In this episode of the Fearless Business Podcast, host and coach Robin Waite shares his techniques for attracting the right kind of customer to your business.
In this solo episode of The Fearless Business Podcast, host Robin Waite shares his advice and secrets when attracting your dream client to your business. Throughout this episode, he discusses methods of attracting customers and identifying your dream client market.
Robin would instead go poor, homeless and destitute than accept a prospect into his coaching programme who isn’t necessarily the best fit. However, he empathises that not everyone has the privilege to be able to do this within their business, especially now times are hard, and everyone’s short on cash.
This is why entrepreneurs need to be aware of what to look out for when taking on clients for their business just so that if they did accept someone who wasn’t necessarily the best fit, they could ensure that they won’t prove detrimental further down the line. When conversing with a prospective client, be sure to look out for any red flags such as:
If someone isn’t the best fit but doesn’t have any of these red flags, then you should be okay. However, the perks of having a couple of dream clients in your business are certainly worth striving for. Dream clients provide you with more motivation, better testimonials and opportunities to expose you to other dream clients if things go to plan.
In business, it’s been drilled into entrepreneurs to have high conversion rates and make money no matter what. However, this can lead to some entrepreneurs falling into a toxic cycle of not saying no whilst taking on unsuitable clients. So if you are in the position to say no, how do you do it?
Well typically, most objections to rejecting a client stem from fear. Fear of going against what is generally considered the norm. When running a business, owners fall into the trap of becoming complacent and not saying no out of fear that they may not receive a customer again. Which, if your pricing strategy is correct, should be covered anyway. Learning to say no helps you in your search to find your dream client; it also allows you to assert yourself in business, which helps build your confidence.
Remember, the ideal conversion rate is 20 - 40 %; if your conversion rate is any higher, you 1. maybe accept the wrong types of clients onto your programme or 2. your prices are set too low. If your conversion rate is higher than the ideal amount, bite the bullet and increase your prices. You have nothing to lose. You will earn more money, and people will value you more as they see you as an investment rather than a bargain!
One of the best places to start identifying your dream client is by looking at your existing client base. When looking at this, Robin recommends doing the PITAF exercise, which stands for:
P - Pain
I - In
T - The
A - Arse
F - Factor
This exercise simply requires a piece of A3/4 paper which you draw a matrix on and a scale to go alongside. The on the horizontal axis, the scale should determine how much stress they are causing you as a client, and the vertical should outline how much they are paying you. Then, you plot your clients depending on where they fit on both scales. For example, if your client were a nightmare to work with and didn’t pay you enough money, they would go into the bottom right-hand quadrant. This method helps you view all your clients objectively and shows you where you are wrong when accepting clients and what clients you should take on more.
To find out more about attracting your dream client, listen to the episode above!
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