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How Do I Increase My Client Base?
Posted By: mallyarachana* on 12/22/2004 7:21 AM (CST) 125 Points
Hi,
I am a freelnace market researcher. I mainly handlt internet research and qualitative projects. Currently I have only a small client base.
I would like to know how to increase my client base. I am not focusing on quantity, but quality of clients. Which i feel is more important.
As I have recently entered this domain, I know it may not be right to be fussy about what type of business comes in. But it is important to have a decent track record.
Please provide me with some advice.
Thanks.
Regards,
Rachana.

Posted by: thinkmor Accepted Answer
12/22/2004 8:12 AM (CST)
Hi Mallyarachana

Welcome to KHE firstly.

A couple of questions:

How do you find your clients currently?

Are the clients you already serve the type you want to acquire more of or are you looking for new segments?

Are your current clients profitable and 'good' clients to work for? Does the 80/20 rule apply to your clients?

If you're looking for similar clients then according to their profile and how they buy your type of services, you can buy a list to the region where you are located or internationally if relevant and target them respectively.

If you're looking for new segments, try calling prospective clients to engage with them to discover their needs and wants - you're not selling anything here but jsut trying to find more information about their current providers, experience but most importantly why they need services like yours. You should follow this up with a thank you letter and some collateral information shortly after.

Your follow up and sales pipeline will be invaluable, so use a process that you are comfortable with and that works. You can even use Outlook to begin with but would recommend you use a contact database like ACT once you get more involved.

Do you ask you current clients for referrals actively? incentive to match?

Is the market research you conduct valuable in different markets? Do you have a specialism? Do you have much competition in your local, regional or specialisation?

How do you differentiate yourself?

I agree with you if you are new in the field you may not be able to pick and choose so easily so you may be focused to a degree in getting a revenue in.

Have you considered offering you services through ad and marketing agencies as an added value for their clients? Can you think of further non-competitive services you can make an alliance with?

Can you sell your current or past research to research houses like http://www.datamonitor.com or http://www.euromonitor.com or any other of the major intelligence agencies? Call them and ask for some advice. Most people are glad to try and help, even if they refer you to someone else.

Always, send a Thank You letter to everyone you talk or make contact with. It's nice to receive one and it's also a chance for you, as a brand, to create a positive impression and awareness.

Do you have a website yet? It will help initially if you can publish your services and experience with testimonials from clients so you have a channel for prospective clients to learn more about you. Offering white papers (that are relevant and provide value to prospects) on particular topics, sectors, industries can also help with your targeted campaigns and increase your profile in the field and perceived 'expert' status. These take time to do but are worth their weight in gold in the long term especially if pertinent to your target audience & will add to your credibility.

You can also use PRweb - http://www.prweb.com - and PRNewswire - http://www.prnewswire.com - to publish articles via the web to get your name and brand across. Publishing PR articles are also cost effective online.

Do you belong to any associations, networking clubs (Ecademy, LinkedIN) on/off line?

Make a target list of all possible channels and contacts like the associations, journals etc and try calling people and find out about how they buy their services, their needs and wants. Once you understand their needs you can then evalaute whether and how you can serve them.

Always ask prospective clients, nearer the end of the call or letter, if there is anyone else they know that could be helpful to contact or interested in your services.

The most important factor will be the quality of service you deliver consistently. If your clients are 100% happy with your services they will be a great resource of word-of-mouth referrals for you but you need to actively encourage this and reward your clients for doing so.

I would also recommend you buy Michael Goodman's book (he's one of the experts on the site) as it's an excellent consulting reference for new and old consultants. The book offers insightful advice and practices that apply to all type of consultants not just management consultants. (no, I'm not on commission either)

http://www.rasputinforhire.com

Need to dash now but I'm sure you'll get more advice from the experts to follow.

Zahid Adil
 
Posted by: peterb* Member Response
12/22/2004 9:27 AM (CST)
mallyarachana,

I would also like to know how you are currently generating new business?

Do you know exactly who your target audience is? If so, the simplest thing to do is send them a letter/email of introduction with a call to action.

I am currently working with a few executives helping them write these types letters and emails. If you are interested in discussing further - please find my email on my profile.

Regards,
Peter
 
Posted by: D4Demand Accepted Answer
12/22/2004 10:20 AM (CST)
mallyarachana

Greetings. thinkmor gave you lots of good advice. He knows his stuff.

