In this post, I’m sharing a tip by which you that can substantially increase your profitability. Hard to believe? Well, stay with me.
When are you more successful in life and in business? When you collaborate with people of a similar mindset who support you and each other or when you need to constantly convince others of your way forward? The answer is clear; however, why do so many people and entire businesses spend far too much energy on trying to convince skeptical people instead of thriving with the ones who love working with them?
I am mainly referring to your focus on the right customers here. Many CEOs and Sales Managers are not even aware of how much time they spend for trying to convince potential customers of their products who are deeply skeptical and constantly giving them a hard time.
Quite a lot of companies even spend most of their energy on trying to please almost unpleasable customers.
The most successful people and businesses have one thing in common, which is that they focus at least 80 percent of their energy and time on those customers who are easy to convince, who understand the value of the offered solutions, and who try by themselves to make things work in the best way.
As in many other fields, the company Apple is here a great example. Instead of bothering with skeptical potential customers, they focus exclusively on making and keeping their fans happy each day. They understand that it is by far more lucrative to convince the convincible than to please the unpleasable.
🟢 Uncover the truth.
How much time do you and your team spend trying to deal with repeatedly difficult customers or prospects? Most of the time, difficult customers are also less profitable than easy ones if you honestly add up all direct and indirect costs. This time share should not be more than 20 percent, better if it’s less.
🟢 Discover your fans.
This step is overlooked by most managers. Identify who loves to be served by your business and who therefore has the potential to buy more. These should be at least 20 percent of your customers, and this number should be growing. Make a clear plan for each of them (or for groups of them) to serve their needs and desires with even more and better solutions. By doing this, you maximize your profit (and at the same time maximize the value you deliver to them).
🟢 Get rid of your unpleasable customers and prospects.
Make a plan to “phase out” the ones that are a pain for you to work with. Then spend all the energy of your company on pleasing your fans.
As simple as they look, the implementation of these steps might be sometimes challenging.
So, I suggest that you contact me and we find out if and how I can support you as your mentor.
Join the Friday Noon Memo and get fresh success tips every Friday into your inbox.
Don't worry, your information will not be shared and you can unsubscribe at any time with a simple click.
Simply enter your name and email and hit "Submit".
Important: You will receive an email with information on data privacy, which you must confirm in order to register effectively. Please check your email inbox.