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Identifying and Targeting Your Most Profitable Clients · Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint

0:01
Hello and welcome to the show. Today we're going to be looking
0:04
at how to identify and target high value clients.
0:08
So this was the narrative that we were on maybe two or three
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days ago before I took a detour to start discussing some of the
0:17
stuff. So let's get back to that and
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see how we can finish on all this high value talk.
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So today, hopefully if I'm able to be disciplined and go
0:27
straight to the point, we should be able to talk about the
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definition of high value clients, the different
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contextual stuff that we have to consider when it comes to
0:37
determining who is a high value client.
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Because of course, like I hinted at maybe two or three episodes
0:43
ago in a high value client or a high value opportunity for a
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wedding photographer, it's not the same thing as a high value
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opportunity or high value client for someone who is an architect
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or an engineer or someone in the oil and gas space.
0:59
So before we dive straight in, we're going to look at the geek
1:02
list and we're going to examine what I have today on my
1:06
playlist. So currently listening to, OK,
1:11
well, not currently because I listened to, I think that was
1:14
last night. I'm Savannah Alton.
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She's an American based alternative pop musician.
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She's kind of hard to pin down because she has different
1:24
influences, and that's because a whole lot of the stuff that she
1:26
has done has been covers of work that has been done by much more,
1:34
much more famous artists. Like this lady that did Eye of
1:37
the Tiger, What's it called? What's her name?
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Can't remember. But really popular song, you
1:43
know, I got the Eye of the Tiger and something and something and
1:49
something, and you're gonna hear me roar.
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So you know that song. So she's done copies.
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So I know copies are covers of that and lots of other songs.
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And for those of you who are Nigerian musicians or aspiring
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musicians, especially for those of you who do the indie folk
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acoustic thing, I strongly recommend that this is how you
2:13
should get into the game because there are a whole bunch of you
2:16
who are trying to blow as aspiring indie musicians in
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Nigeria. But The thing is, you're at the
2:24
beginning of your career and nobody knows who the hell you
2:27
are. And until you establish some
2:32
kind of following, nobody cares what it is that you have to say.
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So it's unfortunate, but you know, the likes of Savannah
2:39
Alton, I think have shown the way.
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Start, do covers, reinterpret things that other people have
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done. You gain a following, use that
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to show how creative you are. And then after a while, you
2:51
cannot start dropping your own original stuff.
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And then labels can start chasing you and things like
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that. Because if you stay there and
2:57
you say you want to be true to yourself, you want to do this
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indie thing, God will make it for you.
3:01
You know you will blow. You ought to be authentic to
3:03
yourself. You just stay hungry or you end
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up like a whole lot of Nigerian musicians, independent Nigerian
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musicians who have tried to do their thing.
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And then after like 5 or 6 years you see them working in Zenith
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Bank and like oh boy, how far now like you don't do music
3:20
again. And they're like I beg forget
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that thing. And then that's how the
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conversation ends. So please, for those of you who
3:27
are Nigerian indie musicians, this is the way to go.
3:31
So let's say you are an acoustic kind of fellow, you know, guy or
3:35
girl, and you want to blow and your, you know, blocking the
3:39
strings, singing away at your heart right now, nobody knows
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you are. But if you take something that
3:45
Bonoboy has done or Davido has done or, you know, any of these
3:50
boys and then you reinterpret it, do an acoustic unplugged
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version, and let's say you're putting out these sorts of
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things, you know, two or three every month.
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You know, it's the beginning of you starting to build a fan base
4:03
and this whole thing of authenticity.
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I'm sorry, authenticity. This is also how you're going to
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be able to flex your creative muscle because, OK, like this
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banner boy. So you know that one.
4:14
I need to go. I need you.
4:18
You know that one so like, you can take that and remix it.
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You don't have to use a hip hop beat or the Toni Braxton beat or
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whatever. You can take your guitar, do
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finger style slamming against the the body of the of the
4:33
guitar. For those of you who play
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guitar, you know what I'm talking about.
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It's finger style and slapping technique.
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So you can do finger style plus slapping technique and you can
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deliver your own rendition. If you don't like the guy's
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lyrics, then you can make it a medley.
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And for the lyrics part, use the same tune.
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But sorry, for the first part, use the same tune, introduce
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your own lyrics, you know, make it a medley, blend it with
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another song. You know, the opportunities like
5:00
that when I've been talking too long about this sort of thing.
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So for those of you who are listeners to the show here,
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aspiring indie musicians, check out Savannah Alton.
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Listen to her on Spotify. Also check out our stop on
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YouTube and let that inspire you to see how you can reinterpret
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Nigerian popular songs so that you can gain some sort of a
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following so you don't end up like one of those people.
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They say, hey, how far now? Like in uni used to be very good
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with music, like what happened? And then the person says, oh
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boy, forget that, you know, as in those music pay the bills,
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you know, blah, blah, blah, music can pay the bills.
