Have you ever calculated what your ‘ow’ clients have really cost you? Between the extra hours spent on the phone, miscommunications, frustration, and spent mental energy…it’s a recipe for diminishing ROI. The solution? Get more selective about your clientele! Today I’ll share how WOW clients can exponentially grow your revenue, allow you to command higher rates, and save you time finding new customers.
See transcript below:
Steve Napolitan: Welcome to More Business, More Life Daily. And today, we’re going to talk about more revenue, how when you only work with wow clients, how can you increase your revenue, even though it might sound like you’re having less clients, because you’re only working with the wow ones. But how can we turn that into more revenue? Let’s talk about that.
So how, when we’re only working with wow clients … And you might think that that’s a fraction of the clients you have, because maybe you’re sitting there right now and you have a few wow clients and then you have a whole bunch of okay ones, okay, okay, okay, okay, which I’m going to talk about in one of the next episodes, about how I don’t even work with okay ones anymore.
But our first goal is to get rid of the ow clients, right? Because those are like the cancer in our business, and I’m going to even talk deeper about that, too, how I’ve had ow clients that have just taken away from my business and it basically starts to destruct things. And actually, let’s just talk about that for a second. That’s actually what drains revenue, because if you have an ow client and you’re dealing with them, and maybe they’re upset … because it makes it downward spiral. One, it’s not fun working with them. We don’t like it. They probably don’t like it either, right? They’re surviving through this as well. Remember, I said a couple episodes ago, just because they’re an ow client doesn’t mean that they’re a bad person. They’re going to be a wow client for someone else.
So this is where it’s a combo of us not … Well, not a combo. It’s us not working with the right person that causes this frequency, a vibration of unhappiness on both parties. And then they’re going to go complain and we’re going to consume more time. It usually starts to suck our time. We have to make extra effort. We’re on the phone with them more to try to make them happy, and it just goes on and on and on and on. And so that drains revenue because then you can’t spend as much time doing business development, or maybe you were going to write a new book, or maybe you were going to do more marketing. But it takes hours and hours to manage this more.
And this might not be you. This might be your employees. Your staff are working on this and you’re draining time. And guess what? You pay for that. That takes away from ROI, because if those employees could go work on something else because they didn’t have to deal with these ow clients. When I go in with bigger companies, their customer service time goes down, because when you’re working with wow clients, everything tends to be understood, you’re working at a higher frequency, and the energy flows beautifully. It’s not saying it’s going to go to zero. Are they’re going to be some hiccups along the way? There could be. But a lot of times, because it’s so wow, they get remedied quicker and the clients trust you more because it’s more of this amazing experience they’re having. They’re able to rebound quicker. So this is something that is a must.
And then now let’s come to the higher revenue. So when you have more results and you’re having this magical moment with your wow clients, imagine this and even imagine in your own self, when you buy, when I buy from people, this also, to measure in, is that will you pay more for a wow experience? And for me, I’ll tell you it’s a yes. When I have a wow experience, I want to give more. When someone goes so far for me, I want to tip them more if I can. And in some cultures, you do that. In some cultures, you don’t. But you just want to give more.
And even if you’re not giving more, guess what you’re going to do? You’re going to show up more. So sometimes, you’ll pay more, which I have. Sometimes, you’re going to show up more. When it’s that wow experience, I’m going to come again. So then I’m going to have more transactions, and then will I work with that company longer or that individual? Absolutely. So when you look at the trifecta of growing …
Sorry. My video froze. So when you look at the trifecta of revenue, and this is how you look at growing and scaling, even people like Jay Abraham, who I learned from in my early years of marketing. He always said, “If you want to exponentially grow your revenue, you need to look at the trifecta. You need to have people pay more. You want to have them pay more times with you, so more transactions, and then you want to keep them longer,” right?
So if you do all of those things, all three, then you’re going to exponentially grow your business. And guess what happens with wow clients? You exponentially grow because you’re doing all three. When they’re wow, they typically pay more, they typically pay more frequently, and they typically pay for a longer period of time and work with you. I’ve had clients for years. Some of my clients have been with me over a decade because this is the magical moments that we create together. And then I don’t have to spend more time chasing new clients because I have great clients already.
Now, I can keep growing. Do I keep looking for new clients? Absolutely. But my frequency and my urgency can be less and I can spend more time nurturing and continuing to keep my clients. Customer service and the way that you handle your fulfillment is sales. It keeps your clients. And so that actually lifts the bar of the company because we don’t have as much urgency to get new clients. If you’re constantly losing clients and you have to constantly refill the coffer up, you have to keep getting more people in, then you’re going to be working way harder in your business.
So I hope this makes sense. You can have more revenue in multiple different ways, more transactions, longer term with the client, and/or paying higher prices because you’re working only with wow clients. I’m going to continue this on the next episode and just keep breaking down all the benefits of only working with wow clients. So I look forward to seeing you on there tomorrow.
And as always, please let me know what your value takeaway was. Please give me other questions so I can help you and continue to serve you. And as always, remember, choose gratitude and create freedom. Look forward to seeing you tomorrow.
STEVE NAPOLITAN, INC. © 2022 All rights reserved.
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