Master the Art of New Business Development: 10 Tips from Bill Farquharson

10 Quick Tips to Help You Win New Business

March 2025 in The Sales Vault is all about mastering the art of new business development. Here are 10 quick tips from Bill to help you find, connect with, and win new customers and/or gain additional business from your existing accounts.

1. You must constantly be focused on new business opportunities—
Let’s start with the bad news: You are going to lose a significant portion of your business every year. 10 to 15% of your year-to-year sales volume will not repeat. I would guess 50% of all salespeople are in cruise control. They are making all the money they need and their selling day is basically a milk run. But relying solely on existing customers is risky. But that’s not you. My proof? You are reading these words! You must constantly be focused on new business opportunities. Okay, now that we have that nastiness out of the way, we can…

2. Prioritize Prospecting Daily—Wake, have breakfast, shower, exercise, meditate… these are all regular have-to’s. Add to that list, new business activity. This has to be a part of your daily regimen. You could even go so far as to put a note on your computer screen: “What is my new business sales activity today?” Yes, it’s that important. The point is, make it a priority!

3. Where will this new business come from? Glad you asked. The easiest place to look is within your existing base of business. They know you. They trust you. Remind them of your full scope of products and services. It does not matter how many times you’ve told them. Tell them again! The seven worst words you can hear a customer say are, “I didn’t know you did that.” OK, that’s actually 6 words. But you get the point.

4. Where else will this new business come from? Another good question. New business from new customers, well not as easy as working your existing client base, is more important and valuable as it makes you less susceptible to loss. Whether you focus on just one product offering, a specific vertical market, or just go with general “new from new” sales activity, create a process for expanding your base of business.

5. “But what kinds of companies should I be looking for, Bill?” OMG you are just full of great queries. You can use your existing customer base as a road map for finding new opportunities. Look at the industries you work with, company size, location, etcetera. If one type of company is already buying from you, others like them will as well. Don’t overthink this.

6. Referrals and introductions—Your happy customers can be your best salespeople. Ask them for introductions to others who might need your services. A warm introduction gets you in the door much faster than a cold call. Note: it’s important to be specific—very specific—with the kinds of companies and people you are looking for. When looking for a referral, describe your ideal customer. Oh, and be certain to reciprocate. Lastly, when you do get a referral, jump on it immediately (if only to say you can’t talk right now but you wanted to check in) and keep your source updated on the conversation).

7. Think big—All of us (myself included) should have a list of seven big fish accounts and be actively pursuing 5 on a regular basis. Landing big accounts takes time—months or even years, in fact—and requires a long series of touch points. Your new business sales activity checklist absolutely must include work towards game-changing clients. It’s going to take time so the sooner you get started…

8. How can AI help? As we are all increasingly coming to find out, AI technology has the ability to streamline prospecting, it can automate follow-ups, help with research, and improve the impact of your selling efforts. There’s no need to do things the way you’ve always done them. And you might not even need someone to teach you how to engage AI when you can actually ask an AI tool ChatGPT to teach you: “I currently sell (print, signage, promotional products, labels, packaging) and I’m looking to grow my business. What are all the ways AI can help me?”

9. Become a Problem-Solver, Not a Product-Pusher – Prospects don’t care about what you sell; they care about their Focus on how your products help them drive sales, improve branding, or create awareness. Start this process by doing a deep dive on their company until you are an expert. You’ll be shocked at what a difference this knowledge makes in your sales process.

10. Reconnect with Old Leads – Not all prospects say “no” forever—sometimes, it’s just “not now.” Circle back to old prospects who didn’t buy last year. Their needs may have changed, and a well-timed follow-up could land you a sale.