Rainmakers
Finding New Opportunities In A Shrinking Market
By Dr. Clifford Ferguson
In most areas of the economy, fundamental demand has shrunk. Some markets have actually grown( videoconferencing and eLearning, anyone?), and a few large ones have evaporated( retail, travel). Are you doomed to sink to the level of the average decline( or worse), or can you find or create new opportunities to help your clients and customers?
Let me share some ideas with you, It Starts with Clients, for developing new opportunities with both clients and prospects. None of these requires superhuman powers. You just have to be willing to do some homework, set aside time for reflection about your clients and their needs, and frequently- even boldly- reach out to them.
Be alert for buying catalysts
I call certain events“ buying catalysts.” They can stimulate the need for your services or products. For example:
An Organizational Crisis. Clients may not recall all the projects you did for them, but they will always remember how you helped them out of a tough spot. When something challenging happens- when the going gets rough- your phone call should be one of the very first ones they get.
A Personal Crisis. For example, career challenges, or even losing one’ s job. If you help someone out who is in between jobs, for example, you won’ t be forgotten. If the crisis is truly of a personal / family nature, you may be able to help your client by picking up slack at work and being extra helpful during a difficult period.
A new executive. It is typically at the beginning of an executive’ s tenure in a new role that he or she is most open to both reaching for outside help and for accepting and acting on the advice they receive. A new executive- especially if it’ s the CEO- may also re-evaluate the strategy, which can have huge implications for the organization.
A reorganization. While a reorganization or restructuring can feel threatening, it’ s also a great opportunity to add value and help the executives who have taken on new roles.
A step-change environmental event. We are seeing this right now, in spades. Deregulation / regulation, new technology, a new competitor, a talent shortage, a recession, dramatic fluctuations in interest rates, prices,
Clients may not recall all the projects you did for them, but they will always remember how you helped them out of a tough spot. When something challenging happens- when the going gets rough- your phone call should be one of the very first ones they get. changes in fundamental demand, etc. can all trigger a stepped-up use of external advisors and service providers. The key is to develop a thoughtful point of view about the impact of the change on your client’ s business.
Right now, because of the economic contraction, demand is reduced. However, in the rebound- and there will be one- there will be plenty of opportunities to grow your relationships and revenue. The challenge is to position yourself to thrive in that rebound. Don’ t withdraw!
A relationship crisis or dissatisfaction. Ironically, a client’ s dissatisfaction with you or your firm could, under the right circumstances and if handled well, lead to an improved relationship and future growth.
When other incumbent competitors make mistakes. Whenever there is dissatisfaction with an incumbent, it creates an opportunity. Often, it represents a chance to get your foot in the door on a small project.
When there is an incumbent transition. If the relationship partner or some key team members at a competitor leave, this can also create an opening.
Stimulate inbound inquiries
Ideally, you’ d like to wake up in the morning and find your email box filled with inquiries from existing and potential clients. A pipe dream? Not at all. That’ s actually how I get the vast majority of my new business opportunities. If you publish, speak, network, and develop valuable thought leadership in your area of expertise, you
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