Find your core customer
How To Get Total Clarity On The Identity Of Your Core Customer
If there’s one thing that most CEOs struggle with, it’s knowing who buys their company’s products. Early on in our coaching relationship, we ask our CEO clients to tell us about their core customer. Typically, they’ll give us two responses. The first is, ‘We don’t have one core customer, we have loads’. And the other? We’ll hear all about their average customer or their most numerous type of customer. Neither of these is their true core customer.
So instead, we ask the client to focus on a customer that represents the majority of their gross profit. Because this is the type of core customer that will drive future growth. It may not be immediately obvious. As Marshall Goldsmith said in his book of the same title, ‘What got you here won’t get you there’. It’s time to get deliberate about exactly where your future growth will come from. And it may not be what’s got you to this point.
Finding the right core customer could be the biggest single difference you make to your organisation. For some of our clients, it’s resulted in them doubling their business in 12 months. And forget what Simon Sinek says. I’ve always disagreed with his famous TED talk, ‘Start with Why?’ Instead, start with ‘Who?’ Who are you going to serve better than anyone else in the world? Who is going to buy from you at a maximum profit? It all sounds so simple. It’s actually deceptively hard. Based on our experience, here are our tips for getting total clarity on your core customer.
How The Rescue & Recovery Experts Can Save Your Business with Rick Smith & Ben Westoby
Is your company in trouble? Is your business on the verge of going bust? Then don’t miss this week’s episode of The Melting Pot with business rescue and recovery experts, Rick Smith & Ben Westoby, from Forbes Burton. Ben and Rick work with companies that haven’t quite gone bust, but are in trouble and need help.
What’s fascinating is following the pandemic, you’d have thought that lots of businesses would have had to shut up shop for good. But actually, here in the UK we’re running at about 40% or less – almost half the traditional insolvency rate for businesses in the UK. This is thanks to government investment in furlough and bounce back schemes, as well as various other handouts, all of which have actually kept many companies afloat.
In today’s episode, Rick & Ben share examples of companies they’ve helped, where they step in before the shutters come down and the creditors foreclose, what it is they do, who they help, and how they help.
So if you’re listening to this, and your cash flow isn’t where it needs to be, or there’s a gap in your funding and you’re wondering how you’re going to get back to where you want to be. Or perhaps you need some help negotiating with your creditors, or your suppliers, and you need a plan, or you need a third party to come in and help you, then let Rick and Ben share their sage advice with you.
The only show that gives you proven, pragmatic, and immediately applicable business growth strategies every week in 15 minutes or less.
Reflection for seasoned leaders has always been a personal process. Step back. Regroup. Look in the mirror. Push the pause button. There is often an intuitive belief that reflection carries restorative powers and can even be transformational.
People have thousands of conversations a year, but few spend time to reflect on what they could do better. Productive conversation is a skill like any other, and mastering it is well worth the effort. Here are 12 rules for drastically increasing the quality of your discourse—some are specifically for arguments, and some are universal.
Having the trust of colleagues is at the foundation of success in any workplace. Without it, your colleagues might be hesitant to back your ideas and support you. Trust — or lack of it — can mean the difference between accomplishing your goals and falling short.
The Northumbrians have been overlooked by British and global history, but they’ve made astonishing contributions to both. Dan Jackson sets out to recover this lost history, exploring the deep roots of Northumbrian culture―hard work and heavy drinking, sociability and sentimentality, militarism and masculinity―through centuries of border warfare and dangerous industry. He explains what we can learn about Northumbria’s people from its landscape and architecture, and revisits the Northumbrian Enlightenment that gave the world the locomotive and the lightbulb. This story reaches right to the present day, as this extraordinary region finds itself caught between an indifferent south and an increasingly confident Scotland. From the Venerable Bede and the prince-bishops of Durham to Viz and Geordie Shore, this vital new history reveals a part of England with an uncertain future, but whose people remain as remarkable as ever.
Is there a secret formula for improving your life? For making something a viral hit? For deciding how long to stick with your current job, Netflix series, or even relationship? This book is all about the equations that make our world go round. Ten of them, in fact. They are integral to everything from investment banking to betting companies and social media giants. And they can help you to increase your chance of success, guard against financial loss, live more healthily and see through scaremongering. They are known only by mathematicians – until now. With wit and clarity, mathematician David Sumpter shows that it isn’t the technical details which make these formulas so successful. It is the way they allow mathematicians to view problems from a different angle – a way of seeing the world that anyone can learn. Empowering and illuminating, The Ten Equations that Rule the World shows how maths really can change your life
MEANINGFUL ACTION FOR MONDAY
Build your ‘conflict’ muscle
The last two weeks of coaching clients have been dominated by a lack of conflict. This is a problem. High Performing Teams will learn how to fight without killing each other. A bit like small children. My own daughters can fight like cat and dog but then make up just as easily as they flew into a rage. You’ve got to have a mind for conflict. We were with new clients the other day who told us they thought their problem was procrastination. In fact, they said they were world-class at it. They knew they need to make a decision but they kept putting it off. However, what I observed after spending some time with the founders, is that one would say something, the other would disagree and they’d move on without confronting it. I asked them whether they ever had fights at home. They said no, they never fought with their wives. So in fact, they were world-class at conflict avoidance. Find opportunities to disagree, work on talking it through, seeing it from the other person’s point of view and resolving any differences.
Conducted in The New Forest, away from the uproar of the everyday commercial world, the Scaling Up Made Simple Workshop is presented by Scaling Up Coach, Dominic Monkhouse to allow you the mental space to look at your business afresh – to recognise your strengths, your weaknesses and your opportunities. The workshop is your first step in the process of identifying and addressing the real challenges confronting your business. You will receive practical guidance in the essential skills that underpin manageable growth.
Quote of the week
“It’s our job every day to make every important aspect of the customer experience a little bit better.”Jeff Bezos
Dominic offers business coaching and management development, strategy planning and organisational change, using tried and tested methods to launch your organisation onto an unparalleled growth trajectory. His programme is a function of his broad experience, his deep expertise and a proven process used by over 2,700 firms worldwide.