In today's publication here on $leofinance I will be talking about:
The importance of rejecting some customers and why you should do that with clear understanding
Look; try very hard to learn the importance of rejecting some certain customers; I do this a lot. Not all customers are good customers. A customer who pays you N1,000 but requires you to work back and forth isn't worth it. A customer who hires you as a professional but won't allow you to exercise your expertise isn't worth it. Of course, customer preference is important, but over-imposition, with total disregard for your professional advice, is a nightmare. A customer who requires more time, energy, attention, or risk than they are worth to your bottom line is not worth being your customer. I understand that sometimes, because you're in survival mode, you don't have any qualifications for those who will be your customers.
But believe me, not everyone is worth it, especially when the money is not something to write home about. Have you ever worked with a customer who pays a very little amount but takes the whole day bombarding you with different messages? Have you? Stressful, isn't it? Qualification is very important in this time and age. You want to work with customers that are the perfect fit. Qualification is the process of determining whether or not a customer is a good customer before they buy or hire you. By qualifying prospects before getting hooked with the prospect, you minimize the chance of wasting your time and resources on customers that are not worth it.
Have you ever run an ad or made a post about something without putting a price and got tons of people only to spend the whole day talking to people who can't afford the product or service? You could have hundreds of prospects message you without getting a single sale. Imagine the stress. This is why I strongly advise you put a price tag on all your products on social media. You may not get as many messages as possible, but the very few that eventually send you a message have a greater chance of buying. Aside from a price tag, there are other means you can qualify prospects to ensure they are the perfect fit for your business.
Here are some:
- Fit with Your Ideal Customer Profile: Ensure they align with the characteristics of your ideal customer, including demographics, industry, and company size.
- Needs and Pain Points: Understand their specific needs and pain points that your product or service can address. This ensures a meaningful solution for them.
- Budget Alignment: While price is a factor, ensuring their budget aligns with the value you provide is crucial for a sustainable partnership.
- Timeline: Check if their timeline for implementing a solution aligns with your capabilities and availability.
- Decision-Making Authority: Identify if the prospect has the authority to make decisions or if there are other stakeholders involved.
- Cultural Fit: Assess whether there's a cultural fit between your company and the prospect, as this can impact the long-term success of the relationship.
- Compatibility with Your Values: Ensure their values and ethics align with your business values for a more harmonious partnership.
- Existing Vendor Relationships: Understand if they currently work with similar vendors or have existing commitments that might affect their decision-making process.
By evaluating these aspects, you can better qualify prospects and increase the likelihood of a successful and mutually beneficial business relationship.
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