“The problem with entrepreneurship is we are often working really hard producing high quality products that no-one wants. The creation of stuff is not valued.” – Eric Ries
Every entrepreneur aims to have high value clients. Such clients can create a big difference in any business in terms of profitability. These clients are after superior quality and they do not care about its cost if the solution provides the proper ROI. But not all businesses are knowledgeable on ways to attract high value clients.
Determine Who You Serve and Who You Don’t
First of all, you have to define your ideal high value clients. Ryan Battles refers to this as your “customer avatar.” Take note that it is important to know and understand your niche for you to set up an effective communication strategy. To do so, you have to find out the type of individuals, companies, and industries that you want to work with. Also, determine what products or services that you want to offer them.
Meanwhile, you can’t just say ‘yes’ to every project that comes along your way. The problem with that is the opportunity cost. Don’t be stuck in a vicious competition where everyone is offering nothing unique. For instance, if you are known as a ‘website guy,’ you might have a business and compete with several providers in your industry. But if you specialize on information websites for Financial Advisors, you are actually attracting and retaining high-end clients. Then, that would be a better option.
Remember that the highest-paid consultants these days are specialists. They are best at their respective fields, the market knows it, and as a result, they get paid accordingly. This “specialist” mindset can be tough to cultivate when you’re used to taking on any project that comes to you. Recognize the value of your service or product and the more value you can offer to one narrow marketplace, the more highly you will be regarded in your field.
The Importance of Selling
Take note that selling is a significant component to be successful as a consultant. If you have potential clients, try to ask some people that they’ve previously worked with. This is your form of preparation. Nowadays, you can use social media platforms to help with this. For example, you can direct message any of your Twitter followers who fall in your niche market or search for a specific hashtag. Try to ask them on what problems do they have. Then finally, thank them for their time.
In this way, whenever you have an important appointment or sales call, you know what are the words and phrases that similar companies use to describe their problems. When a particular client asks on why they should hire you, you already have an advantage and there’s higher chance of closing more deals. You’ll get more referrals as well because you understand your clients’ situation.
Create a Group That Gathers Your Ideal Clients
It may take some time to build your own group. But for consultants, it’s incredibly effective. Being a consultant, you project yourself as a leader or someone that your potential clients can turn to for advice. Creating a group is one way to achieve this. You may create a forum for instance. This would be a venue where your ideal clients can gather and get to know you as the host.
I’m involved in a private Sales Slack group. Everyone in there is super helpful and active.
Another one is to get involved with an active LinkedIn Group. Then, invite several members that you imagine working with someday. This option is an effective way to connect with potential clients. You will also be showing them helpful content that you post.
For some, they may think that as long as they work on their products or services, then, the clients will just pour in. However, that is not the case. In order to get really strong clients, a particular business must completely understand the way their target market thinks and operates. The good thing is there are a number of ways to examine the psychology of your target clients. Then, you can find one narrow market and eventually command premium rates that the clients are willing to pay