When launching a new business, cash is always tight, and establishing your first client relationships is difficult and arduous. Subsequently, prudent investments of time and financial resources are imperative.
The problem is that there are many variables in terms of making these choices including, but not limited to, the size of your market, competition, marketing tools available and more. Equally important is how good you have become at delivering your message. When you are done talking to a prospective client or customer, are they interested in learning more, and how are you with “closing” new business?
If marketing is everything you do to generate leads, and selling is a process whereby leads are converted to new business revenue, then it is important to be able to gauge how effective your investments in marketing and selling are, and it is important to measure your success and failure.
It almost goes without saying that first and foremost, new business flows from satisfied existing customers; however, start-ups do not have the luxury of an existing client base unless they purchase a going concern.
From direct marketing, networking and cold calls through to advertising, speaking and being active in a trade association, there are many things an active marketer will do to generate an initial client base. The key is to be active in making the phone ring and the door swing. Don’t wait on anything or anyone to make the business successful. If it’s to be, it’s up to me!
By Ellis Orlan, BA, CPA (IL), CGMA, SF Partnership LLP, Toronto, ON, CYBF mentor, firstname.lastname@example.org.