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So let's look to our brothers and sisters like Savannah
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Houghton and Boise Ave. and all these other people.
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I'm in the West, you know, they've shown us the way.
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So let's just adopt and Carrigo and we'll be OK.
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Then also listen to Savage Garden.
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Some real good stuff. Again, grown folk music.
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OK, maybe not grown folk music, but definitely stuff that we
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used to listen to when my own set were teenagers.
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I mean, they had songs that crash and burn truly madly,
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deeply, you know, those are songs that we used to try and
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toast babes with back in the day, with varying degrees of
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success. And that's the reason why I made
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the yesterday's podcast episode. Stop trying to rely on something
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else to move your market and to sell you.
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So that was the whole point of yesterday's podcast episode.
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You're trying to let the presentation, the PowerPoint,
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the PDF, the whatever, do the heavy lifting.
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And some of us young boys back then were thinking that if you
6:29
just play Savage Garden for the babe, you know, you play Crash
6:32
and Burn, that the babe doesn't melt into your arms.
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And you know, unfortunately don't work that way.
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You know, sometimes you can play the right song and it's going to
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help to set the mood. But by and large, you have to
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sell yourself. So for those of you who came
6:46
here, business tips and all, not listen to yesterday's episode,
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you're going to hear how you're supposed to sell by yourself and
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not rely on the presentation, the proposal, the PDF, the
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glossy package, whatever it is that you put forward.
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For those of you who are here because you'd like to hear about
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my thoughts about relationships, then Savage Garden.
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Good stuff. But do not rely on Savage Garden
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to catch the baby for you. Learn how to sell yourself.
7:14
Learn how to toast yourself. And for girls as well.
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Do not think that because you send the song truly mad deeply
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to the guy that he would just melt.
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And you know, you come and toast you or whatever.
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But I must warn you though, there are some guys who are
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sappy romantics. I hope everything they hear.
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So if you send this truly, madly deeply, I'm talking to women Now
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young girls, if you send truly madly deeply to any guy and he
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happens to be that sort of guy, you put yourself in trouble
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because the guy is not going to be able to extricate himself
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from you. As in the guy will just gel and
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it's going to be either you or nothing.
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So don't send truly madly deeply to any young Nigerian boy except
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if you're ready for marriage. That is my warning to you,
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females. Then let's see what else?
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OK, now I'm currently listening to Sarah Reeves.
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She's more of a pop gospel crossover artist, so yeah.
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So for those of you who think I'll listen to music of the
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world, fleshly music, I do listen to other things as well.
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So that's what I'm listening to on Spotify.
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Some of you may have noticed that everything I've been
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listening to is SSS. And you know, yes, that is
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because I listen to my music alphabetically.
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So yeah, maybe I'm a geek after all.
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So I listen to my music alphabetically.
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Then on Netflix, still the same movie.
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Trouble. The Scandinavian movie, I'd be
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the Swedish movie, I'd be the Danish movie.
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I'm not even sure where I should go and check.
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And please, those of you from that part of the world, you
8:41
know, don't, don't be annoyed. It's just that, you know, for we
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local Nigerians who haven't travelled the world, the world,
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it's hard for some of us to tell you guys apart.
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So I really can't tell the difference between a Swede and a
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Danish person. And I'm sure it's the same
8:54
thing, like you guys probably can't tell the difference
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between the two person and the House of person.
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You think we all sound the same and you know, likewise.
9:01
And then let me run before Spotify cancels my show because
9:05
of racist comments or something. And let's get straight back to
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the topic for today. So now we're looking at how to
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identify and target high value clients.
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If you've listened to the episodes from two or three days
9:18
back, then you should be caught up to speed.
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But let me just do a small review for those of you who are
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listening for the first time. So let's try and define what a
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high value client is. A high value client is someone
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who brings opportunities for more revenue, for more
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profitability or for strategic importance.
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So let me repeat, when we think high value clients, those are
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the three things that we're considering this person that I'm
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chasing, that I'm toasting, that I'm pursuing, that I'm courting,
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that I'm chasing after that I'm whatever.
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If I click this deal, is it going to give me more revenue?
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Is it going to be a highly profitable one?
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And then is it going to be something that would lead to
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opportunities that are strategic importance?
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So revenue, that one is easy. The number of zeros basically.
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So back to wedding photography examples, 150.
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Well, I don't know about now prices now, but back when I
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started out 150K client, you know, kind of average.
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So high value would be bigger zeros.
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SO350K would be relatively high value.
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If you're coming from 150K space by the time you start hitting
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506 hundred 800, I mean, that's definitely high value, at least
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back back in the day. I have no idea what wedding
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photography cost now. So yeah, so that's the revenue
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end. How many zeros?
