As entreprenuers and business owners, we are constantly thinking about bringing in more customers. The idea that more customers will equate to more profits drives us to spend massive amounts of time, effort and money on effective marketing, branding, and outreach. However, Russell Ruffino challenged the more is better method with astonishing success.
So, the big question here is, “Is it best to have more customers or better customers?”
Think About Your BEST Customer
After reading this title, did you choose more customers? If you’re like most entreprenuers and business owners and managers, you instantly thought “I would rather have more customers.” However, every business has their best customer. Think about yours. Which customer do you make the most money through? How much money do you make? How much time do you need to spend in order to make the money? How does it make you feel when you know that you’re working for a GREAT customer?
Think About MOST Of Your Customers
If your business or venture is like most, the vast majority of your customers don’t rank even close to your best customer. The majority of your customers generate less money and take more time to deal with. But you love them because they keep your business alive right?
What If You Started Focusing On Driving More GREAT Customers?
Think about it. How many normal customers does your business have to serve to make the amount of money that it makes when it serves your best customer? For example, let’s say that you have a consulting business, and your biggest customer pays you $10,000 per month while your average customer only pays you $500 per month. It takes 20 average customers to make the same amount of money that you make with one great customer.
There’s a big problem with this. Often times, the vast majority of customers that don’t generate the amount of money that good customers do take up time, effort and involvement. So, businesses often find themselves struggling to take care of their biggest customers and keep the masses happy.
Read The Title Of This Article Again
Has your answer changed? Chances are that now that you’re thinking about what low profit customers cause within your business and the benefit of higher-dollar customers, chances are that you’d rather have better customers. After all, who wouldn’t want to make more money with a smaller list of customers that allows their business to provide focused, quality service.
Now, the big question is how do you find those customers?
It’s Time To Change They Way You Think About Marketing
In the world of business, we tend to run on a more is better model. More customers is better than less, more eyeballs on an advertorial is best. More is better right?
Well, as the way you think about more and better customers likely has changed, it’s time to change the way that you think about marketing. Instead of marketing to the masses, hoping for more eyeballs, it’s time to create campaigns that are laser focused on driving great customers.
Many business owners have found that the best way to do this is through targeted social media advertising. Social networks are ultimately data engines, and because of the massive amounts of data within these engines, it’s possible to target only customers that would not only be interested in your products or services, but target demographics that are likely to convert to better customers.
For example, let’s say that your business is an investing service. Instead of marketing to the masses and getting customers that want to invest $100 and see where it goes, you can use social media to find wealthy individuals over 45 years old that are actively interested in investing. These customers are likely to be your big fish in your industry.
Business is an interesting thing. Successful entreprenuers tend to learn something new every day and implement it into their businesses in order to find success. I challenge you to do that with this article. For just one advertisement, try going social and targeting your ad to reach those who are most likely to be your better customers. You may be surprised at the results!