Do you want more clients?

Do you want more clients?

 

Do you want more clients? When I ask my clients this question, the same emphatic answer is always given which is YES!

But very few of them have identified their key target clients they would like to have or the products/services they wish to offer.

So you may wish to try using my “L V P” index for scoring the type of clients you wish to target and/or the type of services/products you want to concentrate on.

The first step is to examine your existing client base and score a selection of them between 1 and 10 across the following 3 areas:

L = Like            – do you like working with this client and enjoy dealing with them

V = Value        – do you think you provide value to the client

P = Profitable  – is this client profitable

Select a cross section of your clients which you consider fall into the small to large category range

I would also suggest that you look at Value again but ask the following question: “Does your client think that they get value from you?” You may be surprised to get a completely different score when you consider it from this angle.

You should then be able to identify those clients that score above 25 and these are the type of new customers you would love to attract.

The second step is to do the same exercise again but split up the product/services you give to your clients. For example, if you are an IT company you may sell computers, laptops, servers, cabling, IT consultancy, monthly maintenance etc.

Then score the different product/services and it should become clear those items that score above 25.

So now you have identified the type of client that you want to act for and what services/products you would like to deliver

Another attribute of performing this analysis is that at the other end of the spectrum you should be able to identify current clients that have a very low score. Some commentators refer to them as “vampires”! They do not value what you give them, they absorb a lot of your time and energy, they make you unhappy and they are not profitable – they suck the very blood out of you! There is a very simple solution to this situation – do not act for these clients and ask them to leave as quickly as possible. The main reason for doing this is that it will release your time and your staff’s time to act for clients that will help grow your business.

I hope this is helpful and if you have any questions or comments then please do not hesitate to contact us.

You may also wish to complete the business health check list on the home page on our web site which will help you bench mark where you are at the moment

If you would like to discuss any of the points above then please do send us an email to: kevin@kwaccounting.com

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