You have an Instagram account and then you think I need to have a link tree, which links to all of my different offers, which also links to my Facebook. And as time goes on, you add more things to that. Maybe you add in a website, maybe you add in YouTube, maybe you have a one off offer or you have a link to a scheduling page. The truth of the matter is, is that being an entrepreneur and trying to figure out what works it often feels like a moving target.
And when this happens, we can create lots of content and then it just kind of gets left to the side as we move on to things that work. I call this the web of entrepreneurial content. It\’s something that happens to all of us. It\’s something that definitely has happened to me. And when it happens, oftentimes we end up with lots of places where our business is present on the web. But there is a bit of an inconsistency between the messaging on all of those things. And like I said, it\’s definitely something that I have run into. I\’m in process of doing some of that cleaning up. I think for a while I just had the excuse that was I\’m helping other people do it and so I will get around to it. But the truth of the matter is, is that we make time for what is important. And so your messaging to have consistent messaging, to have consistent platforms and branding and all of these different things, we are showing up. It\’s important so that when people experience you in the experience of your business, they know who you are and what you stand for. For me, I definitely run into a little bit of imposter syndrome when I\’m doing this. On the flip side, sometimes there\’s also this bizarre fear of success, like what happens if everything just goes crazy good, like hello.
That\’s what we\’re actually wanting in business. Right? Truthfully, what you find in a successful business is that they have a very clear understanding of their customer. They have a clear message that aligns with that customer and they have consistency across the touchpoint. So wherever those customers land, they know the path to walk, to get to what they need. So let\’s jump into this a little bit. I\’ll use myself as an example and some of these places. Right. So who is my customer? I\’m glad you asked. This is actually something that I have avoided answering for a long time. I have been in that space as well. I can help anybody and I could do all of these different things. But the truth of the matter is, is that I serve entrepreneurs in the health and wellness and coaching spaces, especially those of you who don\’t like technology. If you say like technology\’s not my thing, fantastic. We need to work together, especially if you have had other people set things up for you and it has not gone the way that you wanted it to. Maybe it\’s been difficult being in touch with a Web designer. Maybe it\’s taken weeks to get things updated. Maybe you\’ve got some big hurdle and you can\’t find somebody to fix it. That\’s where I love to start. If this is you, then we need to talk and we need to get your tech working for you and making things easier for your clients and generating you more revenue.
Those two things are the whole point of being in business, being able to help others and being able to generate revenue at the same time. Maybe you are feeling a bit unclear on where you should focus on your business getting into that space that says, yes, I know who my customers. Yes, this is kind of like Avatar, if you will, if you\’ve been in business for a little while. I\’ve actually got some simple math that can help you get clear on where to focus your energy, the full disclosure it will take. Are you doing a little bit of work to get there? It\’s not hard, but it does require some of your time, energy and effort. So there are two calculations that I believe every business owner should know. Your cost of acquisition and your average lifetime value of a client. Now those could sound like fancy, fancy business terms. They are in a nutshell, cost of acquisition is simply how much money does it cost for you to acquire a new customer? And so this can be tallied up looking at spent on Facebook or Google ads, cost is spent on marketing for social media. Or if you\’re doing events of any kind, you can look at the time that you\’ve spent or resources that you\’ve hired to do these sorts of things as well.
Maybe you\’ve got somebody who runs your social media, maybe you\’ve got a virtual assistant or something like that, and they help you out. So looking at all those different things, all the money that you invest to put yourself out there, basically like your marketing budget, all of those costs hopefully result in getting new clients. And so you want to look at what does it cost, what do you have to spend in order to get new clients? Right. And so at the end of the day, when you know how much it costs you to bring in one new customer, then you can really start to measure and feel comfortable with what you\’re spending to get those customers faster. The other measurement that gets paired with this is called average lifetime value of a client. And so this is basically once somebody says like, yes, I want to work with you, how much money are they going to spend and how long are they going to stay your client? Right. It\’s a measure of what they are investing in you and the value that they are getting it right. So on average, they\’re going to spend X amount of dollars for you. Right. So if you look at all the people that have ever done business with you, you can go into that. You can pull out like a spreadsheet, an Excel file, those types of things. And you can look at here\’s so-and-so and they\’ve been with me for two years.
And in those two years, they\’ve spent two thousand dollars with me. Right. So if it takes you five hundred dollars to acquire a new client and you know that on average your clients will spend two thousand dollars with you in the long run. It\’s kind of a no brainer to make that investment up front like you will spend that money, but you will also recoup all of it plus three times multiple above that, which is fantastic. That\’s a great, great return on investment. The other area that you want to look at when you\’re going through those clients, when you\’re looking at people who have been with you for a while, be it a year, a couple of months or a couple of years, those who invest heavily in you, they invest in themselves, they really see the value of what it is that you\’re delivering. Those oftentimes are your ideal clients. They really understand what you offer. They understand the value that you bring to the table. And as a result, they have invested their time and their dollars with you more so than everybody else. Say you have an average lifetime value for your clients of two thousand dollars. Right. But there\’s this bucket of clients that spend five thousand dollars with you on average. Wouldn\’t it be great to have way more of those people who are spending five thousand dollars with you than thousand dollars with you? When you start to see those groups, that\’s when you want to go and you find out what makes this group different.
Who are these people? What are their interests? What are they what attracted them to come and work with you? Who do they know that could also benefit from your services? Right. We tend to end up in groups that are fairly similar, whether that be our interests, whether that be our financial standing, whatever it might be. We tend to have people who are similar. So there\’s a good chance that they may actually know other people who could also be your ideal clients. All of these answers, all of these questions that you could actually ask your clients, find out more about them, start to look for those patterns. Those answers become the tools for the language that you want to use in your marketing. Right. So if they say, oh, yes, I have this habit and I have it, if they have a hobby and they love sailing, it may be that you can somehow connect sailing with what you\’re doing or you can start targeting sailing groups or something like that. You can take those types of interests, though, and really start to hone in your language, your messaging, your marketing, your graphics, all those types of things to really start to focus on people in that area. It\’s a great way to increase the average the average lifetime value of your clients by simply getting clients who you really want to work with.
It may be, though, that the idea of creating an ideal customer, the idea of using specific language to target those customers feels like you will limit yourself from being able to serve others. And I want to challenge you that the inverse is actually true. It\’s not that you will prevent others from coming. What you will do is make it. Super clear for those who want to find you and actually will make it easier, and I will say to that, even though somebody may not fit your specific avatar, they may not fit your ideal client. There\’s a good chance that they will also be drawn in. I know for me personally, I follow numerous people and consume their content and have bought programs, even though they say they work specifically with women. Right. It\’s totally cool. Good content is good. Content is good content. Right. Same applies to me. It doesn\’t mean that I won\’t work with someone if they don\’t fall into the primary buckets of the people that I tend to work with. Right. It just means that I know who my main audience is and I know who I want to work with because that experience will be optimal for me. More importantly, it\’ll be a more optimal for you because I have a greater level of experience in those areas. If you are in the health and wellness space or you are a coach, a life coach and you are ready to dig into your business and get clear.
Then let\’s talk. You can send me an email at hello at Sharp Team designed Dotcom and let\’s move your business to the next level. I hope that you all have fully enjoyed this. I hope that you have pulled out a lot of helpful information. I really do challenge you to spend some time this week, this weekend, wherever it may be, dig into your financials, dig into your business, dig into your past transactions and find out who is your ideal customer and who is it that is spending the biggest amount of money and find a way to target them so that you can serve people at a bigger scale and in bigger ways. I personally want to see you succeed and find that massive level of success. It is anything that I could do to help you feel free to reach out.
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