A recent project I worked on was with a small business that kept their existing customers very happy but had difficulty luring new customers in.
Their win rate for new business with existing customers was over 70%. Their win rate for brand new customers was less than 25%. Once customers came, they stayed.
They stayed because of performance to the requirements, and because of customer relations.
Our objective was to increase their win rate for new customers. The business had an objective of growing, therefore needed to bring in some new customers.
Working together with the team, we put together a business development machine. We started the machine, and even in the early days we are seeing that less resources are being spent on new business that will not come to bear. Better decisions are already being made that focus the resources into what truly can result in new business.
Along the way, we developed the customer value proposition that can be used to compel new customers to try my client, over their competitors.