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Profitability. Profitability is important
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because it's not just the amount of zeros, but how much money do
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you keep in your pocket? Because there are some business
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opportunities that by the time you submit the invoice, you
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submit the invoice for 1.5 M, but by the time you pay all the
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vendors, you do transportation, you pay value added tax, you pay
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this, you pay that. The money that's left at the end
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of the day, maybe it's 250K. So if you're dropping a 1.5 bill
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by the end of the day, the thing that entered into your pocket
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was 250K. You know, it's up for debate.
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Can you really say that that was a high value opportunity because
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the zeros were plenty, 1.5 M, but how much entered your
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pocket? 250K.
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So can you say it was really high value?
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So these are some of the things that we look at.
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That's revenue and profitability.
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Then there's a whole thing of strategic importance for some of
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us who come from a artistic background, you know, those of
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us who are wedding photographers, aspiring
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musicians. I wasn't an aspiring musician,
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but I sang for my wife once. Well, then she was just my
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girlfriend and she laughed and, and that's the story for another
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day. But that's how my music career
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ended. Basically, I thought I was going
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to be able to serenade someone, you know, sing my way into
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somebody's heart. And I whipped up my guitar and I
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sang from the bottom of my heart.
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And the baby just laughed. But anyway, the story ended well
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because we're married today and we have two healthy children.
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So all glory to be to God. Where was I?
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I have strategic importance. So basically folks like wedding
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photographers, people who are in the movie space, you know,
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things like that, aspiring singers.
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We place a lot of emphasis on these sorts of things.
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You know what we're thinking about opportunities and clients
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that we're courting because we think that OK, I'm shooting the
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wedding for this person and I'm only doing the 450K, so the one
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is small. But if I do a good job and this
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thing is cool, he's going to be able to hook me up with XYZ
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number of people and I'm going to get wedding clients that will
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now start paying ME800K. By the way, wedding
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photographers listening to this particular episode, let me tell
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you right now, it is not likely. It is not likely that you do a
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150K wedding and that person is going to lead to 800K
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opportunities. It can happen, but statistically
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speaking, 150K couples hang out with other 150 K couples.
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So this whole thing of I'll hook you up, I will introduce you, I
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will give you opportunity, I'll give you recognition, I'll give
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you exposure. Like look, don't buy that whole
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crap. You know that that doesn't work.
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If you want to go ahead and take the 150 K like you're broke,
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like I did back then when I was taking it, I was taking it
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because look, I know I'm broke, not because of all the rubbish
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that the groom was saying. And usually it's grooms will
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start promising you all these things and we're promising you
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exposure. I mean, some guys are daft.
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Like how daft do you think I am you if you had any level of
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exposure you would have exposed yourself and you'd be having a
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big boy wedding. You know you come and be pricing
13:54
ME150K on top wedding photography.
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Anyway, glory to God that was a long time ago you know we've all
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moved on. May God bless our marriages so
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artistic people don't fall for that scam.
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When people start saying I'll open doors, I'll make
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introduction, I'll do this, I'll do that, but that's a topic for
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another episode. But bottom line, what I'm just
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trying to say is that yes, there are opportunities where you
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might come in today because the profit margin, the revenue
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number of zeros is small. Profit margin, the one went that
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went to your pocket is small. But if the thing clicks, you
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will get introduced to other people for higher paying
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opportunities or for access to technology or for access to new
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kinds of markets or you know, whatever it is depending on your
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context. So when you say high value
14:43
client, that's just what it means.
14:45
Basically, the people that are going to put plenty of zeros in
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my wallet. Oh, sorry, the people that are
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going to give me the value of a deal that has plenty of zeros,
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hopefully the number of zeros by the time I'm done with the costs
15:01
of X or fulfilling this thing is going to leave plenty of money
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in my pocket and then also open up doors to greater
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opportunities. So that's what we talk about
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when we mean high value clients over here on the podcast.
15:16
So how to identify and target a high value client?
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It depends. It is highly contextual.
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It depends on the product, it depends on the service, it
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depends on the industry. So for someone who is selling
15:31
sesame seed, for instance, a high value client or a high
15:35
value opportunity is worth, you know, XYZ amount.
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It's not going to be the same if you're a Carpenter.
15:40
It's not going to be the same if you're a brain surgeon.
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It's not going to be the same if you're a wedding photographer.
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So it depends. So you have to take the onus,
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you have to take the burden and do a lot of research on your own
15:54
end. You have to ask yourself what
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makes somebody valuable in your industry?
16:01
These are part of the reasons why I say tools like ChatGPT,
16:04
Gemini, and all these AI tools, LLMS, large language models.
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This is the reason why I say that they're important because
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you can sit down and rack your brain, come up with a number of
16:14
prompts, throw in a few things, and you might be able to get
16:17
some helpful ideas. Now, I'm not saying that every
16:20
single time you use these tools, whatever it is that you get is
16:22
gospel truth or is correct. But I am saying that if you try
16:26
these tools, like if you put in like if you say I'm a Carpenter
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living in Abuja, FCT or poor region, I'm thinking of how to
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identify high value clients. This is the style of work that I
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do and blah blah, blah, blah, blah, you hit enter.
