Following are nine key takeaways I had from Mike’s presentation on how businesses become tremendously successful.
- Listing your clients by revenue
- Determining how much you enjoy working with each client
- Calculating your revenue per hour for each client
Doing this will help you identify your “sweet spot” — those clients with whom you enjoy working that generate the greatest revenue per hour.
Once you’ve identified your “sweet spot,” take the clients in your “sweet spot,” individually, out for lunch or dinner and ask them these three questions:
- What do you like about what I, or my company, is doing for you now?
- What do you not like about our industry? Asking the question this way enables your client to share what they don’t like about what you do without making it personal.
- What other vendors do you depend on? There are two reasons to ask this question: 1) you want to meet with these vendors to determine how you can better serve your mutual client; and, 2) after you have developed a good relationship with the vendor, they will become a better referral source than your client
Finally, there are three questions to ask yourself about all new opportunities that come your way:
- Does this new opportunity further promote my uniqueness?
- Does this new opportunity help me better serve my top clients?
- Will this new opportunity generate more profit?
Unless you can answer “yes” to all three questions, you are better off not pursuing the new opportunity and staying focused on providing your current clients outstanding service.
As I have written many times, and Mike affirms in this presentation, you must determine your strategic positioning — what makes you “different and better” than everyone else.
Once you have determined your strategic positioning, you must make an “all in” bet on it and stay focused on the process of finding customers that are like your best customers, in your “sweet spot,” rather than expanding your offering.
What steps do you take with your business to ensure it will be a remarkable success?