Want New Business? Get a Strategy That Goes All the Way

When most professionals think about getting new business, hey think about brand new markets to penetrate and focus on, or launching new initiatives to appeal to a new crowd. They attempt to identify potential customers they have ignored or those who have not been apparent to them in the past. They

look for the new and different-for the proverbial "shiny penny." What these people fail to realize, though, is that getting new business is not about veering off into a new market or following the hot new trend. Rather, it's about looking at the big picture of your business and having a strategy that penetrates all the markets that make sense for you. That's when you have a strategy that "goes all the way."

As you identify the new business you want to capture, keep the following three guidelines in mind.

1. Keep the big picture in sight.

When thinking about new markets, you first must have a clear picture of what business you're in. Remember, this is not about the shiny penny, the latest craze, or hot innovation. Look at your entire business structure and ask yourself, "What business am I really in?" Answer honestly and thoroughly. Do you sell sofas? Or do you sell home decor? Do you provide plumbing service? Or do you do complete home maintenance?

The problem is that when going after new business, many people suddenly forget what business they're actually in. They inadvertently ignore the very aspects of their business that made them successful in the first place. So if you're a plumbing company and have a loyal clientele for your services, you don't want to drift into doing home additions just because that seems like a growing market.

Realize that just because someone says you should go after a new market, or just because a new product or service appears in high demand, doesn't mean that suggestion makes good business sense for you. So look at the entire picture of your business, and then determine what move makes the best sense for you, given your current strategy. Look at the entire story and see everything.

2. Gather the correct puzzle pieces.

Once you fully realize the big picture of your business, you can start looking at the individual pieces. Remember that all of the products or services you provide must fit the whole puzzle of your business. For example, you wouldn't call in a decorator to re-upholster your sofa in a sophisticated new pattern when the rest of your living room looks like a throwback to the 1970s, complete with lava lamps and beanbag chairs. That simply wouldn't make sense, because the new sofa pattern wouldn't be a good fit for the overall room.