I find it amazing how few of the people I work with and interview truly know their clients. Client and market intelligence are critical for a successful business.
Some of you may have had clients who have been with you for some time; some of them may have developed into friendships. For the most part that is not the case, because in today’s world most people keep to themselves; they are extremely busy and don’t have the time to grow business/personal relationships.
What processes are your clients using to make their buying decisions? The sales and marketing process of today has changed dramatically. Buying cycles are longer. Companies are using teams to make decisions, further extending buy cycles. Budgets are tighter and clients must know and expect that every dollar spent is measured. This further supports the notion that we must do things differently in order to remain competitive and profitable.
What is your marketing strategy? Dropping off a catalog and the latest self-promotion pen, crossing your fingers hoping the client or prospect exclaims, “Wow, order me 1,000 of these in blue!” This old-school thinking may get you such a hit once in a while but there are better methods. Further, in the client’s mind, this method pigeon-holes you as you being nothing more than a product provider.
While working with my clients, I introduce a process where we do a complete analysis of their current clients. We chart each company’s gross sales, gross profit, number of orders, average order size, etc. This process is performed for each customer and the entire client base is segmented by vertical and lateral markets. This is done to establish a baseline and launch pad for greater market penetration.
When was the last time you looked at your clients in this manner? Where are your best opportunities? What market segments give you the greatest return and profits? Give it a try, you’ll be amazed at your findings.
Developing a vertical and lateral marketing structure will propel you to become more valued and relevant in that space. With time, your name and company can go viral making you the go to company in that specific market.
Furthering this process we begin to analyze the nuances of those verticals – challenges, trigger points, hot buttons. Each of these becomes areas of opportunity to help your clients and prospects.
When we understand the client and their specific needs we become more relevant. This level of engagement and understanding leads to loyal clients, more sales and great profitability. MAKE NO MISTAKE, it takes work. Like a diet, you must retrain the way you eat, sleep, exercise similarly in business, you must retrain your mind and activities to be more client focused and relevant as opposed to finding the next slick widget with your clients logo.
One of best clients, who happens to be a dear friend now, has embraced this concept with amazing results. Working in one of the most depressed areas of the country has managed to take their business from $350K at 35% gross profit to over $750K at 52%+ gross profit. He is such a testament to the process. As Rick Badiner, executive VP at iPROMOTEu says, “…they’re all in and they get it!” Note too, there is nothing special or unique about my friend, however they do understand that to be successful you must reinvent, engage, and become relevant. They are masters at it.
How do you fare?
Most people are either too busy or afraid to ask clients how they can improve. It reminds me of a quote from former talk show host Dick Cavett: “It is rare the person who wants to hear what he doesn’t want to hear.”
I encourage each of you to survey your clients quarterly. You will uncover some amazing data and information that can help you better serve your audience. I always look for ways I can improve, not just accolades – it’s true we do work hard, but there is always room for improvement in this area.
Years ago I remember surveying my clients and one of my top five clients gave me a horrible review, in fact they were on the way to replacing me. Through this process we were able to address his concerns, right the issues and maintain him as a client for many years, in fact it tightened the relationship and made it much stronger.
Making it work…
I initially said it is hard work, but once in place and when it becomes a part of your culture the process becomes smoother and easier to execute.
Take the time to get to know your clients, study their industries and become more relevant. Doing so will create a more solid business model for you and your clients will love you for it!
Until next month, Continued Good Selling!
For more than 30 years, Cliff has been speaking, training and consulting internationally to associations and national business groups on more effective ways to market themselves, their products and services, as well as motivating their personnel. Recognized by PPAI for his creativity, he has won the prestigious PPAI Pyramid award 25 times, and the Printing Industry's PSDA’s Peak Award for creativity five times in three years. He has also received PPAI’s Ambassador Speaker of the Year Award six consecutive years and was the inaugural recipient of PPAI's Distinguished Service Award. Named one of top six industry speakers and trainers, he also was recognized by PPAI in the book, "PPAI at 100," as having a significant influence in education. He has also been recognized by Counselor Magazine as one of the Top 50 Most Influential People in the Promotional Products Industry. You can engage with Cliff at http://www.myengagepage2.com/cliffquicksell.