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Every month I have about 45 conversations with potential business owner clients and I ask them all the same 3 questions:
- What is your biggest goal or desire right now?
- What is your biggest frustration, issue, and/or concern?
- If you had a magic wand, what would your business look like?
The answers to questions 1 & 3 very greatly, because they are personal, but the answer to question number 2 has become so repetitive that I decided to write a blog article about it. The most common answer I get for question two is “Capturing more Qualified Leads”.
What’s amazing to me is most of the business owners I talk to have established businesses with clients who absolutely love them! The reason I’m amazed by this, is because our number one source for more perfect clients is from the clients we already have. Far too many business owners spend enormous amounts of time, energy, and money marketing for new clients, and forget the goldmine they have with their existing perfect clients.
It reminds me of a time back in 2001 when I took over the Sales Department for a company that I was a minority shareholder of. We had 5 Salespeople, one Sales Assistant, and a Business Development Manager. As I sat with each Sales Rep and reviewed their clients, the numbers told me the whole story. One Salesperson, let’s call him Jim, because Jim was his actual name, had over 285 active clients, yet was only producing $365,000 per year in sales. Compared to Greg’s 48 active clients that were producing $3.8 Million per year in sales, I was both disgusted and excited at the same time.
Jim had 237 more clients than Greg had, yet produced far less results than Greg did. Why?
Well, it’s the answer to this question that I want to spend the rest of our time together today, so we can both learn and be reminded of what we can do to ensure we are capturing more of the clients we want, and less of the clients we don’t want.
Jim and I had this conversation in April of 2001, and the strategy I showed Jim how to implement from that day forward helped him end 2001 with $1.63 Million in sales. The best part, is YOU can implement this same strategy as well and have similar, if not better results than Jim did, so let’s get down to the meat and potatoes of it:
Action Step Number One: Make a list of your top 10 best clients based on profitability, and one very important ingredient; You MUST like them! Yes, I did say, “You MUST like them!” If you don’t like them and don’t want to genuinely spend more time with them, DON’T list them; period! You will make a whole lot more money and be a hell of a lot happier spending time with those clients that you genuinely like and want to help.
Action Step Number Two: Schedule a time to meet with each client (face-to-face preferably, or over a video conference, like Skype)
Action Step Number Three: Meet with them and ask them the following questions:
- If you were in a position to refer me to a friend or colleague, would you refer me?
- If yes, ask them to give you the details as to why? (The answers to this question are your marketing key words you will use in all of your marketing, social media, 30 second commercial, etc.)
- If not, ask them what you need to do to turn them into a yes (The answers to this question will give you the checklist of what you need to improve in your business)
- For those that said yes, ask them what their biggest business challenge is right now?
- For those that said yes, ask them what their biggest goal or desire is right now?
The answers to the above 3 questions will give you the homework to find solutions to their challenges. By taking the time, energy, and effort to help them solve their challenges, whether you sell the product or service, or not, will help you earn more of their business and allow you to solicit them for referrals.
Our clients have challenges, and the more active they are in their business, the more challenges they will have. You already have a trust with them, and they will give you more to do for them, if you take a genuine interest in their challenges.
This exercise will also give you the information you need to create new products and services that solve their business challenges, or better still, help you find affiliate partners to solve them for you. Nothing beats Affiliate income! Affiliates can solve your client’s challenges and create passive income for you. All my clients know that they can introduce me to their clients, and if I can help them, they will earn a residual income from the monies their referral pays me, and so can you.
My client, MouseCalls Technology Solutions in Nashville, Tennessee (www.mousecallsonline.com) took action on this exact strategy in February of this year and added an additional $14,800 to the bottom line in less than two weeks, and the best part is, you can do the same!
In summary, take action on this strategy. Your existing clients are a goldmine for more business and increased referrals. Continue to market for new clients, but don’t forget your existing clients. My advice would be to spend at least 4 hours per week with your existing clients “mining for gold” and make sure that NOTHING interferes with that time. YOU can do this!
If you want additional support with this, attend my upcoming 10x Sales Mastery Workshop in September, where we will not only deep dive into this strategy, but will help you 10x YOUR business over the next 12 months.
Be Great, for Nothing Else Pays!!
~JP
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