What are you looking for?
You want to grow your business, right? You are really good at what you do but know that you could be more successful and earn more money. . . . if only. If only what? What are you looking for? Assuming you are like most financial professionals, you don’t seem to get in front of enough qualified prospects on a consistent basis. So, what you’re looking for is the key to open the door to being in front of more qualified prospects.
Engaging in a gap analysis, may be of benefit to you. It will help you determine your current reality (where you are), and where you could be (the realization of your potential). First, establish Point A by determining the average first year compensation from your current clients. Second, establish Point B by quantifying the average revenue from your ten best, “A” level clients. The difference between these points, A and B, or the gap, is your potential. Imagine what your total revenue would be next year, if all of your new business came from ideal clients! Closing this gap can change your life! Your income would explode and your career satisfaction would improve dramatically. How can you realize this potential? You need two things; a clear and carefully crafted Client Profile and a Process that will enable you to identify and meet prospects that look like your profile of an ideal client. This Process will be covered, in detail, in next week’s post.
This week, let’s talk about client profiles. Using a simple chart, review the characteristics and attributes of your ten best clients, (i.e. with the highest revenue, do repeat business, and are easy and fun to work with). This chart should list characteristics and attributes that describe each client. Now, review these characteristics and look for the five to seven common descriptors. They would relate to demographics and psychographics. This chart might include the following items, but could be a much longer list. For example:
- Age
- Marital status
- Occupation
- Income
- Lifestyle
- Location
- Business ownership
- Profession
- Fun/easy to work with
- Etc.
Once you have identified the points in common that describe your best clients, follow these four steps:
- Design a one-page Client Profile sheet listing those characteristics that describe your ideal, ten best clients.
- Build a process or procedure for identifying and contacting people who fit your profile.
- Ask your clients, centers of influence, and referral sources, whom they know that might look like your ideal client, based on your profile.
- Commit to working only with those prospects that match the profile of your ideal clients.
What are you waiting for? Design your own Client Profile, now! Go forth, purposefully, into the world, looking only for the right prospective clients. They will help you grow your business, be a source of additional new business and revenue, and be a joy to work with. Then, follow your Process (see next week’s post) to obtain these preferred, prospective new clients and go see only those who look like your ideal clients. Remember, also, that recommendations from existing clients and introductions to new prospective ideal clients are essential to the growth you are looking for. Like the song lyrics say, “I hope you find what you’re looking for.”
If you would like help with this process, call me at: 513-761-1976 for a complimentary consultation.