You will probably look around for someone you know first of all. If there is no-one, you might start talking to a stranger and before you know it, you will find someone you both know in common.

Now apply this thinking to your own business to aid growth:

1. Talk to existing clients

2. Talk to your lost clients

3. Get introduced

4. Introduce Yourself

5. Use Your Staff

1. Talk to your existing clients

Imagine this social event is full of strangers. Yet in the distance you see one of your best clients. Chances are that you will go and talk to them, over and above everyone else. The same applies in business because you are much better off communicating with existing clients than hunting prospects; it costs a lot more to find a new client than retain one.

Research suggests it costs 10 times more to find a new client than retain one.

That is why it is important to stay in regular contact with existing clients and know when their circumstances change (LinkedIn is good for that). When communicating, paint pictures through storytelling, bringing to life recent cases that you can share or how the mortgage market is changing.

Demonstrate your credibility by sharing your thoughts on the mortgage market. Your expertise is a big asset – so use it.

2. Talk to the lost clients

Going back to the analogy of a room of strangers, the person you spot in the corner is actually an old client, one that you have not seen for many years. Do you ignore them? Do you just smile and wave? Or do you go over and shake their hand?

Never be afraid to contact lost clients. Instead understand why you have not seen them for so long. It could be something you have done or nothing to do with you. Without contact, you’ll never know why.

Research shows that a business is twice as likely to successfully sell to a lost client as to a new prospect. Yet this is frequently the most overlooked source of incremental revenue, as companies think a lost client equals a lost cause. So have a strategy for client retention AND CLIENT WIN BACK.

Send them an email that says “We miss you”. Give it a try.

3. Get Introduced

You’re back at the party, and a contact of yours decides to introduce you to someone, who you would like to meet. Generating business is the same, as introductions, and referrals, are vital.

Yet referrals don’t always happen by magic. You need to communicate with existing clients to increase the chances of an introduction; otherwise it is out of sight and out of mind.

4. Introduce Yourself

Some people, like me, find it hard to strike up conversations with people they don’t know. Others are very good at it. But making the first move is one thing; you must be able to engage in conversation.

Avoid talking about you, talk about the market. Let people know you’re an expert, demonstrate it with thought leadership. When they are ready to do so, they will contact you. If you try a hard sell straight away, you may lose the prospect forever. Besides, you wouldn’t try selling mortgage advice to someone you’d just met at a party would you. No, it is all about tell, not sell.

5. Use Your Staff

If you have staff working for you, who would you take? The person who loves working for you – or the other person?

It has been shown that the more motivated the employees, the more likely it is that your sales and profits will rise. A more motivated workforce means less staff turnover, which reduces cost and ensures your service levels remain high; a new team member could take up to six months to get into the flow, understand your culture and client needs.

In fact, the key rule of client loyalty is, serve your employees first so they, in turn, can serve your client, who in turn can bring more clients to your door.

So really you don’t need to go very far to find ways to grow your business – existing clients and staff is a good starting point.

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