Depending only on one or two big clients is the perfect formula for business failure. Avoid this pitfall by creating a strategy that allows you to nurture a wide range of revenue mix clients. This video will give you tips on how to free yourself of this risk.
What does the phrase ‘having the right revenue mix of clients’ mean? Do your clients need to come from different countries? Or even have different backgrounds? Is it simply a diversity issue? Or does it mean just having enough people in your clientele so that you won’t have to worry about any impending issues? Well, if the same questions have popped up in your mind, then you’re on the right track!
Questioning what you’re doing is always a good way to determine if you’re satisfied with how things are running along. The worst state you can be in your business is to be in a state of stagnancy. Why? Because it means that your competition can catch up with you and even surpass you, given enough time. You shouldn’t waste time when it comes to constantly monitoring the growth of your business.
The Significance of Having the Right Revenue Mix of Clients
Nowadays, several IT firms and companies are more focused on the development of their products and services rather than their customer base. When it comes to customer feedback, they’d rather put it at the bottom of the list than prioritize it. What happens next is inevitable – people feel like their problems aren’t being taken seriously and they try to find the next product or service that will listen to their feedback.
But keep this in mind – the key to having a successful business isn’t just about keeping your customers happy, it’s about keeping several of them happy. This is why you need to have the right mix of clients.
Having the right revenue mix of clients ensures that your business isn’t relying on just one client! In the following portion of this article, we’ll tell you more about why it’s important to expand your horizons and not just stick to one.
Picking Your Target Audience
When it comes to your clients, you need to sort them out from the rest of the people who aren’t interested and unwilling to buy your products or services. This means that your marketing team should have a list of characteristics for the target audience. This is going to be a large crowd of people or customer base that you’ll need to screen the most promising ones in the hopes that they’ll stay with you for a very long time.
There is one thing you should always remember! Consider it a rule of thumb: any client cannot be more than 25% of your annual revenue. It would be disastrous if you only had two or three clients with you. When one of them leaves, it’ll be like having your leg cut off unexpectedly. You could survive and lean on the others but it would be very difficult and unwise.
Let’s avoid having to encounter that kind of problem in the future.
Expanding Your Target Audience
Once you have an ideal target audience in mind, the next thing you should do is work on is expanding that customer base. This means doing your research and pitching to the right people to get them on board with your product or service. If you have a dedicated business strategy consultant team, then rest assured that you’re on the right track to having the right revenue mix of clients.
Coaching Isn’t Just a Job – It’s A Passion!
Teachers and coaches play an important role in our lives. Many of our long-lasting lessons usually come from authority figures or teachers who taught us valuable insights about our lives. Many of these lessons and insights don’t just fade in time. In fact, we keep them as we grow older and learn to navigate ourselves in the future.
In this case, think of your business as something to nurture. Like a child who needs guidance in their life. Therefore, you need a teacher, a coach, or a business guru. If you’re looking to accelerate your business to the right path, then you should definitely contact Loading Growth!
Loading Growth has an easy three-step process, created by Ian Markram, to accelerate your profits, grow your businesses and achieve your desired outcomes. Rest assured that this has been a proven business roadmap, ensuring that you’ll become a leader and an influencer within the community. The best way to succeed in life is to have a good teacher. The gurus at Loading Growth are passionate and dedicated to their calling. To get started, just contact them at firstname.lastname@example.org!
Growing and Retaining Clients
Another thing to remember – you can’t just leave your clients to their own devices. You need to build a relationship with them, earn their trust, and not give them any reason to leave you off for another company or product. You have to constantly keep winning clients and growing them. When you do this with all of your clients, you can rest easy with the knowledge that you have the right revenue mix. It’s important to have a sustainable base where your business can continue with little to no bumps on the road.
If you’re asking yourself what you should do to keep your clients happy, then we have a fairly easy tip for you: listen to them. When you listen to your clients, they’ll feel like they matter to your business and they’ll be more than willing to stay.
Another tip is to keep things exciting. Nobody wants to stay in boring companies or less than subpar products and services. By keeping up with the trends, you can expect your client retention to go up!
Remember – a client’s value increases with time! The longer they’ve been with you, the less likely they are to switch to other services or companies.
Put Yourself In Your Client’s Shoes
When you put yourself up in your client’s shoes, then you can envision what it’s like to be them. You can look at what you’re offering from a different angle and a subjective point of view. You can even ask yourself critical questions. For example, what would you want a certain product or service to do? Is there anything the company can do to improve the user interface of the product? How can an IT consultancy business make this process easier in the long run?
It’s important to rely on feedback from the client but it’s also a good thing to be critical of yourself. When you’re aware of what you’re doing wrong or what isn’t working, then it becomes easier to fix those mistakes and get back on track!
At the end of the day, having the right revenue mix of clients isn’t just a safety net – it’s also a good business strategy. It’s a way to ensure that your product or service is growing with each day. And when it keeps growing and growing, you can expect it to reach even the highest peak of your success!
Growing a business isn’t easy. Keeping clients happy also isn’t easy. But that’s a given when you want nothing more than to share your product or service with the world. In this case, you just have to be smart about your choices but don’t be too stingy with your clients. Give them what they want, as long as it’s reasonable. In this day and age, there is nothing more important than loyal client