Episode 348: How To Get High-Value Clients!
In the competitive business landscape, acquiring high-value clients is essential for generating more revenue and making more money. However, many businesses struggle to identify and target these valuable clients within their target market.
In another edition of #AskAdam, Adam Stott discusses strategies for identifying and targeting high-value clients within your target market. He shares examples from his businesses to illustrate how identifying and targeting the best buyers can lead to faster growth and increased revenue.
Show Highlights:
- Knowing your ideal client is crucial for targeting high-value clients.
- Analyze your current clients and identify the top five who are the best buyers.
- Creating a message for your ideal client that addresses their specific problems and challenges.
- Invest your time and resources in reaching out to your clients.
- Build trust and cultivate long-lasting relationships with high-value clients.
Links Mentioned:
Get your Business Growth Secrets SUCCESS PLANNER for FREE and profit like a pro: https://adamstottplanner.com/free-book47315172
Adams website: https://adamstott.com/?el=Pod
Watch the Episode on Adam’s YouTube Channel: https://www.youtube.com/adamstottcoach?el=Pod
Connect with Adam on Instagram: https://www.instagram.com/adamstottcoach/?el=Pod
Join Adam’s network on LinkedIn: https://www.linkedin.com/in/adam-stott-coach/?el=Pod
Business owners: Monetise social media, get more clients, increase your following, and make more sales: https://socialmediamonetisation.com/unlockfb?el=Pod
Coaches, Consultants, and Speakers: lower your marketing costs, increase ticket prices, and get more high-ticket clients: https://personalbrandunlocked.com/fb-event-reg?el=Pod
Transcript:
Please note this is a verbatim transcription from the original audio and therefore may include some minor grammatical errors.
[00:00:00] Adam Stott: Hi everybody and welcome back to Business Growth Secrets. Today we’re talking about high value clients, generating more revenue, making more money, pay close attention. Charlie’s got some great questions which have come in from our groups. What you got for us today, Charlie?
[00:00:15] Charlie: Yes. So, the first one is, can you discuss some of the strategies for, first of all, identifying and targeting higher value clients within your target market?
[00:00:25] Adam Stott: So strategies for acquiring higher value. Well, first thing you got to know which is do you know what it’s like This is like business 101 and many people just still don’t do it especially small businesses. You gotta know who your avatar is. Who are you aiming for? Who is the right type of client for your business?
[00:00:47] And the problem is most small businesses, they’re like, well, you know, you know, everyone, or they do demographic targeting. So they target people between the age of 25 and 30 living in London from this mile radius of this, like this, like that. And they do very much on the demographics where what I’m looking for, if you want a high value, high, okay.
[00:01:06] Target rich client. You say, who is the best buyer? of my product or service. Not who is a buyer of your product or service. There’s thousands of buyers for your product. So who’s the best buyer? I, when they buy the product or service that I have, that they are delighted, they love the value they get, and I think they’ve got incredible value.
[00:01:32] Who’s the best buyer? So the first thing I would do is I would shift your thinking from not who is a customer, who is a client, to who is the best customer. The ideal. Who is the best client for my business. Yeah, like your ideal client who would be, and when you say ideal clients, it’s been thrown around a little bit.
[00:01:51] Ideal client and people Still switch. Yeah, so I like the idea of not saying idle client. Who is the
[00:01:58] Charlie: best? Yeah, who’s the best
[00:02:00] Adam Stott: buyer?
[00:02:00] Charlie: Yeah,
[00:02:01] Adam Stott: And when we know that so what does a best buyer look like a best buyer looks like Someone wants your product. Yeah needs your product is able to afford your product Is willing to take action is hungry ie they need it now and somebody that is going to get More value from what you offer than how much they pay.
[00:02:29] Yeah. So they’re going to be happy, which is really important as well. Now, if we say who is the person that meets those elements, those criteria, what we can find is a really high value target to go and look at having a conversation with and we can acquire better, better customers faster. Now, frankly, most.
