Over the past couple of years, nearly every company and salesperson has found themselves working with customers they didn’t really want. But they wound up “hanging in there” because they thought there weren’t any better customers out there.
What is interesting is the fact that the race to do business with anyone just to make a buck actually ends up costing more money. Ironic isn’t it? When we do business with sub-optimal customers such as those that require too much service or refuse to pay the price we want and deserve, our energy and efforts become tapped out. We don’t have reserves to focus wholeheartedly on the better customers with whom we should be doing business.
Do yourself a favor. Now that many industries are picking up speed, take a moment to evaluate the profitability of your customers. This means looking not just at dollar profitability, but also looking at the time and energy dedicated to each customer. If you don’t see them fitting in with your strategy, then increase their prices. They’ll either become more profitable to you or they’ll go away. If they go away, then you’ve freed up time and resources to do a better job of serving better customers. If they stay with you and pay more, then you’re fine, as you’ll now have added cash-flow to offset the added costs to you.