20 times bigger! That’s how much you could potentially benefit from a dream client than any other regular client. Going after (and eventually acquiring) the perfect prospects will help you create a business with a sustainable competitive advantage and long-term success.
But first things first, do you know who your dream clients are? How can you decipher them from a pool of potential prospects in your book?
Carolin Soldo, one of the most recognized coaches for women business owners and recipient of the Stevie Award for Female Entrepreneur of the Year, shares with us her secret to identifying her dream clients.
- Profitability – Which customers stand to help your bottom line the most?
Instead of chasing 10 clients that can give you a combined revenue of $10,000, why not chase after that one ideal client who can make you earn the same amount or even more? Imagine how much time, effort, and marketing costs you can save from doing so. If you do the Math, both give you the same revenue, but the latter is more profitable.
Important note: you may need to bring in clients that are smaller just to keep the lights on, however, what many miss, is the specific effort to identify and go after the bigger clients that generate more revenue and profit.
EXERCISE: Pull a list of your past clients to see which are making you the most profit.
Many business owners never do the analysis to see which clients produce the most PROFIT. Maybe it’s a certain revenue size, a specific industry, maybe your biggest clients cause the most headache and it’s actually your middle tier clients that are the most profitable. You’ll have to pull your list to find out.
- Ease of Delivery: Which customers are easy to service?
This one refers to the simplicity of getting the service to them. How much time is involved in servicing them? How do you service them? Do you have to work with them onsite or online?
Working with clients that are easy to work with creates a plethora of convenience for you and your staff. You can choose to work with less stressful but still highly profitable projects.
Does higher income always mean higher stress? No, if you’re strategic about it.
- Ease of Sale: Which customers are the easiest to sell?
Have you ever thought back to the dream clients you’ve had that have been the easiest to sell? Where they instantly understood why you were a great fit and giving you money was effortless?
What traits did they have that made it easier to sell them? Was it their size? Was it the way they thought? Was it the situation they were in?
It’s inevitable that you’ll deal with clients who drive you crazy. But can you challenge yourself to reverse engineer those that have been easier in the past to find them in the future?
- Results: Which customers get the best result?
Have you ever asked yourself and your team, which clientele benefit the most from my product or service? To bring in more of your dream buyers you really want those who become raving fans of what you do. How do they become raving fans? When they’ve had a wonderful experience themselves.
Who has been a raving fan in the past? Can you identify what about them made the results so great for them?
You may find a niche you never thought to focus on. You may notice that your results work great for the baby boomer generation rather than the younger hipster vibe or vice versa. Maybe you resonate better with a more conservative crowd because you share the same values, or maybe more liberal thinkers fits your mold. Really dig deep on what about these clients made for the best results.
- Fun: Which customers do you love to work with?
Who are those clients you’re excited to see every time?
Having fun makes us smarter; it makes us more creative; it makes us more energetic. Research results show that having a fun working environment improves productivity, engagement, and connection between you and your client.
The goal of putting up a business is not solely about making money; it’s also about building a long-term relationship with people you work with and creating a lasting impact with them.
Can you see how better analyzing your dream clientele will make you work smarter instead of harder? Do you have a better framework for how to identify them? Could you see the quality of your work/life balance improving after following these steps as a framework?
Note to Self: The biggest clients aren’t always the best clients. Focus on the quality of the people on your list. Put in maximum effort in pursuing your dream clients and work even harder when faced with setbacks. The more effort you put into it in the beginning, the more you’ll get out of it at the end.
If you need more help just like this, step by step, on how to implement your Chet Holmes Dream Buyer Strategy, click here to learn more.
This strategy has still doubled the sales of more companies than anything else. You can make a life changing impact with this one strategy when deployed properly. Find out more about our Dream Buyer Course here.