Expanding your Business NetworkPosted: 30/09/2015 12:00am
Acquiring new business can cost companies anywhere from $7 to $700 per customer. In an article published this year, “The True Cost of Acquiring a New Customer”, Megan Sullivan outlines what really goes in to calculating that cost. Not only should companies include the material costs of conducting a campaign (such as the design, copywriting, and media listing fees) but also the time and effort spent searching for media outlets or organically drumming up new business. It’s also not uncommon to include proration of cell phone charges, utilities, vehicle, or real-estate charges associated with that search for new connections. With the state of today’s economy, all companies are cutting costs and determining which value added services are most important. Focusing on current business can help you manage cash flow for the time being, however, in order to sustain growth and profitability, your company may need to expand into different areas and search for new customers. This also means that it is even more critical to generate new leads and develop new relationships with potential trading partners. Because there can be a high price associated with expanding your business network, every bit of extra cash can help your bottom line.
Why is this important?
The likelihood of your business expanding by focusing just on retention is low. While you may have repeat bids or work from one particular customer, eventually you may see the growth of your company stall or even decline. There is also the potential for your current trading partners to turn to cheaper alternatives.
However, developing new customers doesn’t always have to be a daunting task. If you feel your company pays too much or can’t afford to market to new customers, Cortex’s new feature might be just the thing you need. The Cortex Trading Partner Network (CTPN) has expanded to include over 10,000 trading partners transacting with over 80 Buyers throughout North America. New functionality includes the ability to search for trading partners by operating location as well as by type of business performed. Once an account has been setup on the CTPN, the owner fills out profile information (such as company address, contact information, company logo, website address, etc.). In addition, it includes the type of work they do along with the areas in which they operate. This content is then searchable for anyone else with a Cortex account.
So how can this help you?
As part of the CTPN, you have full access to this network. It gives you the opportunity to actively search for new Buyers or Suppliers by which ever geographic location the work needs to be done in. Knowing the geographic areas in which a Supplier operates allows your company to look for goods and services in a particular region, potentially saving time and additional costs associated with bringing Suppliers in from other areas. As a Buyer it has the potential to fill gaps in your operating areas. As a Supplier, you will no longer pay to search for new business. As a whole, this added functionality is an opportunity to grow your business at no cost.
In times of economic downturn your business needs to find partners that add value at no additional cost. It is important to Cortex to evolve the Cortex Trading Partner Network in order to provide value to both their customers through the development and delivery of critical features that make your job easier and save you money. Now is a great time for you to expand your network and knowledge, and find sources of new business and ideas to get you closer to your goals, and Cortex is there to help.