When I sat down and shared our business coach findings with the dentist, you could see in his eyes that his mind was about ready to explode at the thought of how much business (low-hanging fruit) he was letting slip through the cracks each year. His current patients were going to other dental offices because they simply did not know that he provided the services and financing options they were seeking. After the dentist emotionally recovered from the dropping of this bombshell, he decided to implement the use of a check-out checklist with which his team would educate every single patient about the services they offered and the financing options each patient had available to them. By simply doing this, he was able to increase sales by nearly 35%.
My friend, if you have not asked your customers what other services they are looking for that relate to the products and services your company has the capacity to offer, you are potentially missing out on thousands and thousands of dollars of sales and in many cases, you might be missing out on millions of dollars of sales. I have worked with funeral homes, basketball training facilities, wedding-related service providers, hotels, and businesses in nearly every kind of industry you can think of, and I have found that in almost every single case, most companies are not systematically cross-selling and up-selling in such a way that every single customer knows about every single product and service that you offer every single time. This must happen or you are leaving tons of money on the table.
5.8 – Business Coach Explains How To Identify Your Ideal and Likely Buyers: Find Their Needs and Sell Them Solutions
In order for you to have massive business coach success, you must take the time to sit down and clearly identify who your ideal and likely buyers truly are. You can’t simply say that every human with a pulse who lives within a certain distance of your business is an ideal and likely customer. Take the time to fill out the Ideal and Likely Buyer Identification Worksheet that we have provided for you at Thrive15.com and begin focusing on marketing to these people exclusively.
Fill out the Ideal and Likely Buyer Identification Worksheet at: www.Thrive15.com/IdealAndLikelyBuyerWorksheet
I once sat down with an insurance salesman to help him identify who his ideal and likely buyers truly were. After investing approximately 30 minutes, we both discovered that his ideal and likely buyers were only people who had a credit score of 700 or above, who were consistently employed, owned a home, and were married with children. The insurance brand that he represented always quoted insanely high insurance rates to people who had low credit scores and who were not married. He discovered that the time he invested in meeting with his non-ideal and non-likely buyers was more often than not a complete waste of time and almost never fruitful. When he met with non-ideal and non-likely buyers, the rates he was allowed to quote were insanely high compared to what these non-ideal and non-likely buyers were willing or able to pay. Once my client was able to clearly identify who his ideal and likely buyers truly were, he was able to make smart decisions that impacted nearly every aspect of his ongoing marketing campaign. Immediately he knew the networking groups he needed to stop attending, and he knew the ongoing advertising campaigns he needed to stop funding.
5.9 – Identify the Quick-Paying Ideal and Likely Buyers
Once you have clearly identified who your ideal and likely buyers are, you now must begin to identify which ideal and likely buyers have the highest likelihood of paying you the quickest. When I worked in the commercial real estate industry (as a partner in Fears & Clark Commercial Real Estate), we quickly identified that there were thousands and thousands of small business owners who were looking to sign commercial leases and thousands of business owners who were looking to buy buildings. However, we discovered that commercial leases typically took about three months to close from the time of our initial contact with the prospect, and commercial building sales typically took 12 months to close from the time of our initial contact with the investor. We decided that because we did not want to become homeless and because we did not want to raise skinny kids, we should focus on commercial leasing deals and not commercial real estate sales deals. In less than three years, we had closed nearly $27 million of commercial real estate transactions while many people we knew within the industry were still waiting to close their first deal after over nine months in the industry.
Fun Fact: Braxton Fears and I once represented Kanbar Properties, which was the commercial real estate portfolio of the Skyy Vodka Founder, Maurice Kanbar. Before they began selling off their assets, Kanbar Properties owned over one-third of the commercial real estate in downtown Tulsa.
If you run a business that sells products and services to other businesses, you can quickly put together a business coach profile of your ideal and likely buyers by identifying the following:
If you run a business that sells products and services direct to consumers, you can quickly put together a business coach profile of your ideal and likely buyers by identifying the following:
While building your ideal and likely buyers profile, this is no time to focus on being politically correct. Your number one priority must be to create a laser focus for your marketing efforts and campaigns. You don’t want to waste a single dollar marketing to the wrong crowd of people.
Learn more about my deep dive into the world of commercial real estate by visiting: http://www.kjrh.com/news/local-news/new-downtown-entertainment-district-coming-to-tulsa
Fill out Ideal and Likely Buyer Identification Worksheet