Who are your clients?
What does your average client give you in revenue terms?
When was the last time you spoke to a client to thank them for their loyalty, or let them know about a new product?
A couple of questions to ask yourself as we push towards 2020. Understanding your current client base is the best way to start to understand your new business market.
“Nobody knows your client experience better than your clients!”
As business owners we need to be able to juggle a hundred things at once, so the luxury of time is never on our side. This means we need to do things quickly and efficiently.
Unfortunately for most, they don't have a big marketing machine behind them to spend at will and find more clients. So the cheapest, and in my opinion one of the best market tests, is from within your own client base. This will give you a good idea of the “ideal client” that you have, but I would go one further. Don't just find one ideal client, have three.
Find one client that spends in the lowest 25%, mid 50% top 25% of your list and find out the following >
What business/Industry are they in?
What products do they buy?
What other products could I sell them based on the top two questions?
“You don't need to be a marketing genius to ask your clients a couple of questions”
Do it in a quick survey, face to face or on the phone, but make sure you do it.
What this will give you is a small snapshot of three different types of clients, and some traits that manifest from your simple questions. Once you have the information, just match a few more clients in the same revenue level and industry. Then do some testing on additional products or services to see if it increases your average sale.
But it’s not a silver bullet, you need to keep working on it over time to define what your client looks like. But none the less, a simple way to kick start your growth plans for 2020.