Ideal client analysis with LSP.expert
couple of months ago we published an article on finding your ideal clients. Since then we got to thinking: What about an article on how you can actually use LSP.expert to find more of them? So here we are.
For the reporting geeks amongst us, the LSP.expert reporting functions are probably familiar. In case you’re not so au fait, LSP.expert lets you run a range of different reports - all of which are super handy, when it comes to figuring out how your business is performing.
You can run reports on your monthly sales, profit and loss, expenses by client, tax summary….basically, it’s a reporting geek’s heaven.
But it’s not just about looking back at how business has been, the reporting features can also help you figure out where your business is going. Specifically, where you want it to go.
You’ll remember how our article took you through figuring out what to look for in your ideal client. You’ll also remember that we stressed how this is a very personal issue - your version of ideal could be another translator’s nightmare!
Love those labels
A big part of working out your ideal client was figuring out what you liked to work on. That’s one of the first ways LSP.expert can help you. With the tool, you have the ability to not only add the services you provide for clients, for example, ‘Translation”, Proofreading”, “Transcreation”, “Subtitling”, but you can also add labels, for example, “Patent translation”, “Book copy-editing”, “Tagline transcreation”.
That means you can tell, at a glance, what you spend your time doing. By running a report on “Sales by service”, you’ll be able to quickly tell what proportion of your sales is coming per service, and you’ll also have additional information on your most profitable subject areas/specialisms.
It’s also a very good idea to cast your eye over the accounting tab - if a client is consistently late with payments, it doesn’t matter how profitable they are for you - they are not good for your business (or your stress levels!)
Our article in February also got you thinking about your favourite client relationships, and used those as a model for future ideal clients. Let’s have a quick re-cap on those relationship rules:
- Shared work values
- Similar work ethic
- Client values the work you do and tells you (Bonus - they tell others!)
- Offers reasonable, communicated-in-advance deadlines
- Clear guidelines on reference material and queries
- Expectations on response times are clearly stated
- All relevant documentation delivered to you on time
We recommended that you record this in your clients’ individual records on LSP.expert - looking back on this can help you see patterns and gather information for finding more clients like your favourites.
Deep dive analysis
Going a step further with this analysis, you can start to answer questions like these:
- How did you find your best performing clients?
- Is there a pattern you could take into consideration in your marketing strategy?
- What type of projects do you work on for them? (remember to use the Sales by Service report for this!)
- Is there a pattern that highlights a potential area of expertise to exploit?
- What else do they have in common? (Think location, rates, industry…again, all this info is stored centrally in each client’s record on LSP.expert)
Using LSP.expert’s reporting function and its CRM capabilities is a terrific combination when it comes to pinpointing and pursuing ideal clients.
Data is your buddy here, and it’s also unbiased. You may have a client who is super friendly and gives you cool projects, but if they’re not paying well (or on time) then they’re far from ideal.
Using the information you can pull from LSP.expert gives you an impartial overview of all aspects of your client relationships, not just the ones you like to remember.