Consultants: How To Work With ONLY 'The Rolls Royce' of Your Market
Do you ever wake up wishing you were more excited, and less stressed, during your work day?
Do you feel that is you only worked with, say, the top 20% of your market that you'd have more energy - more pep in your step - and you'd be able to truly enjoy your business again?
If you said 'yes', you're absolutely right!
Since I love the idea of transparency, I'd like to be honest with you: when I first began my business, I had no idea who to work with and who to stay away from.
As the years passed, I eventually began to develop these "red flags" that steered me away from certain business - which became a total blessing! Oh trust me, I went through the painful stage of feeling like I have to work with anyone and everyone who asks for help, because - hey, who was I to turn down business...right?
Today, if you're currently feeling as though:
- you're overwhelmed by the amount - and type - of people you currently work with, and you're looking for something (anything!) to give you a hand
- or, you're currently overwhelmed AND beginning to lose joy in your business...
I want you to pay very close attention, because this article is specifically for you.
EXPERIENCE, RED FLAGS AND CLARIFICATION
Instead of you having to wait years to go through painful amounts of growing 'experience...
instead of you having to invest emotionally in the tedious process of developing your own internal 'red flag' system...
I'd like to remove ALL of that out of your way and skip straight to the part where this article helps you better identify what type of businesses and people you should just plain, ol' avoid altogether
so you don't have to waste anymore of your valuable time or resources connecting with portions of your market that aren't "mature enough" for your services just yet.
HOW DO WE DO THAT?
STEP 1: WE HAVE TO IDENTIFY.
You see, one of the single, biggest mistakes that I made - and you're most likely making right now - is identifying and then committing.
It starts with identifying the types of clients you know for a fact that you can help achieve immediate results for; that's your first demographic inside of your market.
HOW DO WE IDENTIFY OUR FIRST DEMOGRAPHIC?
Identifying your first demographic begins by establishing a filter - more specifically: your qualification process.
Operating a business, you come to understand that everything you do has a cost - whether it's time or money - so learning how to optimize your time for the highest return of money should be a top on your To-Do list.
5 VALUABLE REASONS WHY A QUALIFICATION PROCESS IS SO IMPORTANT
- It OPTIMIZES your time!
- It ensures that all your activities impact revenue for the positive.
- It exposes problems within the opportunity - giving you extra space to provide value.
- Provides clarity for "the next step".
- Eliminates surprises.
That being said, we would want to create qualifications that allow you to filter out the ones that are unqualified to work with you, or have the potential to be too problematic for the price. Start by asking yourself:
Examples of qualifications could be:
- brick-and-mortar business owners within a 50-mile radius
- e-commerce entrepreneurs within the USA, Canada and United Kingdom
- business owners who've achieved $-amount of sales within the last year
- start-ups with a certain $-amount of investments in place
- part-time 'preneurs that have ZERO experience
- [they] must have an ad budget of at least $1,000 per month
- their email list has to be - at minimum - 2,500
- a business that has only sold locally but is looking to expand digitally
The qualifications you determine will all depend on the service you provide and the skills you currently have. But no matter the answer, that's where you start.
STEP 2: USE A FORM BUILDER TO CRAFT YOUR PROCESS & QUALIFY YOUR LEADS.
From my personal experience, the form builders we'd recommend would be: Infusionsoft Forms, Survey Gizmo or Wufoo.
[EXPERT TIP] Think about who your perfect client is and create qualifications so only that type of person will be qualified. Don't worry if you think that you're excluding a large majority of your market.
THE GOLD RULE OF SALES: IF YOU TRY TO SELL TO EVERYONE, YOU WILL END UP SELLING TO NO ONE!
What happens next in the process is completely natural. We as humans want what we can't have.
So when you begin to create your sales process and implement your qualifying form, remember that only the people who fit a certain mold will be purchasing.
The psychology behind this is that once you get someone interested in your product or service you want to "take it away."
We do this for multiple reasons:
1. It allows people to see that your product or service is not for everyone.
2. It shows people that they MUST have "X,Y,Z" in place for them to get the results you promise.
Once your lead gets to this point, they'll have to have a necessary internal battle with themselves. Most people who don't fit the mold won't buy. The ones that do will feel like you made that product or service specifically for them.
Once we started implementing this process, we were able to work with less clients (more of a personal touch) and earn more for our business.
STEP 3: NORDSTROM VS WAL-MART & FOCUSING ON HOW YOU'RE TALKING TO YOUR MARKET.
If you're selling a premium service and want to attract premium clients, don't sell yourself as a discount consultant. You don't see people shopping at Nordstrom being swayed to Wal-Mart, do you?
That's because the message to their individual markets are 100% different.
People shopping at Wal-Mart expect low prices and their ultimate focus is on how much they're going to save.
People who shop at Nordstrom expect higher prices with their ultimate focus being on the premier value, benefit and quality of the products - price is never the issue with these folks.
Which company do you think has less refunds and better customer feedback?
If you guessed Nordstrom, you'd be right!
That's because Nordstrom focuses only on the top 20% of their market and Wal-Mart focuses on the other 80%.
Wal-Mart knows if they try to present the message to Nordstrom buyers that they'll be turned off by the idea of low prices and more money saved.
Likewise, Nordstrom knows that the buyers of Wal-Mart wouldn't be tickled by the idea of shelling out 4-5 figures on clothes, purses, shades or shoes because it would deplete their savings and that's not worth it to them.
You have to continuously ask yourself if the message you're marketing matches the portion of that market that you're ultimately aiming for...
Are you finding an influx of interested but ultimately unqualified leads coming into your process?
Are you finding an increase in refunds, chargebacks or complaints?
Then you've most likely got a message-to-market mismatch, which is exactly why having a qualification process in place is so helpful. It can quickly help you determine if there's a glitch in your marketing without it costing you your entire ad budget!
TO WRAP IT UP
If you're savvy to the idea of optimizing your time and producing more revenue for your bottom line, then it's important you implement a qualification process and match your marketing to the portion of your top 20% market share.
To do that, you simply:
- We have to identify our first demographic.
- Establish the qualifications of our ideal client or customer.
- Match the message to the correct portion of that market - ideally, the top 20%!
When you do this right, you'll be on your way to making more money in your business and working less without all the stress.
If you're not sure how to get all this together, let's get together for 75 minutes so you can get the resources you need and we'll can create a unique and custom strategy tailored to your business (for FREE).
In the meantime, take the information shared today and begin to implement it within your business. Identify - Craft - Match and watch what happens!
Owner, Northwicks Consulting, LLC