Your customers are your best salesmen – and so are ours
What’s the best way to drive new business? You could invest in sales staff, implement a killer new marketing campaign strategy, or target a whole new sector. But in this age of social media, instant feedback and 24/7 communication, maybe the best sales technique is also the oldest. It’s something you doubtless already have: referrals and recommendations from existing customers and contacts.
A number of recent BCMS-completed deals have highlighted the importance of customer base to an acquisition strategy, with organisations as large as Mitie, Civica and US-based ENERCON publicly citing customer base and customer service as key drivers of the deal. It’s a point neatly expressed by Paul Bryant, Executive Vice President and Chief Commercial Officer at IEWC Inc, whose company acquired BCMS client Argosy Components Ltd earlier this year: “IEWC is excited about the opportunity to merge its operations with Argosy, for the benefit of customers all around the world.”
As many businesses look to build their reputations, testimonials and client-recognition are more key to the sales process than ever before. We always look to include third-party endorsements in the sales documents we produce for our clients. We always ask our clients to collate as much positive feedback they can about the business – any acquirer will want to analyse your relationship with your customers.
We benefit from this approach, too. In the last month we have taken on new clients who came to us from that most satisfying source: third-party recommendations. One client chose us because we had previously sold a friend’s company and they were struck by the sheer range of potential acquirers we had identified. Another was recommended by a family member, a corporate lawyer who had worked with us on a transaction, and was impressed by the fact we brought a major corporate approach and professionalism to smaller company transactions. A third – and this shows the power of excellent customer service at all stages of the ‘sales cycle’– had actually attended a meeting as a potential acquirer for a different client. From potential purchaser to new client… that tells its own story.