What is the Dollar Value of that New Client?
Tips for Calculating the Value of New Clients
New business is always nice - but, not every new client is worth taking.
There are TROUBLESOME CLIENTS who skip out on bills and dispute every move you make. And, we can't forget LOW RETURN CLIENTS who are high-maintenance and a waste of time and energy.
This is why understanding the real value of a new client is so important. Your time and money are on the line!
Before you commit to a new matter, use the following guide to help you calculate a new client's value.
- How much revenue would you likely produce from working with this new client?
- Would this client's matter broaden your expertise in a way that you can leverage in future marketing campaigns?
- Would working with this client help boost your credibility and reputation?
- Does the new client have potential to generate repeat business? What about referrals?
The next time you are presented with a business development opportunity, sit down and calculate the dollar value of a new client.
Ask yourself if it's worth investing the time in marketing your service to that person.
Understanding a new client's worth is substantial and it could be the key to the lifelong success of your practice!
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