Jeni Giles
Well-Known Member
Have you ever wondered or really thought about what a client is worth? Not just as a friend or appointment, but how each and every client effects your pocket book. Notice the e on effect, clients are direct effect on our bottom line. We all realise that we have to have clients and the ultimate goal is to be so busy that our books are filled weeks in advance. We wouldn't possibly be able to fit ANY one else in. Sounds like a wonderful dream right? It's not, that does not have to be a dream, but could become a reality.
We all know that our technical skills improve with each and every client we touch, we know when we are having an "off" day and can usually still perform our services technically, but are we there emotionally as well? I'm not saying or suggesting that we become insincere or "clone-like" as one student claimed it would be if she had to smile all day and be sunny and cheerful, giving hugs and chattering like a magpie, just that we need to consider the effect of our attitudes on our client.
All right, let me get to the point. Let's say Jane comes in very faithfully every 2 weeks for a rebalance, usually doesn't break any and occasionally buys retail. She likes her nails and when asked she tells them who does her nails for her. (this is about to have a paragraph about math, my socks and shoes are off, I will use my children's fingers and toes if I need to) Let us talk about what Jane is REALLY worth.
A rebalance in our area is $22.00 USD (since I'm not so great at math and I don't know the exange rate off the top of my head, you'll have to plug your own currency in, I'll give the formula's) Jane comes in every 2 weeks so Jane ($22.00 X 2 times per month) is worth $44.00 there are 12 months in the year so Jane is worth $528.00 per year. ($44.00 X 12)
Now, remember Jane likes you, and she likes what you do. She tells people (aka REFERRALS) about you and hands out your card or gives them your information. The average Jane sends you 3 clients and they also become a "Jane" those 3 clients each send you 3 clients bringing the total to 9 new clients. If 9 new clients each send you 3 new clients that brings your total to 27 it keeps going, and going and going!!
Let's get back to the original Jane and what she is worth, in 2 years (industry statistics for the average client loyalty) Jane will have sent you 121 new clients, typically just like her. So Jane is worth 121 (the clients she sent you) X $528.00 (the amount she spends on rebalances in one year)$63,888. That is money you didn't have to spend to advertise. Add your marketing expenses to Jane and that is what she is really worth.
Jane isn't just a monetary value, she is a friend, a client and a passion. With our technical skills, continuing education and committment to our industry, we are able to turn each "Jane" into another and build that dream of a full book, weeks in advance until we have no room for any one else. Until then, Let's keep working on our $63,888 client Jane and fill our books. Let's make our dreams a reality.
Dreams are just dreams until they are written down, then they become goals. Take time to figure out what your clients are worth, set goals about how many new clients you would like to attract. Write down ways that you can market yourself and try them. Reward your clients like Jane, let them know what they are worth to you by giving them a "little extra" maybe a swish or two of nail art or a pinkie size bottle of oil. Showing Jane how important she is may be as easy as dropping a post card that says "thank you" and "I appreciate you" may be all it takes to keep Jane working for you. Don't let your Jane's slip through your fingers because you no longer care, make sure your attitude reflects how much Jane means to you.
F. Scott Fitzgerald once said " I entertained on a cruising trip that was so much fun that I had to sink my yacht to make my guests go home" That is how Jane should feel about you! 80% of the clients are being taken care of by 20% of the professionals, I'll let you do the math on that one!! Go find your "Jane"!!
We all know that our technical skills improve with each and every client we touch, we know when we are having an "off" day and can usually still perform our services technically, but are we there emotionally as well? I'm not saying or suggesting that we become insincere or "clone-like" as one student claimed it would be if she had to smile all day and be sunny and cheerful, giving hugs and chattering like a magpie, just that we need to consider the effect of our attitudes on our client.
All right, let me get to the point. Let's say Jane comes in very faithfully every 2 weeks for a rebalance, usually doesn't break any and occasionally buys retail. She likes her nails and when asked she tells them who does her nails for her. (this is about to have a paragraph about math, my socks and shoes are off, I will use my children's fingers and toes if I need to) Let us talk about what Jane is REALLY worth.
A rebalance in our area is $22.00 USD (since I'm not so great at math and I don't know the exange rate off the top of my head, you'll have to plug your own currency in, I'll give the formula's) Jane comes in every 2 weeks so Jane ($22.00 X 2 times per month) is worth $44.00 there are 12 months in the year so Jane is worth $528.00 per year. ($44.00 X 12)
Now, remember Jane likes you, and she likes what you do. She tells people (aka REFERRALS) about you and hands out your card or gives them your information. The average Jane sends you 3 clients and they also become a "Jane" those 3 clients each send you 3 clients bringing the total to 9 new clients. If 9 new clients each send you 3 new clients that brings your total to 27 it keeps going, and going and going!!
Let's get back to the original Jane and what she is worth, in 2 years (industry statistics for the average client loyalty) Jane will have sent you 121 new clients, typically just like her. So Jane is worth 121 (the clients she sent you) X $528.00 (the amount she spends on rebalances in one year)$63,888. That is money you didn't have to spend to advertise. Add your marketing expenses to Jane and that is what she is really worth.
Jane isn't just a monetary value, she is a friend, a client and a passion. With our technical skills, continuing education and committment to our industry, we are able to turn each "Jane" into another and build that dream of a full book, weeks in advance until we have no room for any one else. Until then, Let's keep working on our $63,888 client Jane and fill our books. Let's make our dreams a reality.
Dreams are just dreams until they are written down, then they become goals. Take time to figure out what your clients are worth, set goals about how many new clients you would like to attract. Write down ways that you can market yourself and try them. Reward your clients like Jane, let them know what they are worth to you by giving them a "little extra" maybe a swish or two of nail art or a pinkie size bottle of oil. Showing Jane how important she is may be as easy as dropping a post card that says "thank you" and "I appreciate you" may be all it takes to keep Jane working for you. Don't let your Jane's slip through your fingers because you no longer care, make sure your attitude reflects how much Jane means to you.
F. Scott Fitzgerald once said " I entertained on a cruising trip that was so much fun that I had to sink my yacht to make my guests go home" That is how Jane should feel about you! 80% of the clients are being taken care of by 20% of the professionals, I'll let you do the math on that one!! Go find your "Jane"!!
