Each episode of the Andy Griffin show started with him going to the fishing hole. When you are the sheriff of Mayberry going to the fishing hole, it is a place to relax. But, when you are a business owner, the term or analogy for fishing hole is where you go to find paying clients.
How do you know when it is time to find a new fishing hole?
As we start a new year it is a time to review the facts and figures for your business and determine if you need to find a new pond. My five tips below will help you determine if you need to find a new niche.
1. Review Your Income – did you hit your income or sales goals for 2015? IF no, why do you think you didn’t reach your sales goals? Do you need to find a new market who will pay you?
2. Review Lifelong Value of Customers or Clients – each client has an associated lifetime value. Look at your client or customer list and see who has been loyal. What programs or products kept bringing the client or customer back to your business?
3. Review Newsletter & Social Media Stats – how many new sign-ups or followers? If you use my day planner you have a reminder each month to review your social media and website analytics. Are you tracking these? What country or city do most of your followers come from? What lead attraction strategy brought you new registrations for your newsletter and new followers on social media?
4. Self Reflect on How YOU Feel – how do you feel when working with your customers and clients? Do they leave you stressed? Do you find them rude? Or do you jump with joy when you see him/her because they are a delight to serve? You only want to work with people who are polite and understand the value you provide. Is it time to find a new niche?
5. Review Your Conversion Process – how many people who you talk to are actually buying from you? If you are talking to lots of people, or people are coming into your store or asking for catalogs, approach you at an expo, take your business card at networking event etc. how many of these leads are converting to paying customers or clients? Is it time for a new ideal client?
I encourage you to take a few minutes to complete my Fishing Hole assessment to see if you need to find a new niche.
Ignite Your Profits: Is It Time to Find a New Fishing Hole?
Circle Each Item Below that You Can Answer “YES”
1. Are the current people you attract to your business buying from you?
2. Do you enjoy the majority of the people you worked with the past year?
3. Do your clients pay your fees without asking for a discount?
4. Do your clients pay on time?
5. Do your clients respect you and your business?
6. Did you meet your sales goals?
7. Are you converting leads into paying clients over 50% of the time?
8. Do your current clients send you quality referrals?
9. Do you feel energized?
10. Does your business bring you joy?
How many “YES’s” did you circle?
10 – You do NOT need a new fishing hole
7-9 – You may not need a new fishing hole but you need to reexamine who is your ideal client.
6 or more – you may want to evaluate your sales script
0-5 – you may want to explore finding a new fishing hole
Stay tuned for Part II – Identify Where Your New Fishing Pond Should Be in an upcoming newsletter.