Is there a specific profile of business or person that you are trying to target?
If you don’t currently have a clear picture of a typical client / customer (I use these two words interchangeably) then how do you know the best form of marketing activities to target people or businesses most likely to buy your products or services?
The most important first step in developing you Business Growth Strategy is to establish exactly what your current clients look like.
Some business try to define their ideal client before clearly understanding what their current profile client, and these can be very different. Once you have figured out what your current clients look like, then you can see which are being the most profitable and which are actually losing you money. Only then can you make an informed decision as to what your ideal client looks like.
Maybe take some time out of your busy schedule to evaluate your current client base to establish whether your current clients are actually the profile you want to be working with long term.
In a lot of businesses over 80% of the profit is generated by approximately 20% of the customers.
Is this the same for your company?
Once you have established what your current clients look like you are better placed to review your new client acquisition strategy, assuming you wish to keep working with the same profile of clients.
If your company currently works on the basis of working with anyone who will buy your product, maybe now is the time to evaluate if you could be more selective in finding clients, and in doing so become more profitable.
So, take some time to evaluate your current clients? What do they look like and which ones are being profitable (or most profitable) for your business. Clearly determine what differentiates a good client from a poor client, then create a picture of the type of clients you are now seeking to attract. Once you have done this then you are better placed to market effectively to your target clients.