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It's possible that it might come up with maybe like 5 responses
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and then three of them don't make sense.
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But for the two that makes sense.
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If you try it out, what have you got to lose?
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I mean, you never know. So you have a start thinking
16:54
about what the the key characteristics are for people
16:57
in your own industry, in your own product or service or
17:01
whatever that makes them valuable.
17:04
So for those of us who are in who sell professional services,
17:10
you know, copywriters, sales consultants, life coaches, let's
17:15
see, what else? OK, architects, project
17:19
management, specialist, accountants.
17:21
So people like us, we start thinking in terms of job titles.
17:26
So presumably a clerk might not lead to a high value
17:34
opportunity, but an MDCEO might. I said presumably on paper.
17:41
So we look at job title, some of us look at company size.
17:45
You don't want to consult for one man shop or one woman shop
17:48
because how much would they pay you?
17:50
But if you Zenith Bank, I want to go and do training for Zenith
17:53
Bank because I can't go in there and do one session and maybe
17:56
they pay me 5 M or something like that.
17:59
By the way, I do not know how much Zenith Bank charges for
18:02
consultancy services. But if it happens to be 5 M or
18:05
above and you want to hook me up so that we can pursue it
18:10
together and then at the end of the day we split the profits.
18:12
You know, maybe like 7030, I give you 3070 for me because I'm
18:17
not doing all the hard work, then please reach out to me.
18:20
My contact details are at the end of every single show and
18:23
let's see how we can make that happen.
18:25
So look at job title, look at company size, and then we also
18:29
look at pain points because there's some problems that are
18:32
just not worth, just not worth solving.
18:36
So let's say you are the teacher.
18:40
OK, good. Let's see you're not those
18:41
people who does lessons for kids after school.
18:47
If you're if you're offering remedial coaching for people who
18:53
are trying to skip from one level to another, you know,
18:55
maybe people who are in primary six who want to get into JSS 1,
19:00
you know, the value that might not be much.
19:03
But if you're able to pin down those clients who are really
19:06
nervous about the state of Nigeria and who think Nigeria is
19:09
going to blazes like Nigeria is going to crap.
19:11
And so the solution is for them to send their children abroad
19:14
and then you catch them in that moment and you're trying to sell
19:18
them on coaching services so that the children will smash
19:22
GMAT or i.e. LTSI think that is that the
19:25
international English language proficiency test something,
19:30
something, something. So if you're able to catch those
19:33
kinds of clientele, then that is obviously a much more high value
19:39
client or high value opportunity because of the pain points.
19:43
So my child is in JSS 2 and as repeated once, I want them to
19:50
move to JSS 3. That might not be, I'm not
19:53
saying that that's my case. So you know, and God forbid that
19:55
that happens, you know, our children will pass all their
19:57
exams in Jesus name. So what was I?
20:02
So for somebody who is facing that kind of problem, that might
20:05
not be the kind of problem that is worth spending serious money
20:08
over. You might just go and get a
20:10
lesson teacher and I don't know, maybe 2K every lesson or 5K
20:13
every lesson or something or 30 KA month.
20:16
But then that whole IL TS1G Mart GR e.g.
20:22
CSE you know that whole my child is in secondary school now, but
20:27
I want to quickly move them abroad, you know, from the
20:29
secondary school thing and then use the schooling opportunity
20:33
from there to enter Jabba. As in like let me just export
20:36
all my children. Then those might be the
20:39
opportunities where you might be able to get hundreds of
20:42
thousands of naira for coaching engagements so that those
20:46
children can pass their exams. So you see that these are the
20:49
different things that we have to look at when we're talking about
20:52
high value clients, high value opportunities.
20:54
So do some research. Are you looking at job titles?
20:57
Are you looking at company size? Why are you looking at the pain
20:59
points in the market and what individual actors in the market
21:03
might be willing to pay for? Because some people might be
21:06
willing to pay for some opportunities.
21:08
Like I said, I might not be willing to pay for some others.
21:13
So yeah. So that's it then.
21:18
OK, that's we want to go to the research route.
21:20
Now what I like to recommend to folks when I end up working with
21:24
you guys is I say that we should use our existing clients to
21:30
track trends and to track patterns to try and figure out
21:34
who the high value clients are because these things do happen.
21:38
So back in the day, young photographer, I've left Lagos,
21:42
I'm not in Abuja. I'm trying to be in that 350K
21:46
market. Once in a while, I'll close my
21:48
eye, bow my head in shame, I'll take a 150K job.
21:52
I pray that nobody sees me shooting that kind of wedding
21:54
because I needed the money. But while I was in that, in that
22:01
space, there was one time when I started to partner up with some
22:05
agents and one of them told me, I look, I have this worker for
22:08
you to go and see your ministers heal.
22:10
And I'm like, look, is this a serious thing?
22:12
I don't want to just drive there and waste my time.
