If you want to be a business builder, the secret is to figure out exactly what you're willing to pay to find/acquire a new client.
Typically, a realistic acquisition cost ranges from 5% to 25% of your fees for the lifetime of that client. This may seem expensive, but it's simply a good business decision to budget a part of your revenue to building your business.
Ten Steps to Living According to Lifetime Client Value
1. Identify and document your ideal customer. Get very specific. What are their job functions, key frustrations, buying behavior, lifestyle, age, willingness to advise you on new offerings, and typical spending habits with your firm? Do they value expertise and are they willing to pay a premium for good service, or are they transactional buyers who only care about price (a la WalMart?) Write down the percentage of firms in your portfolio that fit each description.
O.C., California Forum
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15.07.2019 10:03
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