Ever hear the phrase, “you can’t get blood from a turnip?” It means that you can’t get something you want from something that can’t provide it.
It applies just as well when it comes to AEC business development. You can’t get more from not enough. In other words, you can’t expect to get more work from pursuing the same old contacts in the same size of market. Non-AEC marketing professionals understand this. They know that the size of the market will be a major contributor to how much revenue they can capture. When they want more, they expand their market reach.
Imagine this: If there are only ten people who are interested in purple widgets in your target market, the odds are against you that you can capture all ten of those people. Maybe not all those individuals like purple widgets. Perhaps, some of the users saw budget cuts and they can’t afford purple widgets. You can only get so much of the market and the size of the market will drive your firm’s abilities to draw revenue out of it.
There is only so much capacity for revenue in any given market and there will always be competitors going after the same market. So, how do you make sure you can get more? You expand. You expand your geographic reach so you can pursue a larger market. You expand your services so you can offer more to your prospects. You expand your relationships with existing clients. You enter new types of markets.
What have you planned for 2017? Are you anticipating increased revenues by pursuing the same number and quality of prospects you’ve chased for the past ten years? Have you included a good dose of “new relationship development” activities in your BD/marketing program to carry you forward for the next several years? Are you being effective in expanding your existing client relationships by paying attention to those valuable accounts with a formal client relations program?
Believe it or not, a lot of winning is a numbers game. If you’re only pursuing ten prospects, you will only capture so much revenue. It’s time to expand your targeted account base (companies, agencies, organizations) and build in the capacity to increase revenues by purposefully pursuing new and repeat accounts and relationships – especially those ones that you want to work with and are a good fit for your firm.
Looking for more info on how to “size” your target markets to reach the revenues you want? Click HERE to download our white paper on the Target Market Formula.
Where will you be on January 30?
If you’re not at Dena Wyatt’s book signing, you’ll be missing out! Dena’s new book,
BE . . . The Winning Presentation,
is just out and it’s a great source to get your team up and winning in presentations. She’ll be holding a book signing on January 30. Here are the details:
BE . . . The Winning Presentation Book Signing
Dena Wyatt, Marketing Evolutions
January 30, 2017
4:00 – 7:00 p.m.
Infinite Monkey Theorem Winery
3200 Larimer St.
Denver, CO 80205
Friday Chow is posted weekly, or thereabouts, to provide you with insights and considerations for AEC sales and marketing. Good stuff to feed your revenue engine!
When you're ready to improve your business development, marketing, and client relations programs, contact Red Hound Studios at firstname.lastname@example.org