Not necessarily. Sometimes quality can also happen with quantity. Struggling companies that are still trying to squeeze out business from their existing clients relationships need to shift the way they do business according to the changes in the market conditions.
"Donít give me an academic answer," people say to me, "Give me a practical solution." What can I do in the current downturn? My clients are not doing well and havenít given us enough business this year. What do I do? Where do I go to get more business? There are a multitude of questions that may not have a direct answer.
One way to survive in this economy is to adopt, what I call, the "Quantity" Approach (again, ensuring not to lose the Quality part). I have seen a lot of sales people trying hard to get their existing clients to give them business, and what do they do once they donít get any business? They just keep going back!
A better approach is to go after multiple clients, trying in the process to build a newer client base hopefully in industries that are doing relatively better and can give you business. Go after volumes of clients. Spend your day calling new clients. Also, try connecting with those old contacts that you never kept in touch with after you got your selected few clients that gave you most of your business in the past. The old 80-20 ruleÖ. 80% of your business comes from 20% of your clients!
The 80-20 rule still holds true to the Quantity approach. Just shift the emphasis a little and you will find that it still applies. The difference is that now 80% of your business is coming from 20% of the NEW clients that you contacted rather than no business from 20% of your past clients.
Finally, it is very important to target your potential clients. Initially it is good to stick to areas where you can show expertise. Most clients would be more comfortable dealing with recruiters who have expertise in their industry. In some cases, it may not matter. So target clients that are doing well. Read the latest industry publications and business updates. Find out who is starting new projects and who is laying off people and you will know whom to target. It may not be as simple as that but at least itís a beginning. Like Peter Drucker said, "Wherever you see a successful business, someone once made a courageous decision."
- Sonny Mujumdar
Sonny has been in the IT consulting business for over 15 years and over 20 years in selling software, hardware and services. Sonny is President of Syncro Technologies, Inc., an IT consulting company based in New Jersey, formed a couple of years ago and is currently implementing what was written about the Quantity Approach to doing business.