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Aired on April 26, 2022
Episode 143
The Most Profitable Types of Clients Every Business Needs
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Attracting profitable clients is crucial for your business. Focus on SMBs, HNWIs, repeat customers, and corporate clients to diversify your client base and create long-term profitability. Understand their needs and provide exceptional value. Cultivate strong, mutually beneficial relationships for sustained growth!

The Most Profitable Types of Clients Every Business Needs

When it comes to building a successful business, one of the key elements is having a steady stream of profitable clients. These clients not only provide revenue, but they can also lead to valuable referrals and long-term relationships.

  • But what exactly makes a client profitable?
  • And how can you attract more of them to your business?

Let’s dive into the most profitable types of clients every business needs and how you can attract them.

Small and Medium-Sized Businesses (SMBs)

SMBs are the backbone of many economies around the world, and they can be incredibly lucrative clients for your business. These clients often value personalized attention and are willing to pay a premium for tailored solutions. By providing excellent customer service and customized offerings, you can build strong and lasting relationships with SMBs. Additionally, satisfied SMB clients are more likely to refer other businesses to your services, further expanding your client base.

High-Net-Worth Individuals (HNWIs)

HNWIs are individuals with significant financial resources and can be a goldmine for many businesses. Whether you’re in finance, real estate, or luxury goods, building relationships with HNWIs can lead to substantial revenue opportunities. These clients often value exclusivity, personalized service, and high-quality products or services. By catering to their specific needs and providing a VIP experience, you can attract and retain HNWIs as long-term, lucrative clients.

Repeat Customers

Repeat customers are arguably the most profitable type of clients for any business. Not only do they provide a consistent source of revenue, but they also require less marketing and sales effort to retain. By providing exceptional products and services, excellent customer support, and loyalty programs, you can encourage repeat business and turn one-time buyers into loyal, long-term clients. Additionally, satisfied repeat customers are more likely to refer others to your business, further expanding your customer base.

Corporate Clients

Securing corporate clients can be a game-changer for many businesses, especially in B2B industries. Corporate clients often have larger budgets, longer-term contracts, and the potential for high-volume sales. By understanding their specific needs, offering competitive pricing, and demonstrating a track record of success, you can position your business as a valuable partner for corporate clients. Landing a few key corporate clients can provide stability and significant revenue for your business.

Conclusion

Attracting profitable clients is essential for the growth and success of any business. By focusing on small and medium-sized businesses, high-net-worth individuals, repeat customers, and corporate clients, you can diversify your client base and create a solid foundation for long-term profitability. Remember, the key to attracting these types of clients lies in understanding their unique needs and providing exceptional value and service.

By doing so, you can cultivate strong, mutually beneficial relationships that will fuel your business’s growth for years to come!

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Biggest Takeaways:   

  • If you have 10 different things that you sell, two of those are likely to produce the greatest amount of results in your business.
  • Our most profitable types of clients are typically the ones that fall into that bucket because they are our dream clients.
  • If you pour gas on something that is so diffused, it’s going to be really hard for you to get up enough of a flame that you could even roast a marshmallow on it.
  • It’s not just about the sale, it’s about what it costs you in order to make that sale and continue to service that sale too.
  • You want to make more and spend less.
  • If you’re looking at different tools and different strategies to be able to drive traffic that will turn into leads, prospects into paying customers, then you need to be able to evaluate your results.
  • When you have the numbers in place, it’s going to make it a lot easier for you to understand what opportunities might be more profitable than others.
  • You don’t have to convince them if they value your expertise.

 

Highlights:

  • I want you to do this exercise with me [04:18]
  • Things for you to consider [08:47]
  • Some of the figures I want you to evaluate [09:57]
  • The second metric that I want you to really evaluate [11:58]
  • Average number of products or services: An important metric to understand [19:44]
  • The beautiful thing about being profitable [26:14]
  • Who are your most profitable clients [28:47]
  • If you want help to double your results without double the work [32:41]

 

🎙 Previously Episodes Mentioned on This Episode and Powerful Resource Episodes:

 

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