Would you like more customers and have them be extremely profitable? The key is finding your “most wanted” customers.
For many businesses, the top 20 percent of their customers yield 80 percent of their volume and profits. Merely doubling that top group will more than double your bottom line profits.
So, how do you find ideal customers who need your distinctive value, are willing to pay, and are a pleasure to serve? Think of yourself like the FBI. The FBI finds its most wanted with a detailed description and wide distribution of “most wanted” posters. Similarly, when you create a detailed description of the most desirable customers for your business, you can get many people within and outside your business looking for them and referring them to you.
A client, who we will call Eric, followed the steps outlined below and created a “most wanted” poster that he hung on the back of his office door. This helped him stay focused. He also shared the description with his receptionist so that any caller who fit the description received his immediate attention. Eric’s business enjoyed an immediate increase in highly profitable clients.
Here’s what you can do to create a “most wanted” poster for your business.
- Identify what products or services are most profitable for you to provide.
These define what you want your ideal customers to purchase. For example, Eric sought clients who needed immediate legal help in dealing with someone who faced a medical emergency requiring long-term care. These persons required his specialized expertise, had an urgency to act, and gained a great return on their investment.
- Describe your ideal customers in detail.
Write out a specific profile. What are the demographic characteristics, occupations, and activities for your ideal customers? What distinguishes your ideal customers from other potential customers? What is their MO, that is, their method of buying?
- Include a picture of your ideal customers.
Draw what they look like and the settings in which you are likely to find them. We assembled the top marketers in a Fortune 100 company and gave them this exercise. It helped them see differences in how managers looked at their target markets. This stimulated immediate ideas for more effective and profitable marketing campaigns.
- Be cautious when working with your ideal customers.
Toward the end of the FBI’s “most wanted” posters, they warn about potential dangers in approaching and apprehending the person. Similarly, you need to take note of what to look out for that might endanger a sale to your ideal prospects. Are they sensitive to particular issues? Do they object to certain wording or marketing approaches?
- Be clear about the reward for gaining your ideal customer.
What’s the value of attracting an ideal customer? Translate the value of your ideal customers into concrete terms that everyone in your organization can understand. For example, articulate how many ideal customers you’ll need to meet this year’s sales and profit targets. Discuss the benefits of more ideal customers (and fewer marginal customers) for making your business easier to manage and more enjoyable.
When you are clear about who your ideal customers are and share that description with others, your business will soar. You will target your marketing more successfully. Your referral sources will understand whom you want them to send. You will enjoy greater success with less effort.
Copyright © 2017 Don Maruska