reply showed me they were not directing their time toward a marketthat offered the value they need. They were more comfortable building relationshipswith bankers than with lawyers but it was costing them money and time. Those aremisdirected energies. It seemed obvious to us - from our perspective as outsideadvisors - but it was a blind spot for them.

Many companies know exactly where they get their business and who brings it in. And they know that this information may change over time. They have programsand processes to help them focus on those sources to continually audit theirbusiness development trails. If you have responsibilities for the growth of thecompany, do you know specifically where, how and through whom your companyderives every bit of its business?

Darcie Davis, President of Davis, Kingsley & Company is amanagement consultant, speaker, author and trainer. She works withcompanies to secure genuine feedback from their clients before advisingthem on strategic decisions about sales, marketing, and operations. Heradvice will keep your clients out of the jaws of the competition.

Learn more about Customer Satisfaction and Feedback Programsoffered by Darcie and her firm at http://www.DavisKingsley.com.
 

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