[00:02:52] business owners, most small business owners don’t do that work. Yeah. Don’t ask themselves those questions. They feel like when they’re challenged with that, that feels difficult. Yeah. And they’re saying to themselves, do I really need to know the answer to that? And perhaps they can’t see the vision of getting a best buyer in their business.
[00:03:13] And because of that, They feel like they can’t take that action and they revert to type where I would challenge Small business owners to say who is the best buyer that you’ve got right now So one of the ways I would do this, how would you transition as I say that you’ve got? Yeah Not you’ve got 500 customers now or however many is 50 customers, whatever out of those 50 customers 50 clients Who are the top five?
[00:03:41] Charlie: Yeah,
[00:03:42] Adam Stott: why are they the top five? You What do they look like? What do they do with your product or service? What do they say about your product or service? How do they see your product or service? How do they feel about your product or service? How are they using your product or service? What are they using your product or service instead of for?
[00:04:00] And now we’re looking at, now we’re getting to know five people in a real good quality way. And now we’re getting to know those five people in a really good quality way. It becomes very easy because I look at these five people
[00:04:14] Charlie: on
[00:04:14] Adam Stott: my 50 clients and these five They love me. They love what we do. They love the product
[00:04:22] Charlie: or
[00:04:22] Adam Stott: the service.
[00:04:24] They want more of it They’re enjoying it. They rave about it. Yeah, they’re brilliant. They can afford it. Yeah, and they’re saying good things about it So all I need to do is not worry about the other 45 I need to say is how do I replicate these five figure out what they’ve got in common exactly So now we look at the trends What are the trends?
[00:04:43] I mean, you might look at your 50 these five are all schools, you know, for example, and these are nurseries, these 45 and these are, you know, individuals or private customers, but these are schools. Well, why don’t you just go after more schools? And this is what people miss. And hopefully someone that perhaps before they come and listen to this and didn’t really get this.
[00:05:09] Hopefully that short.
[00:05:11] Charlie: example can
[00:05:12] Adam Stott: bring the vision to life for someone is actually, no, look at, because this is the bottom line. The bottom line is. 80 percent of your revenue usually comes from 20 percent of your customers, right? As your clients. So it would make a lot more sense to go and get more high revenue customers, clients for your business.
[00:05:34] And the best way to do that is look at Who do you love dealing with right now? Who loves your product or service? Who affords your product or service willingly? Who offers you no aggravation? I’ve had this for years and years and years in different businesses.
[00:05:46] Charlie: Analyzing your data and your customers.
[00:05:48] Adam Stott: Yeah. And look, you know, I’ll give you, this is an easy one. I’ll give you a few examples here, but let’s just take a couple of examples from businesses I’ve had. Let’s take a finance business. I had a first business I ever started was asset finance. So what we used to do is we used to lend money on behalf of investors.
[00:06:09] major corporations like Lombard, ING Lease. And we used to lend people money to buy assets. So those assets could be cars. Those assets could be vans. They could be tractors. There could be any type of asset, right? And you’d think, you know, the best buyer, who would be the best buyer there? Well, I had lots of clients that would buy a Ferrari on finance.
[00:06:32] And we make a load of money, et cetera, et cetera, et cetera. But you know, the best bar was the best buyer was somebody that had 10 vans. Yeah. They did not care about the 10 vans. I just needed the funding in place to get them so they could make more money. They’d sign a piece of paper, not think twice about it, move on.
[00:06:52] Yeah. And then next week buy another 10 vans. The guy that’s got the Ferrari’s got a six month cycle. Do I want it? Do I not want it? Should I shop around for it? You know, all these different things. But actually the 10 vans was bang. Yeah. That’s an easy deal. I just earned as much on that as I would have done on the Ferrari deal that took six months.
[00:07:08] This one took six minutes.
[00:07:09] Charlie: Yeah.
[00:07:10] Adam Stott: So should I go for more Ferrari customers? Well, there ain’t actually that many Ferrari customers out there. Yeah. There’s a lot of van customers out there. Yeah. For sure. Yeah. Make sense? Yeah. So, so this is when you start to analyze. The types of moves that you’re making and current.
