Does your company have 1000 customers? 750? 500? 250 or fewer? These numbers make for intimate relationships between the company and its buyers. You can be proud of making people’s lives better with your products and services. The absolutely best part of having a company with fewer than 1000 buyers is how easy it is to know them and customize for them.
You can know all of your buyers better and you can provide them with very personalized and highly valuable offerings. CEOs who are messaged to death about best practices and the resulting bland, conformist offerings, often ask me “Why would we go to all that trouble?”
Because the more customized your offerings are, and the higher the value they have for your buyers, the more willing they are to pay a price commensurate with that value. Commodities drive prices and profits down. Unique and customized offerings drive prices and profits up.
Use these intimate relationships to design and create unique high-value offerings. Remember, people are not their data: not their demographics, not their dollars spent, not their number of purchases. They are their needs, desires, foibles, and visions. When your company puts those personal qualities at the top of a buyer’s profile, you’ll have the opportunity to provide them extremely meaningful services and offerings they didn’t even think they wanted.
When a CEO is working with me on dramatic business growth, we spend 30 days deeply focusing on maximizing best buyer revenue. On Day One I ask the CEO to jot down a list of the company’s best buyers based on his or her instinct or gut feeling. Why? Data doesn’t tell you about motivation or the personal and emotional makeup of your buyers. That’s what I want you to keep in mind as you review your list.
We spend time talking about the personal characteristics of these people. Why did they get on the list as a best buyer? What do these people want for the future? What do they value?
Only after we’ve finalized the list do we look at the data on these people. We’ll see exactly what they’ve been buying and when. How long have they been a buyer of the company? How much did they spend in the past year? The CEO will aggregate the revenue from all best buyers to set a revenue increase goal from these buyers for the coming year. Knowing their history helps the CEO explore what else these buyers would like the company to offer.
CRM apps are fine for record keeping and keeping track of progress from inquiry to purchase. CRMs should be used by sales or account reps and customer service staff. BUT—CRMs put the CEO and other senior leadership in the wrong mindset when they wish to develop relationships that will maximize best buyer revenue. These buyers are so much more than their data.
For example, why would one buyer purchase large volumes of your low-value offerings? The dollar revenue may be substantial, but is that a best buyer? The opposite is the buyer who purchases one or two high-value offerings per year. That person is more likely to be on your best buyer list. Get to know the your buyers personally, customize offerings that meet their deepest desires and watch your revenue grow 15, 20 or 30% this year.