Page 9 - CEEM Shopping Mag February 2020

9 Tips for Effective Business Development

By American Express

Don't Let Relationships Go Cold
A study by Manta and BIA/Kelsey reveals that a repeat customer spends 67 percent more than a
new customer. More than 60 percent of small-business owners generate the majority
(51 percent-plus) of their annual revenue from repeat customers rather than new customers.
It may pay to focus the bulk of your business development e orts on strengthening relationships
with existing customers. Value the relationships and keep your loyal customers engaged.

There are many ways to engage with customers periodically. Set up a Google Alert for your clients
so you can know what's happening in their world and react as you see t. Share useful content on a
regular basis. Send a note on special occasions such as birthdays or anniversaries. Connect with your
clients on LinkedIn and keep in touch with them through the LinkedIn feature that allows you to
"comment" or click "like" when they have a work anniversary or other change to their pro le.
There's no exact science on how often you should connect with a client, but one rule of thumb for
maintaining top of mind awareness with your clients is to show up on their radar once a quarter.
You can also engage with clients peripherally by establishing an engaging social media presence.

Beat Your Competitors to the Punch
Research from Insidesales.com reveals that 50 percent of buyers choose the vendor that's the rst to
respond to them. Inertia is not your ally. Share this information with everyone in your company.
Make them aware that business development is everyone's business so that a prospective client is
quickly funneled through to the right person in the company. You should have implemented measures
for rapid and e cient customer handling. Speed can make the di erence between winning and losing.

Sharpen Your Business Development Skills
Hone your skills in business development. Today, there are many convenient options for busy leaders
or business owners to develop their skills in this crucial area of business success. For example, you can
join an online class o ered by Udemy, download some business development apps or register with a
business development association in your area.

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