Everyone will tell you to develop a niche. Here's how.

What do your current clients have in common? Are they in the same industry? Have they been in business (or at least on the web) for the same amount of time? Do they have similar problems ? Or similar goals? Do they have the same number of employees? Are they web-based only?

Here's the point. Categorize your current clients especially on some objective criteria. There are literally thousands of data sources available that will help you find potential sutomers in these categories.

Bill yourself as a specialist in these categories and try to find more just like these. In no time you will be developing a practice.
 
Posted by: AndrewS Accepted Answer
12/22/2004 11:39 AM (CST)
First things first, as gaining new clients is obviously more expensive that using the ones you have already, ask yourself one question ... "can I get more out my current clients".

Draw yourself a 2x2 box, (x) axis is "wallet" (or how much your clients spend in total on your type of services), the (y) axis is the amount they spend with you.

You may start to see clients who spend lots, but not with you!
Your task then is to gain more of this wallet.

Its a simple technique, and many people are surprised how much business is right in front of their eyes.

Good Luck
 
Posted by: jstiles* Accepted Answer
12/22/2004 5:38 PM (CST)
Do you have an industry specialty or focus? If so try contacting the execs to inquire about how they support strategic decisions. Be prepared to share some information you have read about or know from experience. The conversation needs to provide value to the prospect.

Since you are smaller you need to focus on quality and provide something extra, whether it is personal touch (handwritten thank you letter instead of e-mail) or industry knowledge. Find something that sets you apart from the larger research houses (Maritz, Roper, etc) and exploit that advantage.

These relationships serve as seeds that eventually may turn into projects.

Best 0f luck!
 
Posted by: bobhogg Accepted Answer
1/22/2005 6:26 AM (CST)
mallyarachana...

All good advice so far - just a couple of additional thoughts:

1. Network - get to know people that could help spread your reputation. For example, join Chambers of Commerce, business clubs and so on.

2. Write one or two articles that illustrate how well you know your niche subject. You can then offer to send these articles (either physically or electronically through your website) to the people you network with.

By doing all this, you build your reputation pro-actively and establish yourself as THE person to come to for what you are selling!

Just one proviso - don't expect overnight results; this approach takes time - stick with it!

Good luck,
Bob
 
Posted by: blanalytics Accepted Answer
1/22/2005 7:12 AM (CST)
Best suggestions

1. Build a network....Ask clients who they know, join professional MR associations and attend conferences

2. Speaking...speak at conferences

3. Write articles

4. Do a website and work with somebody who can get your website ranked high in Google and Yahoo

5. Get client references and testimonials and post on your website

6. Alliances...make alliances with other research/consulting companies who might have services and capabilities that you don't have and vice versa
 
Posted by: bob* Member Response
1/22/2005 7:27 PM (CST)
Getting new clients is a real art. First of all, establish the area of expertise, and build a plan to find other companies have similar offers. Don't try to stray to far from where your talents are best.

If you want to experience new idea, new type of clients, then do lots of research. This will allow you to enter the ring of new opportunities with some understanding of what you're changing.

Be positive and confident in your hunt.
Good luck
b_perlstein
 
Posted by: mgoodman Accepted Answer
1/22/2005 8:45 PM (CST)
You might try giving a free "trial size" project to high potential prospects. Do the up-front digging to find out what a client's biggest/most important problem is and take a first crack at contributing to the solution. When you ask for an appointment to show them what you've learned (on their behalf), they'll undoubtedly appreciate what you've done, see how you work, and perhaps ask you to do more for them.

It's a philosophy that says "You've got to give if you want to get." Do a small project (free) in order to demonstrate your genuine interest and the value you can bring.

Of course, you have to pick the client carefully, so you have a good prospect to begin with. You don't want to spend your time and energy on a client that won't appreciate what you've done. That's why you have to dig into the client's business BEFORE you start the project.

I hope this is clear. It's a great way to get new clients, even though it takes a lot of time/effort up-front, before you have anything.
 
Posted by: Val (Moderator)* Moderator Response
1/26/2005 8:04 PM (CST)
Hello all. I am closing this question, since its more than two weeks old. We do this to make sure members' contributions are rewarded in a timely manner and to improve the visibility of newer questions.

Thanks, so much, for participating!
Val (Moderator)
 


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