The Untold Pains of Winning New Business
October 24, 2023
In the dynamic world of business, attracting new clients and expanding one’s customer base is essential for growth and the sustainability of a business. However, the process of winning new business can be riddled with challenges that are often overlooked. In this blog post, we’ll shed light on some of the untold pains that businesses endure while striving to win new clients.
Poor Briefs and Rude Prospects
The journey to winning new business often begins with a client brief. Unfortunately, some briefs can be vague, incomplete, or even contradictory, leaving businesses grappling with uncertainty. This lack of clarity not only makes it challenging to meet client expectations but also strains the creative process. Additionally, dealing with rude or disrespectful prospects can take a toll on a business’s morale and motivation to win new business. In our opinion, you shouldn’t tolerate this sort of behaviour and learn how to be firm and fair with prospects explaining why you need certain things from them. Start as you mean to go on!
Speculative meetings, where businesses invest time and resources in meetings that may or may not lead to new business, are a double-edged sword. While they offer an opportunity to showcase your capabilities, they also come with a significant risk of yielding no tangible results. Balancing the potential payoff against the resources invested in speculative meetings can be a tough decision. We all know you want to avoid wasteful meetings but often this comes down to the effectiveness of your positioning and marketing strategy, your ability to qualify efficiently and how you approach these meetings. They are an essential requirement to building a long-term sustainable pipeline, so build in time for them.
Feast and Famine cycle
One of the most prevalent pains in the quest for new business is the feast and famine cycle. During peak times, businesses may struggle to meet high demands, overstretching their resources. Conversely, during lean periods, they may grapple with financial instability and uncertainty. Finding a balance and maintaining a steady stream of new business can be a constant challenge. They key is to not sell 100% of your billable hours and always keep one eye on the future no matter how busy you get.
Who’s job is it?
Identifying the right team or individual to spearhead the efforts to win new business can be a source of internal conflict. Businesses must navigate through the complexities of delegation, ensuring that the chosen team members possess the right skills, experience, and understanding of the client’s needs. This decision-making process can lead to internal disagreements and additional stress. The way you ‘operationalise’ new business activity is essential to identifying, nurturing and closing leads.
Winning new business often necessitates dedicating significant resources, both human and financial. Businesses may need to invest in marketing campaigns, hire additional staff, or acquire new tools and technology. The strain on existing resources can be substantial, and misallocation of these resources can exacerbate the pains of pursuing new business. The best way you can help yourself here is learning when to say ‘no’. Consider and even measure the time you dedicate to attracting and winning new business, and always find ways to make this more efficient because this will have a direct impact on your cost of sales.
How much to Invest in NB?
Determining the appropriate budget for acquiring new business can be akin to walking a tightrope. Invest too little, and your efforts may fall short; invest too much, and you risk draining your resources unnecessarily. Striking the right balance requires careful analysis and an understanding of the potential return on investment. We generally find businesses don’t invest enough initially and building a pipeline can often require a mammoth effort and negative return, but with a strong level of consistency and quality, this will turn around.
In conclusion, the pursuit of new business is not without its hidden pains. From grappling with poor briefs and time-wasting prospects to the challenges of budget-setting and resource allocation, businesses face a multitude of obstacles on this journey. Yet, it’s important to remember that these pains are part of the growth process. Overcoming them can lead to invaluable experience, a stronger team, and a more resilient business.
Ultimately, the key to success in the world of winning new business lies in adaptability, effective communication, and a willingness to learn from both successes and setbacks. By acknowledging and addressing these untold pains, businesses can navigate the path to winning new clients more effectively and emerge stronger in the competitive landscape.