Boosting Business: The Power of Strategic Customer Selection
Growing your business in this challenging era is not easy. Strategic planning, customer selection, content creation, managing your employees… You name it!
But with the proper “vision” and “framework,” you can still skyrocket your sales and boost your business.
Here is my own methodology of customer selection and offer proposal that I have developed throughout a journey of 15+ working in business development.
6 Steps Framework to Business-boosting Customer Selection
These steps might not be very easy for many people, especially the first two! But this is the best way to grow.
1️⃣ Choose ONLY Customers Who Have Spending Power
We want everyone to be our customers, but this is wrong! One of the most critical for business growth is targeting customers with the financial means to invest in your products or services. This happens by intentional customer selection i.e. identifying and engaging with individuals or companies that have the spending power.
Please do not waste hours and days with a customer who will keep negotiating just to get a lower price for no reason! This is clearly NOT your customer! These people will deplete your energy in your customer selection journey.
2️⃣ Choose ONLY Customers Who Are Decision-Makers
Identify and engage with decision-makers within your target customer base. These individuals hold the power to say “yes” and can expedite the buying process. Your efforts will be more effective when you communicate with those with the authority to make purchasing decisions.
Please do not waste your time and energy with someone who will keep asking you to send them offers and presentations so that they will ask “their boss”. Go talk to the Boss himself!
3️⃣ Choose Customers in a Largely Growing Market Seek
Choosing to operate in a growing market provides a higher chance of success. Market trends can often fuel your business, helping you ride the wave of increasing demand for your products or services.
Please do not waste your time and energy with someone who keeps telling you how difficult they are to run their business now and how they are cutting costs heavily on everything!
4️⃣ Offer Them a “Solution,” Not Just a Product
In the age of customer-centricity, it’s crucial to understand that customers seek solutions to their problems. They don’t want more products/services. Position your offerings as solutions to their pain points. Emphasize how your product/service will improve their lives or business operations, and you will win!
How is that related to customer selection?
Find the customer who sees your product/service as a rescue, not something “nice to have”.
“Look for a customer with a broken arm, not with a headache, because the one with a broken arm will come running to you!”.
5️⃣ Offer Them Super Unmatched Value
Ensure that your value proposition exceeds the competition. This might include added services, personalized customer support, or innovative features that your competitors don’t offer. Exceeding expectations will keep your customers coming back for more and referring others.
6️⃣ Put a Good Price and Stick to It
Avoid pricing your products or services low, which could undermine your brand’s perceived value. Stick to a competitive but profitable price, and be transparent about it. Remember, your pricing is part of your brand’s recognition and reputation in the market. It also aids in customer selection; by choosing customers who would truly value your offering.
Bonus Step
Handle Negotiations Professionally
The ending of a sales process typically involves a detailed discussion of technical specifications, including features, timelines, pricing, and payment terms. This phase often serves as a negotiation point, particularly regarding price.
Two strategies can be employed:
1. Diverse Offerings: Present multiple options that vary in features. These should be car
efully constructed based on a precise understanding of the prospect’s needs.
2. Value Enhancement: Rather than discounting the price, consider augmenting the offer with additional features or services.
What if negotiations persist?
Remember, customer selection is paramount. If the prospect is still negotiating the price, it may be an indicator of an unsuitable fit. In such situations, end the interaction professionally and in a friendly way. You can also refer them to someone else. They will appreciate that & another person will appreciate your referral!
In my experience, there are usually two potential outcomes: the prospect would return to the negotiation table with a renewed interest in the enhanced offer or they would provide a positive referral to other potentially more fitting clients. In both scenarios, you win in the customer selection game!
Congratulations, you are on the right track for boosting your business now!
Finally, do you want to step ahead?
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