22:14
You guys like, no, don't worry. Now that I've done work with the
22:17
chairman for a while, so don't worry, it's OK, no problem.
22:19
So had a bath, dressed up nice, drove to Ministers Hill and it
22:24
turned out to be a good opportunity.
22:27
I spoke with the guy. I can't remember how much I
22:31
build him. It was going to be an
22:33
architectural shoot. When the person chairman looked
22:36
me straight in the face, I said, look, this is what we're going
22:38
to do. I'm going to give you 250,000.
22:42
Now if I don't like your work, I won't pay your balance.
22:46
But if I like your work, what I'm going to do is I'm going to
22:48
pay you 500 K. So I said, OK Sir, can I have a
22:53
moment? He said sure, no, while I went
22:54
outside and I called the agent and I said, look, this is what
22:58
guy said. I mean, I don't like this kind
23:00
of, I don't like these kind of issues.
23:03
Like between you and me, you've already said you're collecting
23:05
20%. I don't like long story, like
23:09
should I weave this thing or is this guy good for his word?
23:11
And then he was like, don't worry, that's our chairman
23:13
always talks. No problem.
23:14
So I went inside and then chairman calls his PA going to
23:19
his room. And that was the first time I
23:21
saw this sort of thing. This guy brought out a block of
23:24
cash. This was a long time ago.
23:26
When I say block, I mean block like look like building blocks
23:29
wrapped in nylon. And then he toyed and then he
23:33
peeled a bunch of, peeled a bunch of what do you call this
23:37
thing stacks and then put you on the table.
23:44
And then I said, OK, thank you very much, Sir.
23:46
I said, are you not going to count it?
23:47
I said, Oh no, Doris, I trust you.
23:49
Actually, the truth was I was kind of embarrassed because my
23:52
math is not very good. So I didn't know how much is
23:54
inside 1 bundle, you know, because there's some people that
23:57
know that math like, OK, this is a stack of five hundreds.
24:00
So this stack is equal to whatever.
24:02
This is a stack of one thousands, so this 1000 is equal
24:05
to whatever. I didn't know how to do the
24:06
stack math, so I told myself on our doors, I trust you.
24:10
I carried in and I put in my bag and after I left, I went
24:14
straight to the bank, gave it to them to deposit.
24:17
They did the machine counting thing and everything checked
24:19
out. So that was good.
24:20
So that was that was good money. Where was I?
24:25
Look at me, I got lost in the story.
24:30
So what I was trying to say is I can use your trading history.
24:33
So if I knew what I did, if I knew now, Abby, if I knew then
24:40
what I know now, I would have looked at my trading history,
24:45
the kind of clients that I have dealt with and things like that
24:48
and try to figure out how did I get access to Chairman?
24:53
It was by this agent. How can I get access to more
24:58
agents like this guy so I can end up doing more business with
25:02
Chairman, you know, chairman them and ignore these 150K
25:08
people because trust me, is an easier life.
25:10
Shooting a wedding means you're standing on your feet for like
25:14
12 hours. So you don't collect good money.
25:16
You end up quarrelling with the babe.
25:19
It's just a nightmare. But the architecture shoot is
25:21
sharp, sharp, sharp. You go, you look at the
25:24
building, you like a couple of places, you take your photo,
25:27
you're under exposed, you call your retoucher, the person
25:30
retouches, you design the album as an architectural shoot is
25:33
sweet is you and the building. There's no, no Valhalla, no
25:39
talking back, no nothing. You can shoot that thing in 2-3
25:44
hours. Editing will be another 2-3
25:47
hours. And that's good work.
25:49
That's good work. And then so those are high value
25:51
opportunities. So you see how I say that, you
25:53
know, it's it's relative. So, yeah.
25:56
So look at your trading history, look at your CRM.
25:59
Who are the people that paid you with plenty zeros?
26:02
Who are the people that paid you with zeros that left enough
26:05
margin to put in your pocket? Who are the people that paid you
26:08
with plenty zeros with plenty margins and who you enjoyed
26:11
working with? They didn't give you stress, you
26:15
know, things like that. So look at your CRM trying to
26:19
figure out your preferences. Look at your purchasing history.
26:22
Go and look at invoices like this one was a big invoice.
26:26
It had was a big invoice for 2.5.
26:29
Then maybe you and your wife, you can sit down, look at all
26:31
the invoices, all the invoices of 2.5 and above.
26:34
Put them to one side. You start looking at them.
26:36
You now start figuring out a couple of things like oh, the
26:39
people that pay 2.5 and above are usually this kind of people
26:43
who live here and who behave like this or who belong to this
26:46
social club or who belong to this tribe or whatever.
26:50
I mentioned that because back when I was a wedding
26:53
photographer, there are people who had this theory that if you
26:55
wanted to corner the market in Nigeria, you had to be an
26:58
exclusively northern wedding photographer as in covered
27:02
northern weddings. So that was the whole thing.
