How to Win New Clients – Each year, American companies must replace on average about 10% of their client base for various reasons, including customers who move, customers who find new solutions from competitors or customers who no longer have a need for a given product. Business leaders must regularly increase gross revenues by adding more and more buyers who will purchase their solutions to remain viable and profitable.
Recently I spoke about entrepreneurship to a gathering of small business owners and aspiring dreamers over 55 years of age at the Kellogg School of Management at Northwestern University. After my speech, there were numerous questions ranging from the sources of money to the hiring of new employees. Ed O’Brien, owner of Bountiful Eatery, a healthy food restaurant in Chicago, asked what he should do to increase the number of customers. He estimated that he needs to find at least 30 more regular customers to break even.
“How should I proceed?” he asked. I began my response by asking him to define who his customers are. “Tell me everything about them,” I said.
“Well sir, they are typically females, from 26-45 years in age, married, with small children, educated, living in nearby apartments, healthy, and they love Yoga classes. In addition, they like to eat nutritious food and they tend to eat at my restaurant once a week.”