Grow Your B2B Small Business Without Marketing
If you have a business-to-business small business, some of your clients inevitably will go out of business, get bought out, undergo management shake-ups, or just get seduced by a new vendor. You have to grow your business just to stay in business. But how?
- Undertake costly and time-consuming marketing and networking projects to get new clients to make up for the inevitable attrition.
- Ask your existing clients to refer new clients. This is always a good idea, but it’s not the fastest or most reliable way to get new business. You could wait months to see results.
- Don’t get new clients at all. Instead, expand your offerings to your existing clients.
Choosing Your New B2B Small Business Offering:
What to Look for
Expanding your B2B offering might sound like a bit of a headache and that is a possibility. You have to select your expanded offering carefully. Here’s what to look for:
Complements existing offering
In case you’re tempted to branch out too far, keep these factors in mind:
- Market. If your expanded offering complements your existing offering, your existing clients will provide a ready market.
- Credibility. “Jack-of-all-trades, master-of-none:” it’s a cliché, but people instinctively believe it. Which would you trust more: a shoemaker who also sells wristwatches or a shoemaker who also sells socks?
- Skills. You will inevitably need new skills for your new offering. This includes the softer skills of selling and servicing the offering. The fewer skills you have to acquire, the smoother your rollout will be.
Modest investment to start
The only guaranteed way of minimizing your risk is to minimize your investment. Remember: investment doesn’t just mean money, but also your time and energy. Choose an expanded offering that won’t be all-consuming.
Strong existing demand
Face it: your small business already has its hands full with its existing business. You can’t afford to break ground on something the world doesn’t know about yet. Look for an unfulfilled demand on the part of your existing client base.
Hypothetical Case Study: B2B Service Expansion
Lisa is a virtual assistant who has expanded from data entry to helping her clients organize their internal records. But offshore companies are taking away record-keeping clients just as they did with data entry. Getting new record-keeping clients would be an uphill battle against offshoring.
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