Acquiring New Customers
Most companies earn the greatest part of their profit from the top 20% of their customers. The bottom 20% cost time and money to service as they may lack technical or back office function, so in order to secure the sale you must work much harder. Why bother?
It is much better to eliminate time wasters in prospecting and instead focus on recruiting more ideal companies that will increase your revenue and profitability. These ideal companies are easier to work with and always pay on time. You can do this by following a process to define who your ideal customer is.
Defining your ideal customer is an important step towards knowing who your primary target audience is and then acquiring them as new customers. Your ideal customer should score in the top 20% of all prospects.
Once you have completed this 3 step procedure and developed the required profiles, you will be in a much stronger position to develop your branding and messaging to better target your audience with a focused marketing campaign.
These 3 steps are described in detail below:
Step 1 - Defining Your Ideal Customer(s)
Identify from your current customer base, who your best customers are. How much do they spend with you, and how often? You need to look for those who are easy to work with and regularly buy products that have the highest margins. What type of company are they? What industry or segment do your customers represent? What is their turnover? How many staff do they have? What is their buying procedure?
Step 2 - Creating Buyer Persona(s)
The second step is to develop your buyer personas. Your buyer personas will focus not on the company itself, but on the pain or problem a person within that organisation has, which leads to them purchasing your product or service. What is the pain or problem that you solve for that person? What alternatives could they choose from? What common objections may they have to purchase from you? What are their demographics?
Step 3 - Identifying Customer Journey Map(s)
How does your buyer persona actually come to make a purchase from you? What are the exact steps they take from becoming aware of your product or service, to actually making a first-time purchase? How do you retain them as a customer? At what points in their customer journey can you interact with them, and in what ways?