Your customers are the lifeblood of your business. Manage your client relationships and sales pipeline effectively and you will grow your customer base. Fail to do that and you will be heading towards trouble. Whoever are your customers they will reflect on your business. Consequently, when you find great customers, they will eagerly co-create with you. They will engage and invent and spread the word.
Early on in a business, most companies take every client they can get. After a time, some can afford to be a little bit choosier, to ensure that they are profitable and productive. You shouldn’t get so discerning that you put your success in jeopardy by turning business away left, right, and center, but you can strive to align yourself with the right customers. It could be highly beneficial to do so!
- Financial difficulties
- Employee turnover
- Government regulations
#1 Why is Choosing your Customers a Wise Decision?
By picking the right customers that you focus most of your attention on, you could have a profitable and productive business. Failure to do so will result in lost time and lead to frustrations. From the onset of your business, you have to ask yourself this important question: “What sort of customer is the ‘right’ one?” That’s subjective, of course, but some might say that the right customers are the ones who are:
• Easy to deal with
• Who pay their invoices on time
• Who love doing business with you
• Who make you challenge yourself and grow
#2 Strategize to Find and Keep the Right Customers
Some businesses regularly strategize to find more of the ‘right’ customers. And once they find them, they work hard to keep them. Sometimes you have to try really hard to win these customers over. Sometimes they’ve got suppliers that you compete with who they are already doing business with. But taking time to develop a relationship and then nurture it, even if you are initially their alternate supplier, can be worthwhile and a way to get your foot in the door and establish your value as a vendor or service provider. If you are consistently there and consistently excelling at doing what you do, you could shift from alternate to primary supplier.
Sometimes you can’t tell who’s an ideal customer until you’ve done business with them for a short time. And some customers that aren’t working out fabulously at first can be transformed into happier customers. It’s important to look carefully at all of your business relationships to determine whether or not it’s worth going the distance to keep them. It might not be an easy road to carve out your ideal customer portfolio but it could be well worth your effort!
You could target a client and work hard to win them over only to find out that they actually cost you time and money to work with. Over time you’ll develop a strategy for qualifying leads and for converting highly desirable prospects into clients. And you’ll find your way in terms of determining where to focus most of your energy, too.
#3 Strategize to Attract New Customers
Don’t just pick your wish list of customers once. Regularly check on your industry and market so that you can continually strategize to consistently create a profitable customer portfolio. It can also be advantageous to regularly rank your customers so that you know what ratio of your client base fits your criteria for desired client.
If your target customers don’t choose to do business with you for very long, it’s important to look at your sales and customer service processes to ensure that you aren’t limiting your own success. In all cases, make sure that you keep treating your customers well, they are valuable references for your business.
#4 Save Money on Marketing
Choosing customers won’t just make your business life easier but it’ll also make your marketing efforts more profitable, as well. When you narrow down your target audience and market specifically for them, you’ll probably get a better ROI on your marketing budget, too.
Share Your Thoughts
Who is the ‘right’ customer for your business? How are you able to attract and retain your ‘right’ customers? Please write a comment, I’d like to hear your take https://johnstringer.com.au/contact-john/