Today I was reflecting on the different New Biz drives I've done over the years and what factors most affects results and how quickly pipelines take to get going. Well there are a few factors that will help faster lift off but right now, I will focus on one: which is the quality and quantity of the data you start with. Data is like fuel to a New Biz drive - without it or without enough good quality, progress stops or splutters and flounders.
As well as spending many years working in the creative industry, I have also worked on New Business drives for other sectors. What is common for many smaller creative companies or B2B SMEs though is the lack of or poor quality data they frequently possess as they rely mainly on referrals; however if you want to encourage further growth, you will need a New Biz strategy in place which involves reaching out to potential new clients you have had little or no previous communication with.
It is only very occasionally and I really do mean very occasionally that I come across a client with an up to date, suitably targeted well compiled database with all the necessary contact names and details - that's like finding gold!
Some may query 'so if you don't have that right now - is that much of a problem?'.....errm.....well yes it is actually quite a problem if you want your company to grow. And this is why: for any New Biz drive to get speedier progress developing a pipeline of work and an increased likeliness of that all important lift off, you will need a quality amount of suitably targeted data to get going with.
Long rusty data-lists need cleaning and online research to get them back into shape - which will cost time; hence money. Unless your target market is small or niche - which might be better to compile yourself, you are probably better off purchasing a checked list from a reputable industry accredited list supplier. If you don't know any the DMA (Direct Marketing Association), who set the standards for list brokers and mailing houses, have a list of their approved members. Just make sure the list supplier you select is a specialist in the area you want or has a reasonable number of the type of contacts, sectors and locations you require. Get a small sample to check out first.
Good data will increase the likeliness of speedier progress and the probability of getting a New Biz drive off the ground. Who knows it may even help get it rocket launched!
Look out for more important factors to consider in my future blogs.