Hello, this is Dave again at AFX, reaching out to our esteemed colleagues in the private investigative and title abstracting industries. Today’s discussion centers around business development, a crucial aspect for the growth of our agencies. Let’s dive into the strategies that can take your business to new heights.
Determining Your Agency’s Size Goals
To kick off the business development journey, ask yourself a fundamental question: How big do you want your agency to be? Establish a concrete number that reflects your aspirations. If you already have a certain size or growth level in mind, great! But, can you achieve it solely through client referrals?
Relying on Referrals: A Limiting Factor?
While referrals are a fantastic source of business, they might not be sufficient if you’re aiming to double or triple your agency’s size. Assess whether your current client base can generate the influx of new clients needed for substantial growth. If not, it’s time to explore alternative business development methods.
Beyond Handouts and Premiums: A Cautionary Tale
For many new companies, the temptation is to resort to handouts or premiums like pens, notepads, or flyers, often distributed at trade shows. However, these passive marketing tools might not yield the desired results. Consider this: When was the last time you remembered the name on the pen sitting on your desk? Such items might be in front of people, but they may not actively engage with them every day.
Proactive Marketing: Taking Control of Business Development
To truly accelerate your business growth, embrace proactive marketing strategies. Move beyond passive methods and consider direct mail campaigns, publishing articles in industry-specific magazines, or participating in trade groups. Being present is one thing; capturing your audience’s attention is another.
Setting Benchmarks: Learn from Industry Giants
If you’re skeptical about the growth potential in your industry, look at the biggest players for inspiration. Investigative agencies and title abstracting firms are out there generating millions in revenue. Use them as benchmarks for what is achievable. Waiting for clients to find you is akin to fishing; adopt a hunting mindset and actively seek out potential clients.
Believe in the Potential: Learn from Other Industries
Consider success stories from unexpected industries. Take the example of a small Sunglass Hut kiosk evolving into a multimillion-dollar business. The same principles apply to title abstracting and investigative agencies. The market is there; it’s about identifying the best ways to reach potential clients.
Business Development Is the Key
Business development is the pathway to agency growth. Start by determining your agency’s size goals, assess the effectiveness of referrals, and explore proactive marketing strategies. By learning from industry giants and success stories, you’ll unlock the full potential of your agency. Don’t wait for opportunities; create them through strategic and intentional business development efforts.