Is it possible that too much opportunity could ever be a bad thing for your business? At Highwood & Associates, we think so. Marketing to every potential client can be disastrous for your business. From using marking resource ineffectively, to drowning your employees in work that is time-consuming and low-value, you need to narrow your focus to become more profitable.
Meghan Frank, the Global Marketing Director at LexisNexis Legal & Professional Software Solutions, said:
”To keep their firms moving forward, marketing and business development leaders will need to focus pursuit efforts with a streamlined approach that provides efficient and effective win paths.”
In this post, we identify why you should only market to your ideal clients, and some ways to do so.
Determine your most profitable areas of work
Many businesses we work with take the approach that getting in any work at all will help drive profit in their business. However, it is clear that when we look closely at their accounts, some types of work are far more profitable than others. Keeping your employees busy with low-value work can be demotivating, reduce productivity, and can even mean that you are not adequately resourced to take on high-value projects. This can have a significant impact on your bottom line. We can work with you to assess the work you are bringing in, find the most profitable areas and develop a strategy for attracting more of that type of work.
Measure your marketing efforts
What gets measured, gets managed. Make sure you utilise Google Analytics to track your online marketing efforts including rankings, traffic to your website, social media engagements and search queries. You can use this data to identify patterns of what your clients are looking for, and which of your areas of business regularly convert into good profitable work. Once you have identified the best performing areas, focus your marketing efforts to win more business.
Only marketing to your ideal customer – aka, the customer profile that provides the type of work that is most profitable to your firm – can help you to develop a stable business you are proud to be a part of.
Contact Highwood & Associates for more information and advice about making your business more profitable. Call us today or complete our online enquiry form and a member of the team will get back to you.