[00:07:24] Easiness for you, I mean, you don’t have to deal with them for six
[00:07:26] Charlie: months, quick, easy, and it’s going to give you more time as well as more profits, more time. Yeah.
[00:07:31] Adam Stott: So looking at things in that way and being more strategic with your customer. But I mean, even with what we do now, like our ideal client and the person that we really get fast results for.
[00:07:44] is somebody that has got a business that’s been through the proof of concept stage. Yeah. So they’ve probably worked really hard. Yeah. You know, they had lots of trial and error along the way and they finally broke through and now they’re generating a bit of revenue, but they don’t know how to grow it and they’re a bit stuck and they perhaps want to take their business from, you know, You know, just coming up to six figures and they want to build it over the next two, three years to seven figures.
[00:08:07] That’s a great person for us because we know that person is an entrepreneur because they’ve started a business. We know that they’ve got good risk appetite because they quit their job already. They’re hungry. They want to make it work. They’re, you know, they’ve got all those different aspects.
[00:08:22] Personalities. Exactly. You know, and do we serve startup businesses? Yes, we do.
[00:08:28] Charlie: Yeah.
[00:08:28] Adam Stott: You know, but it’s it’s going to take us a bit longer to help somebody to cultivate that idea, get them to take the risk, get them to stop in their job, create their side hustle, a bit longer.
[00:08:39] Charlie: Yeah.
[00:08:39] Adam Stott: Where we can actually take someone from six to seven figures in a year with the right strategy.
[00:08:44] So it’s a great. great person for us. Yeah. You know, so if you’re a six figure business owner and you’re watching this, yeah, get in touch. If you want to get to seven, come over. Really simple. But if you’re a startup business, we can help you too. Yeah. But our best buyer. The person we help the fastest would be that six because they’ve already got
[00:08:58] Charlie: that foundation.
[00:09:00] Yeah, absolutely. Perfect. No, I think that answer that perfectly. So then in terms of, so you found your ideal client, your best buyer, you found your best buyer. And so you say, let’s take the vans. What are some effective approaches for attracting more of those specific client?
[00:09:17] Like once you found your client, what are more
[00:09:19] Adam Stott: processes? The first thing to do, which most, almost every, nobody does is target those people.
[00:09:24] Charlie: Yeah.
[00:09:25] Adam Stott: So you now move your marketing efforts. You don’t need to market to them anymore. Now you stop wasting your time on the stuff that takes your time up and doesn’t make you any money in your business.
[00:09:35] And instead you start investing your time on the best buyers who are going to help your business to grow, that’s going to help you to make more money. So the first thing you do is target them. And now that you’ve got an idea of who they are, you’ve got a better profile, it’s much easier to call them out.
[00:09:50] You just saw me do that. You know exactly
[00:09:51] Charlie: who it is. You just saw me do it. I
[00:09:53] Adam Stott: literally just said, Hey, bang, if you’re watching, and someone that was watching went, That’s me. That’s me.
[00:09:59] Charlie: Yeah.
[00:10:00] Adam Stott: Oh,
[00:10:00] Charlie: yeah.
[00:10:01] Adam Stott: And it makes it much more magnetic.
[00:10:03] Charlie: Yeah, true. Yeah. Because
[00:10:04] Adam Stott: now that person’s like, Oh, yeah, that actually is me.
[00:10:07] He’s just told me he can help me. And you’re
[00:10:08] Charlie: saying that our speciality is working with these types of people because we find it the quickest way. Like you said, like, My specialty is getting rid of these vans. I know how to get rid of vans easily. Like, I’m so good at vans. Everyone’s vans. Oh he’s the best at vans.
[00:10:20] Adam Stott: Exactly.
[00:10:20] Charlie: Right. Yeah.
[00:10:21] Adam Stott: So, so first thing you’ve target them.
[00:10:24] Charlie: Yeah.
[00:10:24] Adam Stott: Then make sure you have a message for them. So target, then it’s message. How are you going to influence that person?
