4 Reasons Why You Should Narrow Your Prospect Funnel
Thursday, March 29, 2018
You love events. That’s a given, right? After all, you got into business to plan, design, cater or overall execute amazing events, so why wouldn’t you want to take on every chance you could to do what you love? You’ll find that the more you specialize and focus on attracting your ideal client, rather than marketing to any client who can afford you — or even worse, discounting your services — the more successful you’ll be.
Specializing doesn’t mean you can’t have more than one revenue stream. Instead, it’s about focusing on the clients you can service best. Your ideal clients move through the sales funnel quickest, understand your value and are willing to pay for it. In turn, you’re more apt to deliver an even better service experience to them, which brings me to my next favorite type of revenue: recurring.
Your events business should only focus on your ideal client, and here’s four reasons why:
You’ll save time.
Think about the last time you got a lead, held a qualifying call (hopefully), developed a proposal, sent off said proposal and, after all that, the contract didn’t close. I’d be willing to bet that you also had a few interactions in the middle, too. Maybe some follow-up on that proposal or some price adjustments. Sound right?
What if you could have better qualified that prospect up front and avoided everything after the “qualifying call” step? Those hours could then have been spent on the prospects who ask for the proposal only as a precursor to the contract. Spend more time and sales efforts on qualified prospects, who move through the funnel faster and close easier.
The more developed your ideal client persona is, the more equipped you are to identify who doesn’t fit the mold before you waste time going back and forth with someone who’s never going to buy. As a result, you’ll have more time to focus on your target client group.
You can’t be everything to everyone.
We’ve all heard the saying “Jack of all trades, master of none,” right? I’d bet money that you would prefer people to say “When it comes to [insert service/product] you have to talk to [insert your name here].”
In order to do that, focus your services on what you truly are the best at doing. Some call this their “genius zone,” others simply their “field of expertise,” but, whatever it is, you need to focus on it and market it. By defining your focus, you’ll bring in more leads looking for services that align with not only what you are best at doing, but also what you love to do.
Your qualified leads will increase.
This directly ties back to the above point. If you are known for being somewhat good at a lot of things, you are never seen as truly an expert. And if that’s how they see you or your company, why would someone pay you more than your competition for any of those services? They wouldn’t. If you want to grow your business, you need to market yourself as an expert in your field, and then the clients who need those particular services will come to you.
Your revenue will increase.
The riches are in the niches, friends. The more your expertise in the industry is recognized (yes, a good marketing and PR strategy is key here), the more revenue you can actually make. After all, wouldn’t you pay a little more for a true expert service provider or product than you would for a mediocre one?
Often times, what you pay for really is what you get. Plus, the more someone invests in a service or product financially, the more they expect to get a high-quality return. This is my case for why you should not discount your services. If you provide a quality service, then charge for it. Telling someone that your services are valued at $2,000 but you’re only charging $1,000 is a win for your clients, but a big loss for your company and your bank account.
By sticking to your guns, believing and communicating that you are the best at what you do, you will attract those who are looking and willing to pay for “the best” rather than “the bare minimum.”
Once you’ve got your core clientele, expand your business offerings (create multiple revenue streams) by also expanding your service or product providers. Find amazing employees and partners who are experts in their respective fields to allow you to round out your company’s offerings.
Focus on where you’re a force to be reckoned with, and market your services as such. If you expand your revenue streams with other experts, you’ll attract the clients who need you most — and are willing to pay for it.
D. Channing Muller is the principal and founder of DCM Communications, a marketing consulting firm based out of Chattanooga, Tennessee. She works primarily with event professionals and business owners to grow and scale their businesses through one-on-one and group coaching. She has over 15 years of experience in the communications industry, serving in top roles within marketing, magazine and web editorial, advertising and business development for a variety of media, software and PR companies in the United States and internationally. Follow her on Instagram @ChanningMuller.