How exclusivity helps you target your core customer
Just like you set standards and expectations in your personal relationships, the best service providers will not accept business from every customer. Does that sound snobbish? Hear us out.
We refer to this filtering as exclusivity. What does it mean for a company to be exclusive? At it’s core, exclusivity is about ensuring your business and your customers are the right fit for each other.
Exclusivity is not about excluding people. Rather, it’s about refining your marketing and prospecting so that you’re working with people you know you can help, otherwise everyone is wasting their time if the fit isn’t right.
In order to be the right fit for your customers, you must be in the know. This means being part of the right networks that allow you to meet your core customers’ specific needs. After all, we are paid for the knowledge and insight we bring to customers.
Exclusivity is also about being a higher caliber of service provider; being more than your run of the mill insurance shop. Our core customers don’t go for generic insurance on the street corner. They have trusted connections to consult with when looking for insurance and other services.
Best of all, core customers will usually move in the same networks. Once you have access to one such person or business, you have the opportunity to tap into that entire network. Not only will your core customers refer you to their connections, but you also learn to speak their language. Like attracts like.
Once you’re “in” with your core customers, you become a trusted resource in their networks.
Word of mouth spreads about your business and people come to you for their needs.
The beauty of this arrangement is that your customers become advocates for your brand and they do the selling for you. You don’t even need a sales force once you are properly taking care of your customers.
Another nifty thing is that every customer referred to you is motivated to do business with you because they have a relationship with one of your existing customers. In a sense, you’re a step further in the sales pipeline than you would be in a cold call situation. Plus you get to save on advertising because your prospects are already prepped to buy.
That being said, you must not cheapen your brand by advertising too much. Most of your new business should be through referrals and word of mouth. Think of TSG like Fight Club – no one talks about it, but people are aware of it and there is rising tide of interest.
And the advertising that you do put out must speak to a certain category of people and their specific listening. Because you know they’re listening and evaluating whether you’ll be able to meet their needs. Higher caliber people, in other words and they will not settle for less; they’re also looking for exclusivity.
Does this post confront you? Have strong feelings about anything we said above? Drop a comment below and let’s start a conversation.