9 Steps to Finding New Sales Prospects Research has proven that existing customers are four to five times more likely to buy from you than a "cold" market. Yet, even loyal customers may eventually seek out other suppliers so it is critical you constantly maintain a list of prospects.

Prospecting is a crucial aspect for any business. In order to grow, a business must have a stable base of customers and a continual list of potential customers. In other words, you need to expand and broaden your sales prospects. Now, here are just a few techniques to get you started.

1. Keep a current list of firms that are in competition with your current customer base. Each company on that list is a potential new customer.
   
2. Solicit referrals. Referrals are a great source of new customers - because they are offered from a "reliable" source. Offer discounts, freebies or other incentives to your current customers who bring you new business.
   
3. Direct Marketing. Direct marketing and mailing lists are a convenient way to identify and obtain lists of accurate, targeted sales leads for your business. However, you must use a reliable source whose lists and addresses are up-to-date. Otherwise, you will be wasting money and time on out-of-date material.
   
4. Seek out symbiotic partnerships. Scratch their back. Prospect sharing with similar industries benefits all parties involved. For example, an alliance between a body shop and an auto repair shop enables recommendations of customers to each prospective company - thus offering the customer a complete service.
   NOTE: A word of caution: Before you enter into any type of alliance, make sure you can vouch for the other company. Otherwise their mistakes may ruin your good reputation.
   
5. Look outside your niche. Thinking outside of the Box. Spend time thinking creatively about other markets that could benefit from your product or service. A great way to start the creative juices flowing is to visit trade shows for ideas. A prime example of a company that expanded their niche business is Dansko. This clog maker used to cater solely to hospital workers, but expanded its horizons and now markets and sells it shoes to mainstream retailers and customers.
   
6. Adjust your product for wider appeal. One way to expand into new markets is to appeal to a broader range of customers. Keep your eyes peeled for opportunities that are related to your current business. Case in point: Mercury Interactive invented the testing-tools software industry, allowing customers to check for bugs before computer programs go to market. Not content with its leading market share, the firm made small modifications to its software so that it also could check for Y2K problems. Later, Mercury again refined its software to make it applicable to the exploding e-commerce testing market.
   
7. Go global. Don't discount working or selling your product to the global market. Marketing overseas has become much easier in the last several years - especially with the internet. If you have a product or service that will benefit the masses, then it is worth your time to explore the opportunity.
   
8. Do good deeds. Environmental groups, for example, will provide your company with referrals if they know you provide environmentally friendly services (your oil-change station recycles used oil) or products (your paper store sells chlorine-free products).
   
9. Advertise creatively. Don't discount the traditional forms of media just because your business is on the Internet. While these mediums may incur higher costs, with a little creative thinking you'll find several low-budget options you can utilize to maintain a healthy marketing exposure. Sponsorships, special promotions, press releases, giveaways - don't discount any idea. If you haven't been advertising already, now is the time to start.

The above 9 steps are only a few avenues you can utilize for prospecting. Although they can be time consuming - the ends will certainly justify the means. If you find you are unable to devote the time required for successful prospecting - they contact OneWay Advertising. We will be happy to help you.

About The Author
Suzanne Fyhrie owns and operates OneWay Advertising and Design. She specializes in marketing and graphic design and her clientele reach from Montana to Trinidad.

"Your success is our success."