Recently I asked my Linked In followers a question. I asked what was the number one source from four options - internal referrers, external referrers, existing clients or new clients?
And has it changed since the pandemic?
The verdict is in - and it hasn't changed. There is no substitute for this source. It's a classic! Everyone should have this in their (BD) pantry and keep it at the front of the shelf. Don't let it get pushed to the back by more shiny products with snazzy marketing $'s supporting them. Don't let the lid get all grungy and stuck because you haven't opened it in a long time. And you don't even need to smack it on the bottom to get the product out of the bottle!
Yes - 67 % of respondents said their EXISTING CLIENTS are their most significant new work source. So, why don't more BD hours and ideas go into exploring this channel? But before you jump in and say, 'but we run client events all the time and send out e-alerts/ info bulletins all the time,' can I just ask us all to reconsider what BD is...
BD is a one-one conversation with a potential buyer about future work. That's it. The events-to-marcomms spectrum are marketing activities that should be designed to nurture the existing client base, raise the profile among new potential clients and, most importantly of all, generate BD conversations.
And what most interests me about the survey results is that so much BD and marketing activity is focused on generating NEW work from NEW sources. Wouldn't it make MORE sense to use the most direct route to the number one source of new work - your existing clients - more often and more effectively?
Here is one process to adopt that changes that dynamic:
List your top clients
Look at the current work on hand with each
At the next milestone event - a client update, the finalisation of a piece of advice, the next logical touch point - schedule a face-to-face meeting
Update them on the milestone event as appropriate, and then ask
(a) What are the top three things you need to get done before [Easter/ EOFY/ the next Board meeting], (b) What concerns do you have with those plans? and (c) What can I do to help?
Finally - do the above at least every six months.
Building BD CONVERSATIONS into your DELIVERY process will, according to our survey, and in my experience, deliver you far more opportunity, with less angst, at less cost, than ANY OTHER SOURCE.
The inherent goodwill embedded in the relationship, the inside knowledge you have about their existing matters, and the open access to decision-makers (relative to other sources) all give existing clients a special place in your BD cupboard.
So if you are planning your BD schedule between now and the end of the financial year, ask yourself what you could do to invest more of that time with a deliberate, thoughtful and timely conversation with the people most likely to trust you already.
It's the source bottle that never runs dry!