EPISODE IN BRIEF
In this episode, Nick and Chris delve into practical ways to help you identify your ideal customer. Are you in a business that can diversify your offering to help you open up a new market? What skillset or resources do you currently have access to that can be re-purposed so you can expand?
Nick provides real-life examples of a maintenance company and a coffee company that did just that.
Why does Nick spend $25 per person to provide great value to hundreds for free….?
Like a good fishing story? Nick’s uncle was basically a fish whisperer… how did he have so much success every time he went out in his little tinnie? What can we business owners learn from his tricks of the trade? What did he do to ensure he never went back to shore empty-handed?
The guys outline key points to attract new customers or to expand the value of existing ones… so get a pen handy and let’s get into it.
Welcome to Coaching Conversations – March edition
Time Code/Show Notes
00:25 Welcome to the show and introduction. Today’s show is focused on “how to find your ideal customer.”
01:40 What’s the best way to refine, expand or fine-tune your focus to identify the ideal customer…?
02:17 Sometimes the ideal customer just shows themselves. Chance and happenstance (like all the recent rain and intense weather) bring new opportunities to those who are alert to new offerings. If a maintenance company can put a hand up for roof repairs, there’ll be plenty of bites around at the moment. Australia’s weather allows for many new opportunities regularly.
04:24 To find your ideal client – it pays to first identify the goal that you want to reach. Money and structure.
04:58 Nick provides a practical way one company can grow from $450k per year to $1.5 million. How? It’s vital to identify an audience or product that can bring in higher revenue and profitability margins. The aim is to use the same infrastructure (skills, people and resources on hand) to grow your offering into expanded opportunities… without needing to re-tool.
06:52 How a coffee machine maker expanded their product range and opened up a new lucrative market to grow into a whole new client base.
08:23 You need to look at your product or service and see if you can diversify it to related or complementary clients.
10:39 Why does Upcoach send out a free magazine that costs $25 per person to do so? What opportunity does this create? And what has fishing got to do with it?
13:04 Who buy vacuum cleaners these days? Things change, client profiles change and widen. How has uber-successful company Dyson recognized that and dominated as a result?
14:23 If 88% of marketing fails… you need to test your audience, refine your message and copy to generate leads and locate your ideal client base. How?
15:08 Nick’s uncle is a fishing legend. How did he have so much success every time he wet a line? Skill and knowledge are key. Adjusting the bait, the line, the location, where to position the hook under the water… how does that relate to your business success?
22:23 The key is to change the bait to suit the client you want. Know what your avatar (ideal client) is attracted to.
23:05 Summary of key points to attracting new clients.
EPISODE SUMMARY
In brief… Nick and Chris’ chat about identifying ideal customers.
- Identify the goal that you want to reach. What do the next 12-18 months look like financially and how you’re positioned.
- Identify your A,B,C client. Is it existing clients you can sell a new product, or new products to attract totally new clients? Adjust don’t retool.
- Cast the net. Test the waters to see what’s there
- Adjust the bait (message). Don’t fish in an area where there are too many other people fishing. Move the boat, move into new waters… free from the clutter.