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Define & Target Your High-Value Customer—with Charles Fred - EP105
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To grow a small business, you need more customers. But did you know that too many of the wrong customers is what keeps a lot of companies stuck?
According to Charles Fred, low-value clients are high maintenance, hard on your people, and they take up 75% of your time. That’s why it’s so important to define your high-value customers and bid only on the RFPs that fit those criteria.
Charles is the Cofounder and CEO of TrueSpace, a research firm founded to support small businesses and help them grow. In his 40-year career as an entrepreneur, Charles has led three companies from the startup phase to the middle market, generating $220M in enterprise value.
On this episode of The RFP Success Show, Charles joins me to explain why it’s crucial for small businesses to define and target our high-value customer, describing how low-value customers are a drain on our time, talent and resources.
Charles challenges small business to focus and ‘get boring fast,’ finding a place in the market where you stand out and bidding only on business that aligns with your unique value proposition.
Listen in for Charles’ insight on planning for turnover in your customer base and learn how to define and target the high-value clients who will help your business grow.
Key TakeawaysTrueSpace’s mission to help small companies grow and create new jobs
Why it’s crucial for a business to FOCUS to conserve its time, talent and resources
How to find a place in the market where your company stands out
What differentiates a high-value customer from one that ties you down
Why getting rid of low-value customers is a prerequisite for growth
How most sales team incentive systems drive the acquisition of low-value customers
How the narrative around rapid growth is a roadblock to identifying high-value customers
Why high-value targets change over time and how to plan for turnover in high-value relationships
Charles’ first steps to identifying your high-value customers
The red flags that a company has not identified its high-value targets appropriately
What Charles learned about identifying talent from The Art of Possibility
Connect with CharlesEmail info@truespace.com
Connect with LisaThe RFP Success Company on YouTube
The RFP Success Company on LinkedIn
Email podcast@rfpsuccess.com
ResourcesThe 5 Conditions Assessment Research by Gallup/TrueSpace
The 24-Hour Rule: Leading in a Frenetic World by Charles Fred
Book a Call with the RFP Success Company
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