How can I win over clients as a new company in the market?
We apply to tender and pass all related documents, but we have not been able to win accounts.
Our prices are within a competition range, but our local experience is very minimal.
How we can overcome this issue?
The key is to ensure that you have a Value Proposition for that each particular market. We live in the era of "Mass Customization for an Audience of One." It all depends on the market you are in, and what you do. Happy to help more specifically I can - www.dailysalesthoughts.com is my blog. I offer free help there if people request it.
Don't negotiate your price for competition. Always be stable in your own standard and try to give the best for your customers, this will improve your quality and you can see the quantity of customers.
You have not indicated whether you have Govt. clients or Corporates or other commercial houses.. becoz the approach of Sale is different to different clients. Generally, Govt in the Developing Countries do not go with the lowest price, but the contacts and lobby work.. whereas, for Corporate, the Quality and Service Matter and the other Commercial houses, lowest price and credibility, i.e. thru recommendation works.
So, you have to evaluate where you stand.
New is GOOD. New is more creative. New is fresh ideas.
New is NEW.
Local experience is "Homework"
Tell them what you can do for them.
Show them by answering their internal question which is "whats in it for me?"
Be open, be fresh,
Show the difference. Not only in what you produce, but also how you produce.
The "same old" will always produce "The same old".
a simple dif of stupid is " Doing the same thing over and over again, and expecting a different outcome."
No need to lower prices. you should never do that. in fact if they say your price is higher, make no apology for that. Just say "Yes I know. but our results a far better then theirs. Because we ...and you will find that ...When it comes to tenders, you really don't want to be the highest unless you can build a good ROI case. You don't want to be the lowest as many companies will automaticly dismiss the lowest price for a number of reasons.
Like in Goldie Locks. you need to be "Just right."
If you can present your case/ company to the decision makers before a tender,you have a greater chance or making an impact.
Remember every company had to start from square 1. In every business it's a numbers game. the only thing you need to do is make sure that yours stands out.
Ahmad, tenders are pretty controversial. No matter what the general practice is, every country has its own hidden rules for holding tenders. For example, we mainly prefer keeping away from such initiatives, as usually you have to spend much time and efforts for preparing the needed documentation. And if you don't know some particular moments the Company is interested in and which are important for it, the result is often ends in zero.
Unfortunately, I don't have much idea about the core of your business, but why don't you try attracting new clients without tenders but directly? Work hard on your brand, on your name, on your social networks presence. At the same time don't forget about quality and communication (!)
I believe it's much easier to take new project, thus gaining your new clients when you communicate directly. Hence, instead of preparing tons of useless documentation that most often is not read by anyone, you're able to understand all the customer's pain and deliver the solution that will solve the problem.
So, my advice is to work on attracting new clients directly and thus develop you business and not through tenders.
I wish you good luck!
Good Marketing campaign given you have a planned budget for it.Continous appropriate and cost effective awareness programs to improve public confidence in what youre intending to throw in throw in the aor for the benefit.know your 4ps and keep reminding team of your goals and objtvs.review business plan and see where companys actual direction is from start up.be agressive.with approach and with you knowing your environmental factors affeting your growth.reallign strategies and keep plans with time frames of implementations.it works...
The tender is only a small part of the story and is used a formal check to see if the services are there and the pricing is aligned to expectations. If you want to win tenders, you need to connect to your future clients, understand them, give them valuable advice, "get under their skin" and bring them the comfort level that they can trust you. This trust and the knowledge of your client and what keeps him awake at night wins tenders and not just a good tender reply.
Hi, one thing is to go beyond what your competition perhaps offering something more niche or specialized - also a definate winner in start up stage your prices need to be competitive also.. don't forget to market yourself well.
If you have negative & positive information about your competitor then definitely you can win as a new company. Coz their negativity will be your strength and their positivity will be also your strength.
Be remarkable! I believe that everybody tries to be unique with his product to differ from competitors. Therefore, to be unique to stick out is not good enough. Than you don't have to lower your rates. People usually do not trust the cheapest option.
Much of this depends on the type of business you are in and the typical buying process or "journey" for who you sell to, however I agree with much of what David Brownlee has suggested. Getting started or acquiring new clients most often happens through the strength of your existing relationships. Leverage those strengths to gain warm introductions and referrals. That's the best path fora new entry into the market.
How are you different from your competitors? How much time do you spend on due diligence of your prospective customers? How are you getting those leads?
Grass root research on 'local experience' will help!
Winning accounts does not depend on price alone. It's quality product/process, unparrelled customer service, and providing the right solutions to customers in a timely manner will help.
Don't know what you are offering, so, no specifics!
Great question. There are 3 keys to win over clients as a new company in the market.
1. Do your homework! Make sure you know everything about the companies that you have decide are your ideal clients. Know what their frustrations are, desires and goals for the upcoming year and how your product or service can help them achieve those goals. Know as much as you can about their company before you approach them.
2. Be unique. Make sure you know exactly why you are different than the competition and make sure you articulate that to your clients (faster, less expensive, more innovative, better results, etc.)
3. References. If you do not have any clients yet, use references from family friends, accountants, lawyers, etc. But make sure they have someone they can contact to know that you are legit. Next best is testimonials. Video testimonials about you or your service are best but written will work as well.
For mor information, reach out to me at DavidBrownlee dot com.
Business Coach - Consultant - Speaker - Author
David Brownlee & Associates
Brand Reputation is the major key for success in marketing, build relationship with client to achieved the goal for business in the market.
a creative-Vision or Purpose will set you apart. This can be achieved by working hard in this question: Other than $$$, why does your company exist?
This will also get you in the way of actually helping your customers, which will surely get their attention.
Last: I prioritize making friends over gaining clients, friends may not buy, but they will refer you.
Consider this completely non expert musing...Perhaps the approach should be as transparently "new" as humaly possible. Enthusiastic "Hey let's try this and we want your feedback so we can adjust our approach!" kind of thinking which might even inspire some loyalty.
I would never lower my rates. It will set a bad trend for your future business. I would offer better service (more value).
Breaking in to the market you can't have competitive rates unfortunately. You generally have winning rates until the reputation is there. It stinks, but it's the nature of things. I wish you all the best.