Looking for your best buyer?
In the second episode of “Your Next Million with Frank Kern,” Frank shows you how to find your best buyer and how to grab your copy of Frank’s exclusive Best Buyer Worksheet.
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Transforming Your Business Isn't About Doing A Million Different Things. It's About Finding ONE BIG THING and Then Leveraging That.
Frank Kern has been advising entrepreneurs like you all day, every day, to do just that since 1999.
This is his podcast.
In this episode of Your Next Million, Frank Kern talks about discovering the characteristics and mindsets that make up your best buyer. As a follow up to the previous episode on your best payday, Frank dives into how to locate and identify your absolute best buyers and ideal clients. These are the customers that are going to give you your best payday.
Frank wants to help you figure out how to do less in your business, while making more and having fun.
Key Lessons Learned:
- A quick refresher for your best payday is: think of the activity in your business that fits five main criteria. It must have a high net profit, it has to be energizing, it has to be easy to sell, it has to be easy to deliver, and it has to be sustainable. After scoring each activity against those criteria, you will find the one that will provide you with your best payday.
- Once you know what your best payday is, the next logical question is “who are you going to sell it you? Take out your worksheet and fill out your best payday at the top, then figure out your best price. Your best price isn’t determined by a bargain basement approach, it should be the one that meets your needs, it could also be called your perfect price. It’s okay to want to be paid more.
- If you want to be paid more, chances are your brain is going to stop throwing obstacles in your way. You may start to compare your price to your competitor’s pricing and start to really question your decision. Forgot all of that, you should get paid whatever you want to get paid as long as your buyer agrees with you.
- If you could only get paid your best price after your customer got the results they were paying to get, what characteristics would they have to have in order for you to take that challenge? The question has nothing to do with you, it has to do with your client. Write down three relevant characteristics of the client that will help you find the one big lever that will create the most impact.
- For Frank, the first characteristic is the client has to be a successful business owner. He needs to work with someone that can make decisions and be in a position where they can pay the desired price. The second characteristic is the client has to have encountered a ceiling, an obstacle that they can’t seem to grow past. The third characteristic for Frank is the client has to have deployable assets, momentum in their business that they can make use of. These are almost all the characteristics of Frank’s best buyer.
- We’re not quite finished though, there is another question to explore. “What mindsets do you share?” You have to make sure that you and your ideal buyer are aligned mentally or else you are going to have a conflict on your hands. For Frank, his ideal client has to value marketing and advertising instead of seeing it as an expense. He also wants his ideal client to have an abundance mindset, they have to see a world of possibilities, not limitations. They have to want to figure out how to spend more on advertising, not be afraid of it.
- The final shared mindset for Frank is the client must have a love of elegant simplicity and the 80/20 principle. They should be on a quest to simplify their business down to the most effective and vital activities and trim the fat. If Frank found a person that fit all these criteria, he wouldn’t have to worry about them writing the check once he’s delivered the results.
- Your best buyers are not few and far between, you just haven’t attracted them yet.
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Links to Resources Mentioned
FrankKern.com/2 for your best buyer worksheet.