You’re probably wondering what liquorice has to do with anything.
Well when you look at your mix of clients - there tends to be a bit of everything in there: some individuals, micro businesses, SMEs. Some you like, some you don’t. Some pay a little, some pay a lot. Some you see once a year, others you see monthly.
It is a bit like a bag of liquorice allsorts.
Not only is there a wide mix of clients but also a MASSIVE menu of services.
As you look to improve or grow your business there are a few metrics that might apply: time commitment, profitability, free cashflows, happiness.
Getting clear on what your ideal clients look like [of which there can be multiple] is going to help:
- improve your marketing results and ROI
- improve your referrals
- reduce moving parts and reinventing the wheel
- reduce services you offer
But it is also going to help free up your capacity. Most firms work at 100%+ capacity - just crazy. It is BY FAR the most common excuse I hear. On one token you say you want growth/improvement and on the another you say ‘sorry can’t do anything we are out of capacity’.
Well what you if ’re-homed’ some of your non-ideal clients? That would free up capacity to introduce new ideal clients - and I would say these new clients will be more fun to work with, spend more, bigger margins and will be happy to refer to you more ideal clients like them.
Best practice is that your Business Plan and your Marketing Plan clearly state what your ideal clients look like. If you haven’t reach this stage I suggest:
- grabbing a piece of paper and start document what personal qualities, industries, locations, $ size and team size you ideal clients would have. Who do you like working with? What service packages would you offer them and what problems would those services solve? Are there certain characteristics you want such as: growth orientated? open to our advise?positive attitude?
- also look at your existing clients. I’m sure there are some in there that you enjoy working with. What common traits and trends do you see? Why are these select few your favourites and the rest aren’t?
These two steps will start the process on getting clear on your ideal clients. You can then start asking existing clients for referrals BUT make sure you say exactly who you are looking for. If you run regular online events you would only invite these types of ideal clients. On LinkedIn you can start connecting with these niches. Then you can start to think of non-competing businesses who also work with these clients and starting a joint conversation.
That is a simple easy approach to get your started.
Until next week,
ps. I talk more on this topic in this weeks video [below]
pps. If you’d like to work with me on your client-getting and growth plans… just send me a message with the words “Case Study”.