Huge Value Unlock for Your Business

Summary

• I always look at the top 20% or 10% of customers who have done really well.
• I ask myself what these successful customers have in common.
• I pinpoint specific characteristics that make these customers unique.
• I consider demographics: what they look like.
• I think about psychographics: what they believe in.
• I consider geographics: where they live.
• I analyze activities: what they do that others don’t.
• I put all this information together to laser-focus on the type of customer I provide the most value to.
• On a simpler level, I just think about the clients I love and what they have in common.
• I’m willing to say no to people who aren’t like my best customers.

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How To Take Action

Identify Your Top Customers

I would suggest implementing a strategy where you look at your top 20% or 10% of customers. These are the folks who have really done well with your product or service. Look at what these successful customers have in common.

Analyze Their Characteristics

Think about these specific characteristics:

• Demographics: What do your top customers look like? Age, gender, income level, etc.
• Psychographics: What do they believe in? What drives them?
• Geographics: Where do they live?
• Activities: What are they doing that others aren’t?

Create Customer Profiles

Put all this information together to create a profile of your ideal customer. This will help you focus on attracting more customers who are like your top performers.

Simplify The Process

If this feels too complicated, just think about the clients you love working with the most. What do these people have in common? This can be a quicker, easier way to get started.

Be Selective

Be willing to say no to customers who do not fit the profile of your best clients. This will save you time and resources, allowing you to focus on those you can help the most and who will benefit the most from your offerings.

Focus on Low-Cost, High-Value Actions

• Review Customer Data: Use any existing data you have to identify your top customers. It could be as simple as a spreadsheet.
• Conduct Quick Surveys: Ask your best customers a few questions to gather insights about their demographics, psychographics, and more.
• Refine Marketing Efforts: Adjust your marketing to target people who fit your ideal customer profile.

By following these steps, you can laser-focus your efforts on high-value customers without spending a lot of time and money. This will help you grow your business more efficiently and effectively.