New Customer Acquisition
We are in the business of finding and acquiring new customers for your business.
For most businesses there are two types of customers: average, run-of-the-mill customers and ideal customers. What many don’t understand is that there’s a huge difference between the two groups.
A customer is anyone who buys from you, while an ideal customer is a purchasing partner who values your products or services and buys at a rate that drives growth from a revenue or profitability perspective. New customer acquisition efforts focused on these high value customers will ultimately play an integral role in the future success of your business.
For most companies, the problem isn’t new customer acquisition, it’s attracting and retaining the right ideal customers. However, many don’t know the difference between good customers for their business and customers that aren’t necessarily good for their business. As a result, they end up spending an inordinate amount of time chasing every opportunity and spending time and both internal and external resources trying to win customers that don’t end up adding much value to their business.
How many high value new customers did you bring into your business last year?
What we’ve seen with many companies we work with is they’re living off a base of both ideal and not-so-ideal customers they’ve built over years of doing business. Too many companies burn up precious personnel resources servicing non-ideal customers instead of growing their existing ideal customers and hunting for new high-value customers. This puts them in a situation where if they lose a key customer they’re going to struggle.
The Vx Group Solution
With a focus on long-term, top-line revenue growth, the Vx Group works with you to develop one or more ideal customer profiles. Once we’ve determined who these really good customers are, we:
- Find targets that meet your ideal customer profile
- Audit current customers for growth opportunities
- Actively pursue leads through direct sales outreach
- Develop sales growth strategies
- Generate demand and inbound opportunities
- Build a library of sales tools & marketing materials
Frequently Answered Questions
Many businesses believe any customer is a good customer. While that sounds great, it’s not true. Growth starts with knowing your Ideal Customer Profile, then tailoring your business to meet their needs. Not sure who your ideal customers are?
It’s probably easier to tell you how not to reach these new ideal customers — cold calls. We’ve developed a number of techniques to not only identify your ideal customers, but also reach out, warm up and deliver leads ready to do business with you.
First, take a deep breath. Losing a key customer sucks, but it’s rarely fatal. As a leader you need to act with urgency while keeping your team calm, engaged and focused on what needs to be done to stabilize the situation. To drive short term revenue look at opportunities already in your sales pipeline that are closest to closing. Need help sorting things out in a high-stress situation?
Wow. Loaded question. Increasing inbound leads is an orchestrated dance between your brand, your ideal customer profile, your differentiated value proposition and your sales & marketing efforts. When these areas are working in sync you earn the initial trust of a prospect and they contact you. If you don’t gain their trust their search for a viable partner continues. Need more quality inbound leads?
Close rate with ideal customers is one of the most important sales metrics to track. The reality is most companies don’t know the answer to this question. In complex B2B sales with a long sales cycle (>3 months) a close rate north 0f 30% is solid target. Winning more than 50% is in the rock star range. Don’t know the answer to this question?
New customer acquisition goals should be focused on engaging and closing new customers that meet your Ideal Customer Profile (ICP). Start with forecasting sales for existing customers that meet your ICP. Subtract that number from your revenue target to identify your growth gap. Ok, this gets a little complicated. We’ve put together a quick goal setting calculator you can download here. Need help setting sales goals and hitting them?
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