One of the things that I have to constantly emphasize to my marketing consulting clients is that it’s not about who NEEDS what they sell, it’s about who WANTS it.
That difference is huge, because your typical client might need your product or service, but you ideal client wants it, and want is a much more powerful motivator than need.
Prospects may or may not buy what they need, but they always buy what they want. If you know how to find your ideal client — the one who really desires your service — you can dominate your market.
Here’s what you need to know:
All customers and clients buy based on emotions, and wants are emotion-based. Needs are logic-based. When your product or service matches what your prospects specifically want, you will immediately begin to attract your ideal client.
Why you need to know this:
Your ideal client makes you the most money. In fact, if you are like the overwhelming majority of business owners, 80% of your revenue is generated by only 20% of your customers.
Those are your ideal clients. They love you and what you provide to them. They buy from you and you alone, and they will buy again and again. They sing your praises from the highest mountaintop. They send you tons of referrals and they give you unsolicited testimonials.
These are the folks who will make you rich.
The cost to you if you fail to act:
Think about this for a moment: A mere 20% of your current clients are producing 80% of your total business revenue. What if you could replace that remaining 80% of unproductive clients with more of your 20% clients? Do you realize your income would explode by 16 times or more?
If your revenues right now total $50,000 annually, you have the potential to increase your revenue by an additional $750,000. No kidding!
What could you accomplish with that much additional revenue?
What would that revenue mean to your business? What would that mean to your employees and vendors? What would that mean to the worthy causes you support?
Most importantly, what would that mean to your to your family?
Can you afford to continue to watch this much additional revenue fall into the pocket of your competition?
I didn’t think so. So don’t!
It’s up to every small business owner to take the initiative to develop these critical skills. Once they do, they often find themselves over time not just doing well in the marketplace, but dominating it.