January 25, 2021
Acquiring New Clients in the Services Industry
Many different industries have been undergoing difficult times due to the pandemic, especially those in the services industry, such as travel or leisure. In fact, according to some recent surveys, over 20% of business owners will be shutting down their businesses if things don’t start to improve soon. However, no matter the niche, the service industry has to acquire different revenue streams to lessen the financial risk in the current economy.
The same thing goes for both individuals who are giving their services to others and businesses in this industry. The name, brand, and reputation are closely tied to the quality of the service and professionalism offered, and there are a few different ways for this industry to acquire new clients.
Most of the time, job candidates, independent professionals, and gig workers are at a disadvantage when sending applications and introduction letters. The recruiters don’t have a lot of time to pay attention to any of them and instead focus on other people.
These are the people that service industry professionals should be connecting to because there’s an entire market available there, even though it’s hidden. Tapping into the hidden job market, which includes open projects hidden from the general public, is a much better option because it’s a big part of the economy.
Even LinkedIn came out with a statement last year to say that more than half of the economy is composed of unposted jobs, and according to research, the advertised roles are only about a quarter of the jobs that are actually available.
Most small businesses function in the same way – most of the revenue comes from a handful of clients, while all the other revenue is from one-off projects and infrequent work. And because of this, it’s natural for businesses to avoid past clients that don’t provide a consistent revenue stream, but the times have changed.
Looking to and reaching out to past clients is a great way to find business associates that need to be reminded of a particular service they might be missing. And it only takes a couple of resurrected relationships, in addition to the existing clients, to create a brand new workflow that can keep a business afloat.
Most of the time, when it comes to working with others, it’s all about timing. Whenever the recruiters aren’t available, opportunities are missed, which is why it’s important for small business owners to always be in touch with decision-makers. That way, the business will be the first in line whenever a new project is started.
Additionally, because of social media, it’s easier and more convenient than ever to stay connected to these decision-makers, especially on social media platforms like LinkedIn and Facebook. These platforms allow their users to easily connect with high-value leads and join potentially relevant industry groups where they can grow their networks.