This month, I want to talk about a case study with a client that I worked with last week, and we were looking at overhauling his marketing and he was starting at the beginning.
The first step has was looking at, was identifying his ideal customer. Now this client sells a software product to um medium sized businesses and it is based around the number of licenses that he sells into that site and how many people use it.
So in the process, he went through the characteristics of what his ideal customer is like, what type of business they are, how many licenses they would have, who he is going to be liaising with, who the decision maker and a number of other criteria.
He then determined the key characteristics, based on the business type. what the actual types of businesses, he listed that they were, what the range of license numbers that he would be selling to those businesses, so whether it be 10 to 20 licenses into a business, not 50 to 100, not 1 to 5, but he specified in that 10 to 20 range. He also determined that the type or the role, the position in the business that he needed to talk to, and it was generally the owner or the operations manager. And a couple of other criteria that fitted as well.
Now these criteria were developed around his businesses ability to support that sized company properly. And when he went through his list of customers and matched up all his current customers with those profiles, he came up with six current clients that fitted the profile. So what this means now is, he can now build a list of specific names of businesses that fit that criteria that he can go and directly market too.
Now that makes your marketing a lot cheaper and generally far more successful.
One of the things in the process that we found, when he printed out a list of his clients based on how much revenue that generated over the past 12 months, and what we found was,
His top five revenue generators were not in his list of top six ideal profile clients. And the reason for that is those businesses required so much support and there were quite a number of issues and whether software related or other issues, that they created an enormous demand on their business to support them. Which also affected other businesses that they support, but then also their times within their business.
So what it meant was, they weren’t necessarily the ideal customer to work with, to make their business viable and easier to run in a sense.
Now the question I have to ask you is, have you identified your ideal customer fully, to that sort of extent? Potentially your customer, your business can actually identify specific types of customers that you want to deal with, that fit within your ideal category. And when you do that, and I urgently suggest that you do it ASAP. And then frame your marketing to them. Your marketing will be cheaper, your results will be far better, and if there are other businesses that are on the fringe that are potentially reasonably good clients, they will see your marketing anyway and they could come on board.
But be prepared to say to a business, no your, we really don’t look to work with your size business or type of business because it doesn’t fit out criteria, and pass them onto someone else.
Don’t be afraid to do that. Don’t be afraid to say my number one revenue generator is not your ideal client.
Now, one of the things that we’ve got coming available shortly, The Time Retriever Academy, the time retriever academy.com is designed to help you to clearly identify who your ideal propsect, and then it takes you from there to develop a killer marketing programs aimed at bringing those businesses on board. And once you got that in, down pat and working with it, it then helps you to take on to building your business to over a million dollar business.
So visit the www.thetimeretrieveracademy.com and we’ll look forward to seeing you there.
Bye for now, and have a great month.