If you search business development on the internet, you will find that most of the references and discussions are about client acquisition. Many textbooks and easy read business books also tend to focus on new client acquisition. While new client acquisition is important for most businesses, it is not, or at least should not be, […]

If you search business development on the internet, you will find that most of the references and discussions are about client acquisition. Many textbooks and easy read business books also tend to focus on new client acquisition. While new client acquisition is important for most businesses, it is not, or at least should not be, the primary focus of business development. The focus on new clients in B2B business development is akin to the focus on advertising in marketing more generally. It is narrow and not likely to maximise performance or profitability. Consider these B2B statistics: 78%of B2B marketers say that referral programs generate good or excellent leads. 60%of marketers say that referral programs generate a high volume of leads. 54%say that referral programs have a lower cost-per-lead than other channels. 67%is the additional amount repeat business customers spend in months 31 – 36. It costs 5 timesmore to acquire a…