Winning new business top tips
Winning new business is crucial part of business growth aspirations. Our top tips will help you make the most of new business opportunities and create sustainable growth for the future.
1. Prepare to grasp market opportunities
The economy and individual market sectors are forever changing, and your business should always be on the lookout for gaps to exploit. You need to know where to find these opportunities and understand how to take advantage of them. See find new business opportunities.
Learn about your target customers, look for market gaps and develop a solution. Make sure you can:
clearly explain why people should buy from you
project your expertise
be confident in asking for new business
develop high quality business promotional material
create an appealing website, including case studies to appeal to your target markets
Aim for the benefits of winning new business, but keep an eye on the risks too.
2. Grow your market share
There are several strategic options to get the most out of your marketplace such as:
selling more to existing customers
focusing your customer service and marketing efforts on retaining customers
expanding your customer base to include similar people who are not currently customers
selling through new channels or into new markets
using your core competences to create new products or services
3. Prepare your business to compete for new contracts
Private and public sector business contracts are becoming ever more competitive in the difficult economic climate. Good preparation will increase your chances of a successful bid, and improve your prospects for future contract work. Inability to demonstrate the highest standards in employment practices, health and safety policies and environmental compliance causes many businesses to lose out, even at the pre-qualification stage.
For help to identify areas for improvement in your business and where to find contracts opportunities, see prepare your business to tender for contracts.
4. Sell your goods and services to the public sector
The Northern Ireland public sector is an important part of the local business market worth hundreds of millions of pounds each year. Your business can reap huge benefits by tapping into the supply chain. Organisations such as departments, their executive agencies and district councils buy a huge variety of products and services, providing a customer base that is stable and pays on time.
For information on the procedures and rules for government tenders, and where to find the latest public sector tender opportunities,
5. Look to win new business abroad
Selling your goods or services in external markets can be a lucrative way to win new business.
By thoroughly researching your potential customers, competitors and the trading environment in each overseas market you will greatly increase your chance of success. You should also investigate practical issues such as route to market, logistics, regulation and local suppliers in your chosen market. See entering overseas markets.