[00:10:32] Charlie: Yeah. So
[00:10:32] Adam Stott: I’ll give you another example. Someone with a six figure business has probably worked really hard, is now feeling Like they’ve got to take that step up, but perhaps they’re lacking the information.
[00:10:43] Yeah, they don’t know how to do it
[00:10:45] Charlie: Yeah,
[00:10:45] Adam Stott: they’re probably worried about hiring people in so you target what you know
[00:10:49] Charlie: is yeah, we use problems
[00:10:50] Adam Stott: exactly You know, they’re probably not building the right team. They feel like they’re doing everything themselves They feel like that perhaps isn’t enough Profit and money in the business to build a team to help them relinquish to control They feel stuck in a loop and now you can address those problems that person has Showing that you understand them and say well actually we can do this.
[00:11:09] Yeah with a simple replicable business model We can make that transition to 87 figures without the challenges.
[00:11:14] Charlie: Yeah,
[00:11:14] Adam Stott: and that’s very simple. Yeah,
[00:11:16] Charlie: that’s it. Yeah. No, yeah It seems so, you know, I mean when you plant when you say out and you find out this is a It’s a
[00:11:22] Adam Stott: pretty easy one, right? Yeah, it’s not You you know, something that we show our clients to do all the time, something we’re used to doing.
[00:11:29] Charlie: Okay, so yeah, so the final sort of question on that, so they’ve now, they’ve found the target, they’ve found the best buyer and they’ve targeted more of those best buyers. How would you And they create a message for them. And create a message. How would you focus on building the trust and cultivating the long lasting relationships with those high value clients?
[00:11:47] Adam Stott: So now it’s really easy. Yeah. This is how easy it can be. is because you’ve just done those steps that we just said you built the message. So what do you do now? Well, you take the case studies of you helping those five original people. You show how powerful the results you get for those five people are.
[00:12:07] Now we can show you Dan Salmon, great customer of ours. took a hundred thousand business to a million pounds in travel. You know, Adam Walker, another great client from us, 100, 000 stages, seven figure business. You know, Cam Saleem 250, 000 business to 10 million pound business. I’ll give you, I’ll give you a hundred different, yeah, more than that, hundreds of people that we’ve helped do that transition.
[00:12:28] And now people can see, ah, they did it. So you’ve got the case studies and the testimonies. You’ve got proof. You need to demonstrate proof. and evidence that one, you’ve done it. I mean, I can see I’ve done it multiple times, right? I’ve done it,
[00:12:42] Charlie: but now you’ve been
[00:12:43] Adam Stott: able to help and help other people demonstrate those elements to those people.
[00:12:48] And now you need to go and you need to put the message in front of them.
[00:12:52] Charlie: Yeah.
[00:12:52] Adam Stott: So now you, now we go back to the simple business model. Is what’s our top of funnel going to be? Now we know who we’re after. How are we going to put that message in front of them consistently? And then we just choose our traffic source.
[00:13:06] Are we going to use Google ads? Are we going to use direct marketing, direct sales? Are we going to use Facebook ads? Are we going to use YouTube ads? Are we going to use TikTok ads? Are we going to use email marketing? Are we going to use cold email? Are we going to use list buying? Now you choose your way.
[00:13:20] Now you’ve got a clear target. Now you can just go and hit them up.
[00:13:23] Charlie: Yeah. And that’s it. Simple. And that’s how you do it. There you go. Go make some money people, right?
[00:13:29] Adam Stott: Very simple. Yeah, no,
[00:13:30] Charlie: yeah.
[00:13:31] Adam Stott: So, so look, good questions today. Well done. And hopefully you’ve enjoyed that episode of Business Growth Secrets.
[00:13:36] Charlie keeps going out to our school groups and to our email database. getting your questions. If you have questions, put them in the comments. Charlie will will certainly see those, bring those topics up. We’re trying to make each one of these episodes based around a topic. Hopefully you’ve enjoyed today’s topic.
[00:13:55] Remember to share this with a business owner that can get massive value. And of course, I look forward to seeing and meeting you in person soon.