27:03
Like OK, this is where the wedding is at, this is where the
27:05
money is AT. And you had people talking about
27:08
creating cabals so that they can commandeer northern weddings.
27:12
Many that's a topic for another day.
27:15
So look at your CRM, look at your invoices, look at your
27:18
purchase history, look at your WhatsApp messages.
27:21
And from there you get a close. You start getting a picture of
27:24
who might be high value and what the opportunities are.
27:29
So that if you are that stage in life, like where I was back
27:32
then, where you're taking some of these jobs that you're not
27:35
proud of, you're hiding your face, let nobody see you.
27:37
You open it on your Instagram, you don't let anybody know about
27:40
it. You just take it for the money.
27:41
But then you happen to run into a chairman, ask yourself, you
27:46
say yourself, you sit down with a pen and paper and you see,
27:49
where can I get more of these opportunities so I can have
27:52
access to more chairman or Chairlady or His Excellency or
27:57
Her Excellency or Madam Commissioner or whatever.
28:02
Then while you're doing all that, research the metrics, the
28:05
numbers, you should be looking at customer lifetime value.
28:08
Customer lifetime value doesn't mean the person will buy from
28:10
you until they die. But if you did work for chairman
28:13
and chairman paid you like this, and the relationship between you
28:16
and chairman lasted five years, then you know, you just take the
28:19
money, do some multiplication, some rough multiplication.
28:22
By the way, they are very precise mathematical formula for
28:26
doing this. But for me, I like doing general
28:27
math. So by the time you do it, you
28:29
will see that, OK, every single time I get hooked up to a
28:31
chairman, I can expect to receive this amount of revenue
28:35
over the course of five years or six years.
28:37
So that's costing my lifetime value for the period that I'm in
28:40
relationship with this guy or this babe.
28:43
How much money did they drop? Then there's also average order
28:46
value. There are some people that don't
28:49
buy much. Let's say you sell pyjamas.
28:53
They don't buy the expensive ones, but the woman buys from
28:55
you repeatedly. Maybe she has five children and
28:58
the children are growing up fast.
28:59
Maybe they're now teenagers, so she doesn't buy much.
29:02
Maybe she comes and buys pyjamas worth ATK.
29:05
But The thing is that ATK, she's buying it every every two
29:08
months, that kind of thing. So average water value, how much
29:13
is she spending? But then there might be that
29:15
person who doesn't buy every month.
29:16
Maybe the person buys once a year because they only buy
29:18
Christmas pajamas. But then for that Christmas
29:21
pajamas that they buy, they buy the top of the line 1.
29:23
So maybe they come, she buys one for herself, 100K buys one for
29:28
her husband, you know, 60K buys for the children, maybe like 120
29:32
K, something like that. So you know, it's left for you
29:36
to do the math, like who is worth more?
29:38
The woman who only comes once at the end of the year and buys all
29:40
those top of the line pajamas or the one who is mine only for her
29:43
children. But you know that every other
29:46
month is 80K80K80K. So you do the number and then
29:49
you compare average or that value.
29:52
How much does this person spend each time they enter my shop or
29:56
each time they hit me up in the DM?
29:58
Then there's also customer acquisition cost.
30:00
How much money did you spend to get this customer?
30:04
That's something we used to consider a lot back in the day
30:06
in the wedding photography space, in the event space,
30:09
because we would go, some of us would go for these wedding
30:10
shows. So you do the math in your head.
30:12
OK, wedding show, you're asking for a booth that is in the A
30:16
section that is close to the to the entrance.
30:20
And because of that, you know, the fee that they're building is
30:22
250 K. So you're doing the math in your
30:24
head. OK, If I buy a booth for 250K,
30:28
might I be able to get some clients?
30:29
How many clients did I get? You know those sorts of things.
30:31
So you look over your trading history at the end of the year
30:35
and it's like, OK, I met chairman or chairman's daughter,
30:38
I did their wedding. But it came from this, it came
30:42
from this, it came from Instagram advertisement or it
30:45
came from bridal Expo. That's business Expo.
30:51
So it came from Instagram where it came from business Expo and
30:53
they run the math. So I spent this amount of
30:56
business Expo, this is how much business I got.
30:58
I spent XYZ amount on Instagram advertisements and this is the
31:02
money that I got. So you consider all those sorts
31:05
of things at the end of the day. So OK, which one paid more now?
31:09
OK, the Instagram, yes, I was only spending 77K every month on
31:12
advertising, but at the end of the year, I ended up spending
31:15
hundreds of whatever, but see how much I got.
31:18
But for the wedding Expo, I only spent 250K to get this spot and
31:23
at the end of the year, see how much I got.
31:25
OK, wedding Expo, the money is bigger, but the returns were
31:29
also bigger. Let me do wedding Expo again
31:31
next year. So that's how you, that's how
31:34
you run the math. So again, you're looking at
31:35
customer lifetime value. How much money do you get from
31:39
these people over the course of XYZ number of years, the average
31:42
order value every time they come and see you, how much money do
31:46
they drop and then cost more acquisition costs.
