What is your sales target? Are you finding it difficult to generate 7 figures in your revenue? If this is you, you probably haven’t done a good job of qualifying your clients. Your most profitable clients are those who value what you do. They also pay you on time, and they pay you what you charge willingly.
If you can find and keep profitable clients, you can make more money, and enjoy a consistent stream of work, almost year-round. A key objective of good marketing is to attract profitable clients, not just more business. Highly qualified clients usually have benefits for you in four areas, such as more profits, more fun, more leisure, and more learning. Here are the benefits:
1. More Profit
When you evaluate the relative profitability of each client and list your clients from largest discount to largest premium in size categories, and by season, then you can apply a cost factor to each client and then re-sort the clients based on total profit per client. This process will help you know the most profitable clients and plan to retain them at all costs.
2. Value Pricing
The best method to increase your profits is to improve the value of your service and to price your service based on value. Professionals who focus on creating client value yield high profits for themselves. Let your clients know the value of every service or product you offer even if it is a giveaway, bonus, or discount. You will benefit more from highly qualified clients when you give more value.
3. More Fun
You have more fun when you work with clients you enjoy. It might be their personalities, the class, the status, the types of issues, or their industries. It might be a novelty. Some clients just don’t fit your brand or the quality of service you provide. Consider dropping at least one undesirable client. Your professional life will be more fun. Aggressively pursue a new client who you think will be more fun.
4. More Leisure
Do you know that unprofitable clients with low budgets often give more problems than highly qualified and profitable clients? Exhausting yourself over unprofitable clients can create burnout, low creativity, and poor staff relations. You can refer or outsource the unprofitable clients so that you can create time and focus on the profitable clients. Your professional days will be more productive and satisfying.
5. Business Expansion
Profitable clients can allow you to open other business locations, acquire another business, target other markets, and expand your operations into foreign territory. The purpose of business expansion is to further increase your profits. Making profits is essential for a business that desires to expand its operations.
Finally, make it one of your priorities to aggressively network with your affluent clients and acquaintances. If necessary, give up some time you are spending with less-promising clients. A successful firm is about consistent revenue flow. By selecting the right clients, you can have more profits and more fun.