One common dilemma often plagues business owners: the struggle to maintain authenticity while catering to client demands.
(Or as I like to call it, How to Avoid Selling Your Soul to the Devil 101.)
This age-old challenge is a fixable one. Let’s get into the nitty gritty of determining your top clients, and presenting a disruptive (in a good way!) approach that can revolutionize your client strategies for the better, for good.
The problem – Straying from the mission of your business
This may have happened to you (and if it hasn’t, it will!). You find yourself at a crossroads, torn between staying true to your business vision and adapting to meeting the varied needs of clients because you want to make those sales. Conventional wisdom dictates that retaining every client and tirelessly pursuing new ones is the only approach to success, but this approach will only lead to diluting your resources, the identity of your business, and the muddling of your service.
Your typical solution – Quantity over quality
Admit it, at one point, if not now, you prioritize numbers and think that more clients equals greater success. Consequently, when you spread yourself too thin and try to cater to a broad spectrum of clients, you miss out on discerning who are the most valuable. This approach overlooks the critical factor of client quality and leads to inefficiencies and missed growth opportunities.
A better solution – Strategic client assessment
Years ago I applied a paradigm shift – an approach that challenges the status quo. Instead of blindly chasing every client, I began to assess them. I scrutinized clients over industry, demographics, and psychographics to identify the top-line clients who aligned seamlessly with my ethos and objectives. This is exactly what I want you to do.
As you dig into the assessment process, patterns will begin to emerge. You’ll find a select group of clients who appreciate your unique offering and contribute significantly to your bottom line. These folks are the epitome of your ideal customer because they get your value proposition, provide valuable feedback, and champion your brand within their networks. This also leads to long term partnerships. Go you!
This clarity will help you reallocate your resources and channel the majority of your energy toward nurturing your top clients. Now you can tailor your products to better serve their needs and create deeper connections – and loyalty!
Visualizing your success – Client assessment questions
The first step in your scaling revolution is to create a list. I know, simplistic, right? This is a visual tool that encapsulates the evolution of your business towards being client-centric and serves as your compass to guide you toward strategic decisions and reinforce your commitment to quality over quantity.
- List your clients in descending order of revenue.
- Cross off the clients who make you cringe when you hear their names.
- Grade away.
- Eliminate.
Each entry on the chart represents more than just a client, it symbolizes a mutually beneficial partnership built on trust, respect, and values. As you fill in the chart with your top clients, you’ll see the progress towards your ultimate goal – sustainable growth rooted in authenticity and alignment.
Cultivate your thriving ecosystem
Focus on serving your top clients exceptionally well and watch your business blossom. Carve out your niche of excellent clients, and if you were ever going to make adjustments, make those for these clients. If they’re wonderful clients, you’ll still be able to stay within your immutable laws. And being true to your vision while running a profitable business that serves your clients is that sweet spot that entrepreneurial dreams are made of.
Wishing you tremendous scaling.
-Mike