31:49
I spent money to get customers. I printed flowers, I did
31:51
Instagram advertisement. I went for business Expo.
31:54
Which one brought the highest amount of money?
31:56
Those are the sorts of things that you and your business
31:58
partner, you and your spouse, you and your babe or you and
32:01
your boyfriend. If you guys are doing business
32:02
together. And like I said, I've told you
32:05
guys before, I do not recommend that you babe, listen to this
32:09
podcast should get into business with your boyfriend.
32:12
But that's it. Podcast episode for another day.
32:15
I do not recommend. But if you are doing that, these
32:18
are the sorts of things that you should be looking for.
32:21
Then let's see what else. OK, Then learn to network with
32:24
high net worth individuals. HN is as people call them or
32:29
people that match your ICP. Learn how to network with them
32:31
online on offline. But I must say, in Nigeria, at
32:36
least at this time, at the point of this recording in 2024,
32:40
Chairman, you know, big guys, you know, big boys, they don't
32:45
do a good job of socializing online.
32:47
So if you want to network with Dangote, you're better off
32:49
looking for face to face opportunities because if you
32:52
connect with Dangote on LinkedIn, you know you're on
32:55
your own. I don't think you guys are going
32:56
to be able to build a profitable relationship.
32:59
So you're better off trying to look for avenues where Dangote
33:01
is going to be in the flesh and put yourself in that opportunity
33:04
and try and see if you can scheme an introduction that way.
33:08
But like a friend of mine said, you know, trust not in man what
33:10
trust in God. So don't think that your miracle
33:13
is going to come through knowing down with it.
33:14
So continue to hustle, but don't rely so much in the fact that if
33:18
I get hooked up to down with it, my life is going to change.
33:21
So network then, OK, partners and channels.
33:27
The whole idea behind partners and channels is you're in a line
33:29
of business. You know, somebody who's in
33:31
another line of business, you guys can do marketing together
33:34
and that is something that in the event and in the event and
33:37
wedding space, we used to do a lot back then, I don't know
33:40
about now. So you're coming you into the
33:42
market, you have some skills, you're new in Abuja, you don't
33:45
know anybody. So, you know, partner up with a
33:49
an event planner, a wedding planner who seems to have access
33:52
to high clientele and that should give you access to high
33:57
net worth individuals to high value clients and high value
34:00
opportunities. So that's the sorts, you know,
34:03
those are the kind of marriages that I'm talking about.
34:05
So the wedding planner, at least back then, that's the scope we
34:08
used to use. So the wedding planner has
34:10
access to you, your wonderful photography and some free
34:13
services in covering what's it called, decoration photos,
34:17
things like that. And then hopefully leads to to
34:25
more strategically important opportunities, if I can put it
34:28
that way. Well, of course, I have opinions
34:29
on whether this is a good idea or not, but I'm just letting you
34:32
guys know that it is an option. You're in this business, you're
34:35
in this industry, Look for someone who is in a similar
34:38
industry and both of you have an incentive to go chasing people
34:41
together. So that can work.
34:43
So this whole thing of me and that other agent who introduced
34:47
me to chairman and ended up working for chairman on
34:50
Ministers Hill. Yeah.
34:54
So it's that sort of thing. So hook up with complimentary
34:57
people. So wedding photographers, they
34:58
pair up with video people. So maybe you're a fashion
35:02
designer. And yeah, OK, that's a good one.
35:05
Fashion. Like I know someone in the
35:06
fashion space who hooks up with movie people.
35:10
And I've seen some of your stuff on there was this soap that was
35:15
big in in Abuja, at least back in the day.
35:19
OK, not back in the days. A few a few a few years ago.
35:21
I'm Halita. Yeah.
35:22
Halita. Kind of like a Nigerian
35:24
Cinderella story. So I saw some of your stuff on
35:26
Halita. I saw some of your stuff in some
35:28
other place. And I thought it was a real
35:30
brilliant strategy that the fellow was doing because I
35:33
actually met him through my video guy at the time, Shagu.
35:36
So. Yeah.
35:39
So that's it. So he partners with movie people
35:41
and and his stuff gets featured on Nigerian TV soaps and of
35:46
course credits at the end of the scene, you know, costume
35:48
designed by so, so, so and so, you know, Madam, So, so, so and
35:51
so's dressed designed by so, so, so, and so that gives some
35:54
exposure and that leads to high value clients, high value
35:58
opportunities. So that is the partnership
36:01
approach or the channel approach.
36:03
Then if you do a good job with all these things that I've been
36:06
saying so far, you know, you sit down with our GPT, try and do
36:10
some research, come up with job title, company size, pain
36:12
points, things like that. Or you sit down you and your
36:16
brother or you and your wife or you and your, your boyfriend.
