At a recent event, I was chatting with a group of fellow independent communication pros, and the discussion turned to business development. When running a service-based business, especially a consultancy, it’s important to keep the pipeline open. And it’s a delicate balance between having just enough, far too much or too little.
Word of mouth is the most common way independents get their business — the same I’d hazard for most in the service industries. However, sometimes that immediate network isn’t always as steady or experience-specific as you would like.
Where does one turn for leads? There are a variety of approaches, depending on what your business goals are. Are you looking to break into a new vertical or area of focus? Do you want to build up a specific focus area to take on larger clients? It’s important to figure out what you want and not just take what comes to you.
So, what to do?
• First, identify verticals of interest. This is the true north to help direct your business development strategy because, yes, you should have one. Once you have a list of verticals you specialize in, you can take stock of what to do with this information.
• Create a way for people to find you. This tip seems the most obvious, yet is surprisingly underutilized. I call this “the cobbler has no shoes.” Create a splash page or a simple website with your URL. I was recently looking up independents in the Bay Area, and an abnormally high number had zero contact information. Zero. Even a Google search resulted in nothing. Don’t make it so hard to find you. Businesses are looking.
• Connect with fellow freelancers. And let them know what you’re looking for, especially vertical-specific asks. Communities are quick to help one another, so don’t be afraid to ask! This also applies to your broader network (e.g., past clients and colleagues), but you knew that already, right?
• This one is what I like to call ‘eat your own dog food.’ It’s helpful to establish your own thought leadership, be it as simple as on your blog, through industry bylines, Medium articles, speaking engagements or news commentary. Have an opinion about the markets you work with. Show you know your stuff so that new businesses know it, too, before going in to meet with you.
• Go to events! It can be strange to go to an event where you’re not working, chasing down media, missing the good content or searching for a signal for emails. It’s important to go to events just to learn and meet people. Check out the exhibitors for people who look interesting. It may be old school, but it still works. The ticket is a write-off, and it’s an excellent way to make new business connections in a highly targeted industry.
• Talk to investors and VCs. Over the years, I’ve received some interesting leads from venture capital and seed/home-office investors. Again, going back to the vertical expertise, this is a potential avenue for a steady pipeline. Seek out marketing contacts or the investors themselves at firms with vertically-relevant investments. Many VCs are keener these days to start with freelancer budgets and support, versus the whole-hog traditional agency route.
• Post in groups. There are a lot of ad-hoc groups out there on Facebook, LinkedIn, Slack, etc. It seems like an obvious action to post, but many people don’t. I’ve talked more than one independent pro off the ledge to swallow their pride and make the ask. It always ended up in positive results and feedback. Put yourself out there.
• Talk to your media friends. I’ve received great leads from media folks over the years as well. I’d hazard most PR folks have at least one or two good media buddies. Let them know you’re looking to take on a new client in XYZ space and to pass along if they run across anything interesting. They’d know if the company has a PR person or not, or should need to get a new one.
• Be proactive. I know someone who makes a wish list every quarter of companies he’s interested in working with and does a cold reach out. He’s one of the only people I know who does this on a regular basis. Another scours term sheets and funding news for ideas. Wherever you go, be proactive. Know what you want (verticals/types of companies) and put yourself out there.
It’s always good to broaden your new business pipelines. Hopefully, the suggestions above have given you food for thought in how to approach building out your client roster. There is a lot of business out there — it’s just a matter of setting yourself up to match with the right ones.
