Knowing your customers is just as important as knowing your competition.

You have both internal and external customers. Internal customers are those that you need in your business. Your staff, team, vendors, and advisors. Anyone who helps you also helps your customers in an indirect way. Your external customers are those that use or rely on your products or services. Without both, you don’t have a business, but without external customers you can’t have internal customers.

Focusing on Your Customer is Important.

Do you know what your customers value? Want? Need? Expect? How does your product or service change their life?

Are there any customers you have that you don’t want? Who are your high value and low value customers? Have you thought through how to get more of the high value customers and less of the low value ones?

Your business resources, including your time and the time of your team(s) are limited. You will want these going towards acquiring more of the customers you want. To make that shift you need to know who they are first.

If you apply the 80-20 rule to your business, you will probably see that 80% of your revenue comes from 20% of your customers. Imagine how your business would grow if you found more customers that fit into that 80%? Are you ready to fire the 80% of the customers that only contribute 20% of your revenue? What would the impact of that choice be? If you say “I would lose 20% of my revenue” you are missing the big picture of time and resource allocation.

Want to learn more? Let’s connect.

Adapted from “Clarity 1.7 Know Your Customers” by FocalPoint Coaching and Training Excellence, Copyright 2018, by Brian Tracy and Campbell Fraser. Reprinted with permission.