36:21
Again, I do not recommend that you should be in business with
36:24
your boyfriend. I will make a separate episode
36:26
about that later. So you and your boyfriend, you
36:29
sit down and you run through invoices, WhatsApp message and
36:32
everything. Then you now come up with, you
36:36
now get all kinds of data. All this data that you get is
36:40
going to be very viable when you're ready to start running
36:42
Instagram advertisements, Google advertisements, Facebook
36:46
advertisements and you know, blah, blah, blah.
36:48
Because then you will have to put in the, in the parameters.
36:51
Now that's not my thing. I'm not a specialist here, but I
36:53
know that it's part of doing the targeting individuals age So,
36:57
so, so and so occupation, so, so, so and so living within, so,
37:03
you know, 5 kilometre radius of this part of city or that part
37:05
of the city. Interested in this, this, this
37:08
interested in that, that, that hobbies this, this, this, you
37:10
know, so you, those are all the things that you'll be putting in
37:13
there. And The thing is, if you do a
37:15
good job with doing the research and with going through the,
37:21
your, your previous trading history, you should know exactly
37:24
what to put in Instagram so that by the time you run that
37:27
Instagram campaign, the kind of people that will reply to you
37:30
will be, you know, chairman local government, OK, no local
37:34
government counselor. Are they big boys?
37:37
You know, I don't know. I don't know if there's money in
37:38
local government, but you know, big boys, big girls.
37:42
Madam CEO, who again, chairperson of XYZ committee,
37:49
Ministry of Finance, Central Bank.
37:51
So you can now do all that online stuff online targeting to
37:55
get those sorts of people. So that basically is how we get
38:02
or rather these are some thoughts about how to go about
38:05
identifying and targeting high value clients.
38:09
So remember, at the end of the day, it's not just how many
38:11
zeros because it is very painful because I have been through
38:15
this. Believe me, I've been through
38:17
this. You see plenty of zeros and you
38:19
think correct, like this is good money.
38:22
But by the time you certainly everybody, the one that enters
38:24
into your pocket is you're angry and like, I should have just
38:27
stayed home. There was no need for me going
38:28
out. So only come back and keep this
38:30
small thing in my pocket. So it's not just how many zeros,
38:33
but how profitable, how much entered into your pocket.
38:36
And also think about strategic importance.
38:38
You know, where can I open doors or who can hook me up with what
38:42
so that I can have access to open doors.
38:44
Then do some research on your own to figure out who you should
38:48
be running after or if you've been in business for a while,
38:51
2-3 years. Look at your trading history,
38:53
open your WhatsApp messages, check your invoices, look at
38:55
your bank statements. Look for all that time when you
38:58
saw big ping him, you know, big money hitting your account.
39:01
It's OK. Who was this OK, that was this
39:03
job. That was that job.
39:04
Or who is that person itself? You cross check with the phone
39:06
number. You remember, like, oh, OK, this
39:08
Alhaji, this Madam or this young man or this agent, then I've
39:14
already spoken about the metrics and how you're supposed to
39:17
network. Take all that information that
39:19
you get so that when you're ready for online activity, that
39:22
is what you're going to use to throw in into your advertising
39:25
campaigns so that the algorithm can hook you up.
39:28
So that in summary, is just some of my ideas about it.
39:31
But because I'm giving ideas about high value clients today
39:34
doesn't mean I might not do another podcast episode about
39:36
that in the future. But only rest assured when I do,
39:40
it'll be me saying something else, taking the conversation
39:43
further, not repeating the same thing.
39:46
Oh, by the way, is it taking the conversation further or taking
39:49
the conversation further, you know, FURTHER or FAR?
39:55
It's one of those things that I never quite figured.
39:58
And I'm glad that my English teacher, I mean, she's too old
40:01
to be listening to podcast anyway.
40:03
So yeah, one of those questions that when my child asked me, I'm
40:06
like, you know what? Go ask your mother.
40:08
I'm not answering that one. I can answer any other question.
40:11
But if you're not asking me receive, is it RECIV?
40:14
Is it I before E or E before I? Is it further or further?
40:18
I'm like look go ask your mom, don't disturb me.
40:21
So thank you very much for your time and attention.
40:24
Connect with me on WhatsApp, the phone number 08064662140 country
40:31
code is +2344 Nigeria. And then connect with me on
40:34
LinkedIn the name to look for establishing my IED.
40:36
Check the link. We're listening to this episode.
40:38
You see my name there highlight copy paste.
40:41
You see my handsome face send connection request and in 24 to
40:46
48 hours, we should be having a conversation.
40:48
If you have anything interesting to say.
40:51
I engage with everyone for now. So take advantage of that and
40:56
engage with me before me. I'm done with this start hanging
40:58
together because when me I'm done with this start hanging
41:00
together. You guys will see me again on
41:01
this podcast. So actually I'm just kidding.
41:04
I'll probably do this for another two or three decades
41:08
before I retire, so thanks for your time and attention.
41:10
I'll catch you guys at the next episode.