3 Ways to Find the Value in your Current Client Base
Posted on 19th April 2021 at 16:08
I don’t know about you, but Covid has me all out of whack. In the past, I’ve had a clear roadmap for growing my business and it’s worked. Since Covid, however, it now feels like all the roads are ‘under construction’ and we’ve been diverted but without being told where to go.
Now, an easy trap to fall into is to do nothing. Nobody knows what’s going to happen over the next year after all, so why bother? I’ll just carry on doing a bit here and there and my business will be fine.
While that may feel like a good decision to make, it is actually a risk. It’s akin to driving with your eyes closed or without a SatNav.
We can all grow our businesses during a recession. We can all thrive and win new business, actual clients that we want; we just need to know which direction we are going and how we are going to get there.
Here’s how to do just that.
Find your golden egg clients. Find the clients you don't want to lose, and attune to their needs, to help your own business grow!
1. Create a Growth Plan and Strategy
If you want to grow, you first need to know what direction that you want to steer your business in, and then outline the roadmap to help you get there. For example, write down your ONE BIG FOCUS for the year. Maybe it is to win X amount of clients or reach a financial goal. Whatever it is, make this your yearly goal and then work backwards. What do you have to do every quarter, every month, and every week to achieve this?
2. Find Your ‘Golden Egg’ Clients
The next step is to find your diamonds in the rough, Where are the easy wins in your current client portfolio? Who gives you the biggest bang for your buck? Who do you love working with the most and who pays you the best? Do a full analysis of your existing clients and you’ll find who your ‘golden egg’ clients are. These are the people who are most valuable to your business.
3. Focus Your Marketing to Win These High-Value Clients
Once you know who your most valuable clients are, create detailed client personas for these clients. Outline as much as you can about them (e.g. age, gender, goals, values, challenges, fears etc) and then use these to tailor your marketing strategy to appeal to these clients. If all of your marketing material talks directly to them, addressing their challenges and appealing to their wants and needs, you’ll find that you’ll start to win many more of these clients through referrals and building a good business relationship with these clients.
Find your Current Value and use it to Grow your Business
If you want to grow your business, even during a recession, it’s not about finding more and more clients. It’s about looking for the diamond in the rough and finding those golden egg clients that you already have. Once you know who your ideal client is, you can then create effective marketing materials and streamline your processes to win these bigger and better clients.
Call your friendly Farnborough Accountant today
We are Specialist Accountants serving plumbers, builders, electricians and all other trades, providing business advice, compliance, bookkeeping, CIS, tax returns, payroll, VAT, management accounts and cash flow forecasting
Or call us on 01252 856 150
Book a half an hour discovery meeting with us - find out how we can help your business
Tagged as: Accountants in Farnborough, Accounting for builders, Accounting for electricians, Accounting for plasterers, Accounting for Plumbers, Accounting specialist in Farnborough, business advice, Business blog, Xero Accountant Specialists
Share this post: