Valuetainment - November 16, 2021


The Million Dollar Customer - Not Who You Think It Is


Episode Stats

Length

7 minutes

Words per Minute

203.9529

Word Count

1,455

Sentence Count

136

Misogynist Sentences

7


Summary


Transcript

00:00:00.000 You know, very often salespeople and entrepreneurs do not fully know what makes a great customer and a bad customer
00:00:05.200 because all they think about when they think about a great customer is whoever made them the most money.
00:00:09.260 So today, I'm going to give you examples of three different customers.
00:00:12.220 John, who made you $50,000 in commission.
00:00:14.160 Larry, who made you $20,000 in commission.
00:00:16.600 Mary, who only made you $5,000 in commission.
00:00:19.240 But I'm going to share with you why Mary is your best customer as well as what bad customers to stay away from.
00:00:30.000 So let's start off by identifying what a bad customer is.
00:00:33.140 You know, we have the best customer, the worst customer.
00:00:35.100 What makes a bad customer a bad customer?
00:00:36.760 I've had tens of thousands of customers over the years, and I've worked with a lot of personalities.
00:00:40.960 And the moment I see trends of somebody potentially being a bad customer,
00:00:44.320 I immediately have to make a decision whether I want to pour into this person or do I have to pivot.
00:00:48.580 Here are some of the qualities.
00:00:49.780 See if you relate.
00:00:50.480 Number one, they're never happy.
00:00:51.840 No matter what you do for these bad customers, no matter what you ever do, they're never happy.
00:00:55.640 Number two, they're too demanding.
00:00:56.900 Number three, it's a small payday.
00:00:58.560 Number four, they take up way too much of your time.
00:01:01.640 Five, integrity issues.
00:01:03.040 Six, high touch, low payoff.
00:01:05.480 You spend so many hours calling this person, spending time with them for $100 payday.
00:01:10.940 Number seven, abusive to your staff.
00:01:12.860 Every time she calls in or he calls in, they disrespect your assistant.
00:01:16.420 They disrespect the people that are, everybody's at fault.
00:01:19.340 Everybody did something wrong where your staff feels like they're walking on eggshells trying to service this customer.
00:01:24.180 Number eight, try to game the system.
00:01:26.180 And last but not least, constant threats, meaning every time they're like, we're about to leave you, we're going to go, we're going to do this.
00:01:31.600 You're like, do I even have you or do I not have you?
00:01:34.200 These are qualities of worst customers.
00:01:36.720 You may have experienced it.
00:01:37.680 If you haven't, these are some of the signs.
00:01:39.400 Don't jump to conclusion right after that when somebody does it.
00:01:42.320 Let it be a trend where you all of a sudden see a pattern to say, I think this person qualifies to be in this area.
00:01:47.020 So now, let's set them aside.
00:01:48.740 Let's look at John, Larry, and Mary.
00:01:50.200 So John, client comes in.
00:01:53.000 Easy.
00:01:53.480 You sell him.
00:01:54.280 $50,000 payday.
00:01:55.660 You're like, wait a minute, what?
00:01:57.340 Super successful.
00:01:58.560 Has many different options.
00:02:00.360 Won't give you any referrals.
00:02:02.040 Zero relationship with him.
00:02:03.620 When you call him, you can never get a hold of him.
00:02:05.420 But he made you $50,000.
00:02:07.040 Okay?
00:02:07.520 So you put some time into him.
00:02:08.620 He came in.
00:02:09.620 Hey, here's what I want.
00:02:10.580 This is what I'm looking for.
00:02:11.360 Maybe you sold him a $3 million house.
00:02:12.800 Maybe you sold him a $2 million house.
00:02:13.980 Maybe you sold him a $10 million insurance policy.
00:02:15.620 Maybe you did a deal with him, whatever business you're in.
00:02:18.240 But you made a lot of money.
00:02:20.000 Biggest client ever.
00:02:21.260 Okay?
00:02:21.960 Number two, Larry.
00:02:23.560 Okay?
00:02:23.820 This guy comes in.
00:02:24.820 He makes you $20,000 commission.
00:02:26.720 Five-year follow-up.
00:02:27.560 Took you five years to follow up with Larry until he said yes.
00:02:29.780 So five years divided by $20,000, $4,000 per year if you really break it down.
00:02:33.540 He's creating momentum in his business, which means he's about to have a lot of success.
00:02:37.040 He's not at the success level of John.
00:02:38.920 Very friendly.
00:02:39.980 And he's got a young network.
00:02:41.360 Hasn't sent you a lot of referrals, but he's got a young network.
00:02:44.160 So today, if you compare these two, he sends you some referrals.
00:02:47.500 He sends you zero referrals.
00:02:49.680 $50,000, $20,000.
00:02:51.180 Now, let's talk about Mary.
00:02:52.260 Here's Mary.
00:02:53.520 Mary, she loves what you do.
00:02:56.760 She loves what you stand for.
00:02:58.840 She's a total believer in you.
00:03:00.860 She can only afford to buy a $600,000 house from you.
00:03:05.060 She can only afford to buy a small policy from you.
00:03:07.840 She can only afford to buy something very minimal from you where the commission's only $5,000, right?
00:03:12.700 However, because she's a believer in you, she sent you 28 referrals.
00:03:17.740 These 28 referrals have made you $111,000, and she tells everybody about you.
00:03:25.700 So on the surface, John's the best customer.
00:03:29.180 Larry's the second best customer.
00:03:31.040 Mary's not even one of your best customers.
00:03:32.780 But the reality is, Mary is your best customer, period.
00:03:39.020 She's easy to deal with.
00:03:40.160 You call her, she picks up, she tells everybody about you, she invites you to the birthday party,
00:03:43.340 she invites you to the different events, and she's constantly working for you.
00:03:46.840 See, the reason why this conversation came about, I was sitting there with a couple of
00:03:50.620 my sales guys who were having a sales meeting, and I said, give me the list of your top five
00:03:53.780 best customers.
00:03:54.440 And everybody wrote down their top five customers.
00:03:56.080 I said, tell me why you made your number one your number one.
00:03:59.740 Oh, because he made me $160,000.
00:04:01.920 Why is your number one number one?
00:04:03.140 Oh, because number one made me $88,000.
00:04:04.880 Why is your number one number one?
00:04:06.620 Everybody give me their number one.
00:04:07.760 And I said, so tell me why number five is number five.
00:04:09.600 Oh, because he only made me $13,000.
00:04:11.560 Tell me why your number five is this.
00:04:13.380 And I said, so let me ask you a different question here.
00:04:15.760 Tell me which one of your clients have given you the most referrals that's turned into business.
00:04:19.880 So the same guy that had a customer that made him $160,000, had another one that he put at
00:04:24.820 the bottom as number five best customer.
00:04:26.320 He says, number five best customer gave me 20 referrals who all bought and all spent a
00:04:32.560 minimum of $10,000 to $15,000.
00:04:34.820 Those 20 referrals that he gave him made him $250,000, even though the client only spent $15,000
00:04:40.380 or $20,000.
00:04:41.400 I said, that's your best customer.
00:04:43.100 You need to know what a best customer is.
00:04:45.580 With 10 clients like this, you can become a millionaire.
00:04:49.100 With 10 clients like Mary, you can become a millionaire.
00:04:52.580 So now if you're watching this, you're saying, well, first of all, you may have a referral
00:04:56.540 problem.
00:04:57.000 You don't even ask for referrals, but then you've got to get better out of script on how
00:04:59.520 to ask referrals.
00:05:00.500 You go, oh my gosh, I totally thought a person like this was the best customer, so do you
00:05:04.280 mean I don't help them anymore?
00:05:05.440 No, of course you support a job, who's not going to take a $50,000 commission.
00:05:09.740 Anybody would take a $50,000 commission or a $20,000 or a $5,000, but you water this one
00:05:15.060 the most because this one's working for you.
00:05:17.020 This one just sees you as somebody to do business with and that's it.
00:05:19.860 So now, a few things to think about on great customers.
00:05:22.940 You return on time.
00:05:24.300 They're easy to deal with.
00:05:25.220 They give you referrals.
00:05:26.060 They're constantly giving you connections.
00:05:27.240 They're constantly having influencers.
00:05:28.420 They have specialized knowledge that you can learn from, okay?
00:05:31.420 So in here from Mary, I'm getting a lot of contacts, a lot of connections.
00:05:35.760 This one doesn't even want to have a relationship with me.
00:05:38.300 This one wants to have a relationship with me.
00:05:40.300 So believe it or not, Mary's your best customer.
00:05:42.940 Larry's your second best customer, and John's your third best customer in this example because
00:05:48.260 he is headed going places, and he doesn't mind inviting you, and he's very friendly with
00:05:53.220 you, and he's a guy that's winning, and he's willing to spend time with you because his
00:05:56.740 contacts that he mentioned should be your contacts.
00:05:58.640 These are your two best customers.
00:06:00.260 John's your third best customer.
00:06:01.660 Having said that, I got two other videos I want you to watch if you enjoyed this video
00:06:04.520 and got a lot of value from it on sales.
00:06:05.780 If you got value, give it a thumbs up.
00:06:07.100 Subscribe to the channel.
00:06:07.900 Two other videos.
00:06:08.440 One of the other ones is it's three skills every salesperson must master.
00:06:12.420 Three skills, great salespeople master.
00:06:15.800 If you've never seen this, click over here.
00:06:17.080 The other one is the difference between customer service and customer experience.
00:06:20.820 It's a very, very different way of looking at customer service.
00:06:24.900 This video was shared at Microsoft, and they were teaching customer experience and customer
00:06:29.060 service based on this video at Microsoft.
00:06:30.900 If you've never seen it, click on that to watch it.
00:06:32.840 Take care, everybody.
00:06:33.480 Bye-bye.
00:06:38.440 Bye-bye.
00:06:39.020 Bye-bye.
00:06:39.360 Bye-bye.
00:06:39.780 Bye-bye.
00:07:06.860 Bye-bye.