Written by: Daniel Mangena, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Attracting more clients for your business is no doubt something that you desire, but doing so can be far more complex than it might seem. So how can we ditch the time-wasters and attract more of the right clients?
Firstly, you need to identify who the right sort of client is.
Unless you own a chain of supermarkets and just want as many people through your door as possible in which case why are you reading this? whatever business you’re in, you’ll have an ideal client.
Someone who:
Recognizes the value that your product/services offered
Is engaged with your product/service
Integrates your product/service with their business or life
Pays on time and is happy to do so
Recommends you to other like-minded individuals
As the Pareto Principle demonstrates: 80% of your business’ revenue, will be coming from 20% of your clients. That also translates into 80% of your revenue coming from 20% of your and/or your staff’s labor.
Of course, the inverse is therefore also true: 20% of your revenue is coming from 80% of your efforts/clients.
How can you attract more of the top 20% and reduce the bottom 80%?
The first thing to draw your attention to, before we talk strategy, is that while this principle is observably true, it is not a line in the sand. What I mean by that is those on either side of the divide are not necessary firmly in one camp or the other. It’s a sliding scale.
You’ll have clients who sit just outside the top 20%. They can, with some very small changes, be brought into that top 20% bracket.
Want to know one very simple way to do this?
Put up your prices.
Yeah I know, that’s a prospect that fills a lot of you with anxiety, but here’s the thing: if you don’t, you’re just indulging in the bottom 20% of your clients who sap the majority of your efforts!
Price them out. You don’t want them as clients.
I’m sure that they’re nice people, but they are taking more from you than they’re giving back. Put another way: they’re not aligned with you and the goals you have for your business.
This is what lies at the heart of why they account for so much effort, for comparatively little reward. Both you and they are trying to force something, that simply isn’t aligned. You’re having to give them so much attention because they’re not right for you!
Moving those who are close to being in your top 20%, into the top 20% is where your focus should be. Even if you turn that 20% into 40% and lose all of the other 60% of your clients, you’ll still be at 160% of your previous revenue for less than half the work!
OK, that’s more advice about how to lose bad clients than it is how to gain new ones. Though I’d put it another way: it’s the first step to aligning yourself better with the types of clients you want to attract.
So how can you attract the right kind of new clients, who won’t waste your time and drain your resources?
Focus on your Money DNA.
“What on Earth is that??!”
Yeah I know, a bit of a strange term. It has merit though, so bear with me. Your Money DNA is essentially the innate blueprint, encoded within you, that dictates how you best make money. It means that some things will come easy to you, and others will feel like an uphill battle, or simply unknowable.
For example, some people simply can not earn passive income. Their Money DNA feeds a belief system that says that it’s not possible. They, therefore, believe that they have to work in order to earn money.
Fair enough! There’s nothing wrong with that and there’s no point fighting it if it works for you.
This is the crux of what I’m getting at: we’re convinced by TV, movies, and social media that our way of doing things is completely wrong. To live a new, abundant, wealthy lifestyle; you must first throw everything out of the window and adopt someone else’s way of doing it.
The cookie-cutter approach
This really doesn’t work and it’s why so many new business ventures fail. We’re being encouraged to get into a mindset that says there’s something inherently wrong with us and that the only path to success, is someone else’s.
This might sell a lot of books/courses/webinars but it’s leaving your success completely to chance. Unless your money DNA and belief systems just so happen to already be in total alignment with whatever program you’re attempting to master, you’ll be forcing it.
Create enough friction and the damn thing will catch fire and burn.
Don’t force it. It’s not that you can’t learn or unlearn things, rewire yourself and adapt to new strategies. You should always be striving for expansion and personal growth, but if you’re trying to push your business forward; start with what you’ve got!
Don’t fix what isn’t broken. The point is to expand and grow. Tearing down what is, isn’t growth.
By fully uncovering and embracing your Money DNA, you’ll have a highly tuned intuition about what is aligned with you. You’ll avoid not only the clients that don’t serve you but also the business strategies as well.
Just think what you could do with 80% of your time, energy, and productivity back under your control!
Daniel Mangena, Executive Contributor Brainz Magazine
Dan Mangena is a best-selling author, entrepreneur, philanthropist, and public speaker. Recently named in the Wall St Journal as a "Master of Success," he is completely self-made and has spent decades perfecting his world-class coaching methodology. His books, podcasts, events & retreats continue to help captains-of-industry and private individuals alike live an abundant, joyful, purpose-driven life. He offers many unique and effective free tools via his website.
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