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Huge Value Unlock for Your Business

Name: Huge Value Unlock for Your Business
Uploaded: 2024-08-25T01:30:25+00:00
Duration: 54 s
Channel: Shanli Liu, CPA, CTP
Description: In this concise talk, Shanli Liu, CPA, CTP, explains a practical framework for unlocking significant business value by zero‑in on the most profitable…

25 Aug 2024 · 1 min

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In this concise talk, Shanli Liu, CPA, CTP, explains a practical framework for unlocking significant business value by zero‑in on the most profitable customers. She advises first to isolate the top 10‑20 % of customers who generate the best results, then analyze what they share across demographics, psychographics, geography, and activities. From this analysis, select a handful (1‑4) of defining traits that uniquely describe these high‑value clients. Use those traits to create laser‑focused marketing and service strategies, and be prepared to decline work from prospects who don’t match the ideal profile. The “napkin” version of the method is simply to think about the clients you love serving most and replicate their commonalities.

Chapters

This is for everybody. I do this with honestly more than half the businesses that I buy, and it's one of the biggest value unlocks you can possibly do in your business. Look at all the customers that you have sold. Look at the ones that are the top 20% or the top 10% that have done really well. Then look at all of them and say, what do all these people have in common? And specifically, what do they have or not have that everybody else has or doesn't have? And the idea is that you want to select 1, 2, 3, maybe 4 characteristics that make them unique. Do you think demographics? What do they look like? Who are these people? Think psychographics, what are the things they believe? You think geographics, where they live? You think activities, what have they done or what did they do that other people didn't do? And when you put those things together, you'll be able to get really laser targeted on the type of customer that you provide the most value to. That's the formal way of doing it. The back of napkin way of doing it is think about the clients you love. Think about what those people have in common, the ones that you help the most. Just find those and be willing to say no to people who aren't that.