Presented by Melissa Galt
Melissa Galt is an international business motivational speaker and author of Celebrate Your Life!, Move It Forward: 31 Days to a Better You in Business and Life, and more. Named by Forbes Magazine as one of the Top 20 Women of Influence for entrepreneurs to follow, Melissa’s success strategies have been showcased in publications including Inc. Magazine, The Atlanta Business Chronicle, Newsday, American Express Open Forum, Social Buzz Club, Creative Live, and others. For the last decade she has worked with hundreds of coaches, creatives, and consultants who want to attract exclusive clients, provide exceptional value, generate extreme income, and lead an extraordinary life.
Like so many entrepreneurs, Melissa found herself with too few hours in the day to meet the needs of her client base and still have time for herself. After looking at her client base she discovered that 80 percent of her revenue was coming from 20 percent of her clients. This realization made her shift her business model. She became more selective and learned to say no. By serving fewer but higher quality (“ideal”) clients she found she could serve them more deeply, have a bigger impact on their businesses, and have time left over for herself.
Melissa challenged the luncheon audience by asking them to answer a series of questions about their own businesses.
“Where are you a fraud?” In other words, what is something that others think you do very well that you don’t think you do well? The follow-up question to this was, “Who do you need to be, to be where to you want to go?” Think in terms of adjectives and compare that to where you are today. This is not a to-do list but instead an attitude check.
She then transitioned into the first of her “3 Steps to Exclusive Clients, Extreme Income, and Your Extraordinary Life.” Step one is to define your ideal client. You can either describe the characteristics of the ideal client or think of actual client names. When you are clear on what your ideal client looks like you should focus your efforts on that niche through targeted marketing. Do not stray off this path otherwise you will once again be overwhelmed by trying to be everything to everyone with no time left at the end of the week for you.
Step two is to express your extraordinary life. What is your reward for your hard work? What is your personal motivation? The audience was challenged to come up with five things they would like to accomplish in the next year. Answers ranged from vacations with children and grandchildren to financial freedom.
The final step is to raise your rates to reflect your true value. Your service or product helps one of three core problems: health, wealth, or relationships. Which area does your product or service focus on? It is possible that opening one of these doors will open others. For example, financial freedom might improve health issues or relationship issues. Ask your clients what is great health worth? What is it worth to have financial security or financial freedom? What is the value of a happy, healthy relationship? Most people will tell you that it is priceless. If that is the case, why are you hesitant to raise your rates and get your true value? Ask them to invest the appropriate amount in your product or service because you are worth it.
Melissa wrapped up by giving the audience a bonus step. It was creating your Revenue Referral Network. This network is broken down into three parts: Before, During/With, and After. In the Before bucket, look for who is working with your ideal client before you are. While you are working With someone, is there someone else you can refer them to? Finally, who should they work with After they have worked with you? Use LinkedIn to reach out to potential referral partners in each of the buckets and grow your Revenue Referral Network.
Each of us left the luncheon with great tips on how we can learn to work with exclusive clients, generate extreme income, and live our extraordinary life. As Melissa says, a truly successful business is one that informs and inspires, serves and supports, and fuels and feeds the whole of your life, and one that doesn’t swallow you whole.
Photos from the luncheon. Click on an image to see the enlarged version.
Synopsis by Carolyn Briner of Sandler Training
ProWIN Meeting on March 18, 2016
Hyatt Atlanta Perimeter, Atlanta, Georgia