The Two Biggest Mistakes That Will Drive Every Security Business into the Poor House…
Understanding these two (2) mistakes and fixing them will allow you to raise your rates, and your installation price by hundreds to thousand of dineros.
The first biggie mistake is not recognizing the value in your client mailing list (i.e. all your leads and security clients.)
There is a wonderful old story, “Acres of Diamonds”, that brilliantly hammers this point home. It’s a pretty long story and you should get a copy of the book and read it this weekend. But, I’m gonna tell yah the ending and ruin it for you right now – sorry.
BTW, I picked this book up when I was around 32 years old. An early mentor of mine mentioned the book to me, so the very next day I went down to the bookstore and got myself a copy and read it that night. You should pick one up and read it and then pass it on to your wife and friends. It has a real good message that you don’t nearly hear enough in times like these! Because, truthfully, there’s acres of diamonds in good times and bad…no matter where you are – Bolder, CO, Ontario, Canada, Paris, TX, Swaziland, South Africa…you just need to keep an open mind and not be myopic!
The story is basically about this guy from somewhere in Africa who wants to strike it rich. So he sells his house and land and goes out and searches the continent for diamonds. His quest to find a diamond mine took him to many foreign lands. He spent the rest of his life, searching in vain to find his treasure.
At the end of the story, having failed miserably to find his treasure, he commits suicide by throwing himself into a river. Not too long after his death, an enormous diamond mine was discovered right in his old back yard by the new owner of his property.
I know that’s the cliff-note version but, the moral of the story is…
Most Security Dealers and Low Voltage Installers Look To Foreign Lands
Is Search Of New Security Clients And Wealth
When the Diamond Mine their looking For Is Waiting For
Them Patiently In Their Own Client List!
There is an absolute FORTUNE in your client (mailing) list. If you build a decent size client list and nurture that list, you can live… [in style]… for the rest of your life.
Not recognizing the value in your client list is the first big mistake. The second big mistake is not doing what is necessary to[nurture] your client list.
I’ll even take that one step further. An even BIGGER mistake is not knowing where your money is REALLY coming from in your client list… and… not doing what is necessary to nurture and clone those relationships.
What do I mean by that?
Everyone knows the 80 – 20 rule, right? (a.k.a. the “Pareto Principle”).
80% of your business comes from 20% of your clients.
Well, here’s a little eye opener. If you really look into your billing software, you will find that a disproportionate percentage of your “NET” income comes from a VERY small percentage of your clients. For most security dealers and low voltage installers it is something like 5-7% bring in 90% on the net income.
Not gross mind you…. Net.
So let me ask you this… do you KNOW who those folks are and how are you treating them differently from the rest of your clients? What are you doing to find out what makes these people “tick?” What commonalities do they have so you can craft a security marketing message and referral system to get a boat-load more of folks like them?
Or are you marketing to them the same? Treating them the same? Marketing to them with the same frequency as everyone else?
If almost ALL your income is coming from such a small percentage of people, does it make sense for you to treat everyone the same?
I know EXACTLY who my top 5% are… And believe me… I treat them very differently from everyone else.
They get marketed to MORE. They get the “Ritz Carlton” treatment. They get MANY unsolicited gifts. They are very special and they get treated that way.
It is a rude awakening for most security dealers when they actually run numbers and find out how small their business really is in term of where their money flows in from.
How To Sky Rocket Your Security Installations…
The quickest and easiest way to significantly raise your installation prices is to find out who these DIAMONDS are, single them out…and… treat them like the ROYALTY that they are. Give them more reasons to spend way more money with you…and they will!
Profile them like a CIA case officer would profile a Taliban leader; discover commonalities and get more of them.
Just identifying these clients and offering them more ways to spend money will send your installation price average through the roof… literally overnight.
Treat them special and market to them more and your bank account is in for the surprise of it’s life!
Smokin’ Security Newsletter members be on the look after the September issue hits your mailbox for this one time only “Acres of Diamonds” Tele-seminar – a bonus call for all my security mavericks and newsletter subscribers – that will teach you how to identify the “Jericho Diamond Mine” in your business and how to mine those diamonds to maximize your profits!