From the course: Small Business Secrets

Discovering your most valuable customers

From the course: Small Business Secrets

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Discovering your most valuable customers

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Everything in small business begins and ends with the customer. It's your job to make customers happy. And that's what makes your business money, is making them happy. Giving them what they want, maybe even going beyond what they want. But, not all customers are created equal. In this video I want to walk you through a worksheet to help you identify your best customers, what I call your most valuable customers. Your MVC, or most valuable customer, is the profile of the kind of person who is best to do business with. Now, not every business has the same most valuable customer. It's not that there are good people and bad people, it's just that there are people who are a better fit for your business than others. So, starting at the top of this worksheet, I want you to list the top three customers that you do business with, currently. Or, if you don't have any customers yet, if you just started your business list, the top three customers in your mind that you'd like to do business with. Now think about those customers, imagine them in your mind. And in the next section where it says demographics, we want to come up with the commonalities between those three customers. What is their general age range? Which gender do they lend toward, male or female? What is their general income? Where do they live in terms of geography, and what other features demographics wise do they share in common? Now keep in mind that when we're hiring people or for most other purposes, we don't want to discriminate based on age or gender. In a marketing context though or identifying your customers, not only is it appropriate, it's necessary because we want to focus all of our marketing, all of our sales on a particular type of person. Now, look again at those three people, and let's take a look at their psychographics. Now, what does that big word mean? Psychographics simply represent what's going on in their head. What's their psychology? So in the first column, what are the activities that they share in common? What are their interest, what kind of hobbies are they involved in? What opinions do they have or do they lean towards a particular political party or another? What are their attitudes about life in general, and what values do they share in common? By clearly identifying your most valuable customer, you'll make it easier to sell to them, to cater everything about the customer experience to their unique needs. Identifying that most valuable customer clearly, is the foundation for running a successful small business.

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