It’s a goal most entrepreneurs ascribe to, enrolling high-value customers. Connecting with high-value customers seems so likely a concept and so easy to accomplish. The truth is there are a few things to be mindful of before going out on a campaign to harness a tribe of top-level prospects and convert them. As the image above reflects, it’s just as crucial for the candidates targeted that are both high-value as they are also high-quality.
Let’s break down what it will take to effectively navigate the prospect and customer landscape by taking a serious look at CLARITY.
The three most crucial rationale:
First, CLARITY OF PURPOSE is all About the WHY
As in everything attempted, understanding a clear and concise WHY it is so important to do so. By analyzing yours and your organization’s and goals and profoundly examining the overarching reasoning behind you striving to obtain whatever it is makes for the primary motivator to do so. You hear a great many business and marketing experts speak of “what’s your why” all the time. That’s because, without a clear understanding of it, you’ll more than likely falter. You might even stall on your progress toward the desired outcome.
Second, CLARITY OF PURSUIT is ABOUT WHO
Who are you? Who are you trying to serve? Without knowing who you are and who you are for, it’s nearly impossible and highly probable that you will fail in your endeavors. Therefore, thoroughly understanding what is inside you that can change someone’s life is only half the equation. The other half if who are you perfect for you to serve. Knowing precisely who the right person(s) will be drawn to you once you conquer these two aspects of connection.
Third, CLARITY OF VISION is ABOUT WHAT
What lifestyle do you seek? What type of customer will make your lifestyle a reality? What will your business require to manifest the number of customers and revenues to reach your lifestyle goals? What marketing and advertising strategies will you need to employ to get what you want?
Fourth, CLARITY OF PROCESS is ABOUT HOW
- How do you manage your business to produce the highest outcomes?
- How will prospects and customers react to your strategies?
- How are you going actually to dominate your marketplace?
- How will you keep the phone ringing, orders coming in, customers requesting more, and former customers returning?
This post mainly focuses on selling. Gaining the right clarity in all four of these issues will allow you to develop a clear and concise process for:
- Having confidence in your goals
- Understanding who you want to do business with
- Clarify the expected result
- Detail and systematize how you will accomplish this
I’ve shared the economic pyramid in the past, so this should not be a surprise. Populations are segmented automatically when dollars and cents come into play. The very top of the pyramid holds the wealthiest of the wealthy. These people can do anything they please, buy whatever they wish with absolutely no consideration of how much it will cost. That is why there are Timex® watches one can buy at around $30-40, and Patek Philippe® watches that can cost as much as $1.2 million. They both perform the same functions, telling time. Why then is there such a disparity? Because there is a market for both, and everywhere in between.
The next segment comprises of approximately 4%. High-value customers are wealthy, but they might carry some debt. If there is some, it is more than likely short-term debt at best. Debt may come in the way of second, third, or fourth homes, private jets, yachts, imported sports cars, beautiful artwork, and the like. Making sure there is enough in the checkbook to make almost any purchase isn’t their burden. They typically require time to move some money from one account to another. High-value customers are “high value” for a reason.
Beneath that is what most people refer to as the “middle class” of people here in the U.S. This ever-shrinking bank of wage earners bring home anywhere from $40,000 to $100,000 or a little more. They comprise roughly 15% of the population. These earners have mortgages, car notes, and credit card debt, having to live beyond their means to keep up with the Jones’. However, this group occasionally drifts up a notch but more likely to supports the “lower middle class,” an ever-growing segment burdened with debt in many forms, yet has enough money for basic needs like food, shelter, and clothing, but little else.
The lower-middle-class folks are the ones the burden of carrying this country’s economic force directly on their shoulders. Along with the upper-middle class, the revenue tax the IRS squeezes out of these hard-working individuals and families. They comprise approximately 20% of the market. They are price conscious, coupon-clipping, bargain hunters. Nothing wrong with any of this, just providing facts.
Holding up this pyramid of economic strata are the working poor, the welfare state, and the homeless. A whopping 60% of this country falls into this financial foundation. Elderly on Social Security choosing to eat dog food so they can afford their medications, and the more times than not, lazy generational poverty welfare state. And, I am not even counting the millions of benefit sucking illegal aliens benefiting from a misguided government.
Don’t Go Broke Over High-Value Customers
Very simply, this should open your eyes to where to focus your marketing. Operating as a “price provider” is synonymous with an eventual “going of business” sale without a fixed closing date. Everyone recognizes how challenging your competition is. That exists for every business, everywhere.
The difference is positioning yourself to the segments of the market that can afford your goods and services. Like the Timex® example, you can find relevant products or services that mirror that comparison. Shoes, clothing, automobiles, you name it. And, marketing agencies are no different. When companies operate as the price provider, they are under the delusion that even though they are making a profit per se, it isn’t enough to pay good wages to employees. They don’t live the type of life they dreamed of when they went into business for, nor is there enough left over for rainy days, expansion, retirement and the list goes on.
Targeting the upper strata of the economic pyramid is all about providing Value. Value is the differentiator. If you can build enough Value into your offerings, target the right audiences, and deliver a great customer experience, you can’t help but come out ahead.
We’ve covered being unique in the marketplace in the past; I won’t dwell on it here. Still, if you build your business on a Unique Selling Proposition (USP – I call it a unique service proposition), deliver outrageous customer experience, treat them unique in every way, you’ll win. You must demonstrate, through your marketing and business acumen, no competitor does what you do. If you come upon one, take your game up a notch.
Price doesn’t matter to most of the upper half of the pyramid as long as apparent Value exists. When you show up like no one else, when you are perceived to be different, and when you are proven better, when you outspend the competition, you will own top of mind awareness and have loyal customers and a built-in referral engine.
You won’t go broke if you focus on the customer, Value, and consistency in all things. Be the best you can be, and rewards will follow. High-Value Customers are attracted to high Value and are willing to pay for it.
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