How to Create a Relationship Strategy – Part 2 segmenting your list of people that you know, your clients, or perhaps the people who you would like to work with.
Step Two: Segment your List
Once you have a good list of criteria, you should list all your clients and rank them in terms of their potential for you in the coming year. Don’t worry so much about where they fit now. Think about their potential value to you in the next year or two.
To give an example, I worked with a healthcare technology company that went through this exercise. In its market, the company had previously gone after 5,500 prospects, and had 125 clients. After completing the Core Client criteria (using Step One, on the previous post), the owners narrowed their market down to 25 organizations that they would pursue going forward. Some were current clients and some were not, but they all met the following criteria:
- The potential to generate at least $1 million in revenue in the next year.
- The company had an existing relationship with them of some sort or another (e.g. client, ongoing contacts, prospecting meetings, a relationship with specific individuals from previous jobs), so that trust was already established.
- A visible position as a respected organization, and one that would be an excellent reference.
- Significant pain in areas where the technology company could help.
The company also noticed that 75% of its current clients did not meet these criteria! This was eye opening for the company and, as you will soon learn, its owners had to make a difficult choice about how best to handle these clients.
It is interesting that Andrew is suggesting that we do this process with our connections on a yearly basis. This excerise is simular to the one I have given about defining your client/customer. Doing it this way gives you another perspective in how to look at the people you are spending time with, of whom are not producing anything meaning full for you. As I am editing this post, I see how I can reduce the people who are on my lists.. by segmenting them.
Another one of my clients, I was asked to help them do their marketing and sales for. We did an exercise to help them define their best customers and direction. Here’s their outcome.
“A small chocolate company, which was owned by the mold maker, he partnered up with a gal to help him market the chocolate company. She decided that using molds they could go retail..that’s the direction she took the company. He, only wanted to make the molds..which he could take a company’s logo and carve a logo for them and make chocolates. After doing a simple exercise, we discovered together their prime marketplace was corporate/business speciality items.
Although the gal took the sales to retail did well, except now it would have taken a round of investment dollars to go further into retail. They also discovered that the retail market didn’t give them the profits to keep going. It was plain as day was..At this point they needed to make a decision of their direction, or start again.”
Needless to say, the gal didn’t want to heed the advice that we discovered and many other advisors gave them. I heard, a few months later that the business was closing.
It was sad for me to hear this..as the mold maker was very good at his craft of designing logo’s, great potential. This is what happens when you don’t take the time to listen or just be open to different ways of doing things.
Review the first step on How to create a relationship strategy
I also just reconnected with a fellow who is helping people like me to have the right messaging to reach my targeted audience. If you want to know more about him,
Another one of my clients, I was asked to help them do their marketing and sales for. We did an exercise to help them define their best customers and direction. Here’s their outcome.
“A small chocolate company, which was owned by the mold maker, he partnered up with a gal to help him market the chocolate company. She decided that using molds they could go retail..that’s the direction she took the company. He, only wanted to make the molds..which he could take a company’s logo and carve a logo for them and make chocolates. After doing a simple exercise, we discovered together their prime marketplace was corporate/business speciality items.
Although the gal took the sales to retail did well, except now it would have taken a round of investment dollars to go further into retail. They also discovered that the retail market didn’t give them the profits to keep going. It was plain as day was..At this point they needed to make a decision of their direction, or start again.”
Needless to say, the gal didn’t want to heed the advice that we discovered and many other advisors gave them. I heard, a few months later that the business was closing.
It was sad for me to hear this..as the mold maker was very good at his craft of designing logo’s, great potential. This is what happens when you don’t take the time to listen or just be open to different ways of doing things.
Review the first step on How to create a relationship strategy
I also just reconnected with a fellow who is helping people like me to have the right messaging to reach my targeted audience. If you want to know more about him, Derryl Kostynuik, Master of Creative Marketing
His LIVE TRAINING is every Tuesday at 10 am Mountain Time. (That’s 11 am Central, Noon Eastern, 9 am Pacific)
“Marketing Your Small Business – Your Roadmap To Success!”
Register here and join his presentation.
https://www.eventbrite.ca/x/st…
He does a good presentation.. there isn’t a sales pitch, he shows you why social media isn’t the only answer.
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