No matter what industry you represent, if you don’t own 100% of the local market share, it’s ripe for the taking. Below are the steps my clients and I have taken to win more local business, create logistical harmony, increase referral revenue, and build strong relationships.
First, we start by asking ourselves, “Who are my local recurring customers and where are they located?” Easily plot each account in Microsoft Excel or by using Google Maps.
What do you notice about this plot? Are there trends? Are there gaps in service area?
Now that you have these mapped, you have the ability to visualize your current recurring customer base. Each active account holds something extremely valuable to every business owner: neighbors. For each red dot on the heat map, start by circling 3-5 neighboring companies you would like to meet.
We have listed the company names: W, X, Y, Z, A, B, and C. Next, we need the answers to the four questions below. Can our recurring customer help us answer these questions?
- Who makes the decisions in that organization?
- Who do they use for the service now?
- What type of services do they provide?
- When do they evaluate?
Now back to Mr./Mrs. Recurring Customer, “Would you mind if I used your name to have a discussion with a few of your neighbors? I feel they would be a great partner for us.” Not only are you creating a stronger, longer lasting bond with your active account through a referral, but you are also creating a talking point between you and another future Mr./Mrs. Recurring Customer. A few clients of mine even offer incentives toward local neighboring referrals (logistically it makes a ton of sense).
Overall, we first have to capture our local markets to scale appropriately into other markets. Stealing market share is not easy, nor is it supposed to be, but this is just one way my clients have found success in winning more business.
Feel free to send me an email (email@example.com) and we can set aside time to open up the dialogue about local market share.
“The road to Easy Street goes through the sewer.” – John Madden