How to Win Worry Free Great Clients Every Time
Winning new revenue for your business is always a great feeling. The thrill of the chase, the thrill of the win, the feeling of being invincible and many other feelings that course through your veins. All of these great emotions can be undone in a heartbeat when you realise that your new client is just not right for your business.
So, how do you address this all too common issue? Well….you can never identify a “bad client”, if you don’t know what a “great client” is. Once you define a great client for your business, a pile of benefits spin off that.
- It’s easy to articulate to all staff so they know great from bad.
- You can focus your marketing efforts and money spent
- Clients that are ideal for your business are typically loyal and committed to your business
How do you define a great client and win great revenue? Well, it’s not really an exact science and requires a lot of thought and a fair bit of bellybutton gazing, but ultimately it is a very worthwhile exercise.
It comes down to one of 2 factors – either who you like working with all day every day or who you think you can provide a truly high value service or product to. Perhaps the best way of explaining this concept is to walk through how we defined our “great client” at Logic.
It actually came down to a 75/25 mix of who we like working with and who we genuinely believed we could add value to. We looked at every client we had at that stage and broadly classified them – Not for Profit, Local Government, Entrepreneurial etc. We then looked at which ones we had the very best relationship with. Finally we made an assessment of the quality and magnitude of impact our service was having on those clients.
Resoundingly for us it came down to the fact that the Entrepreneurial businesses were coming up trumps by a long way. We knew we loved working with high growth, dynamic businesses and we could see that we were adding great value to their business. So we accepted what was staring us in the face.
Because saying to our staff “Entrepreneurial Businesses” was way too open for interpretation, we thought it best to define that clearly for our staff and other stakeholders. Our ideal client is
- A privately owned business
- That employs up to 200 staff
- Is information dependant
- Wants to focus on growing their business and delegate non-core functions – e.g. IT
Subsequent to defining this, we disengaged with every client who didn’t fit our “great client” profile, in the 4 years since we undertook this process our client churn has reduced to 2 clients – i.e. we have “lost” 2 clients that we didn’t expect to – a significant improvement.
Do we win great clients every time? Obviously not – what we do have is a very clear idea of who a great client for Logic is and we have a laser like focus on working with these Entrepreneurial Clients.
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