Broaden your client base
Content provided by Sanlam. See Financial Solutions for Business Owners, for tailormade financial advice.
Clients are and remain the treasure of every business. This article will try to answer the following question: “Who is the ideal client for my business?”
1. Demographic indicators if my ideal client is an individual
I need to create a clear image of my ideal client in terms of:
- Age range
- Level of education
- Marital status
- With or without children [decide whether the age of the child(ren) is important]
2. Demographic indicators if my ideal client is a business
- Who is the decision-maker that will be approving the ‘sales’ transaction and do I have ready access to him/her?
- Which type of business has a need of my service/product?
- Where do I find this business?
3. A question of fit
Will my product/service solve a problem for my ideal client, or address a need that he/she may have? A fit between the problem/need of the client and my product/service is a good indication of who my ideal client may be.
4. An ideal client is a paying client
It is and remains important to do your homework in respect of a new client, with regard to his/her payment history and credit standing, especially if you will be granting credit terms.
5. Future business
Determine, at the very first transaction with a client, the possibility of selling them further products and services. Furthermore, it is a good practice to know the regularity with which a client will be requiring your product/service, so that you may put proactive sales follow-ups in place.
It is useful to classify your clients in terms of “share of purse”.
When you have a clear picture of your ideal client, it enables you to plan your marketing and sales transactions purposefully. Thereby your available resources are focused on approaching your chosen target market directly, with the potential for better business results.
Article written by Jannie Rossouw, Head: Sanlam Business Market
Copyright © Sanlam, 2016