The most important part of projecting how much money your business will make over the next few years isn’t crunching the numbers. The crucial step is knowing how to make more revenue from each individual client. The higher the lifetime value (LTV), the more ROI from sales and marketing is delivered to your bottom line.
Finding high value leads by changing your targeting methods. This will upgrade your client base and increase income from your credit repair company. So stop digging for water in a shallow well filled with low-quality leads. No matter how much you work, you will hit the bottom and be left feeling stuck. Finding leads is great - finding leads with a higher lifetime value is ideal.
With high-quality leads, you can expect higher-quality referrals and higher monthly recurring revenue.
For example, with a lifetime value of $300 per customer, and adding 30 new clients per month, your monthly recurring revenue is $31,258.
But by increasing the lifetime value to $500 per customer, your monthly recurring revenue increases by 64 percent to $51,425.
See what your credit repair income could be with 100, 500, or 1000 clients each month with the income calculator
Having more high-value clients makes it possible to scale your business and generate more revenue each year. Follow these three steps to find the leads you’ve been looking for.
1) Reach out to leaders in the community
Local business professionals, leaders of your church, administrators for local nonprofits, and many more community leaders are the types of clients with large, connected networks that will benefit from your services. Begin by educating these individuals on what good financial health looks like and how credit is a major player in the financial well being of their customers, followers, and communities.
Offer a free credit consultation and then dive into the details of what you do and how you can help them. They will be excited to share everything they learn from you and the positive outcomes from your credit repair services with their family, friends, and colleagues.
A well-connected individual has high value when they generate dozens of new leads for your business through word-of-mouth referrals.
For example, imagine you have 100 clients and generate about $4,675 in monthly revenue. You begin a referral program that brings 10 new customers a month and in two months your revenue will increase to $6,120. In ten months time, it will grow by 113 percent to $10,000!
Extend a helping hand
Individuals with low credit scores often don’t realize how much better their lives will be after working with you. Take the initiative and let them know how credit repair will change their lives for the better. You will be extending a helping hand to individuals. As a credit repair specialist, your work is one of the best gifts you can give to your community.
Reaching out thoughtfully to other locally connected individuals is a win-win. Clients who bring you even more clients are high in long-term value and are the gateway to a more profitable business.
2) Treat Clients Like Gold
Go farther than the golden rule of “treat others how you want to be treated.” Transform the average client into one that will be of high value by using the Platinum Rule: “treat others how they want to be treated.”
Give clients superior customer service by listening carefully to their stories and problems. Dive in and offer more than the services they know they need. Use your expertise to help them manage their bigger financial picture.
Make sure that clients understand how improved credit will help them to:
- Get a better rate on their home loan
- Qualify for a mortgage
- Find lower insurance rates
- Increase their credit limit (those cash rewards can add up on big purchases)
Optimizing the client’s experience with your services is another great way to gain more clients with high lifetime value. For example, Second Sunrise Credit Repair offers a free credit review consultation for all new clients and uploads them directly into the Credit Repair Cloud system. Their clients love the streamlined approach and are impressed with the quick results.
Once you make clients happy with great service that results in a better insurance rate or a manageable mortgage, they will sing your praises to everyone they know and the leads (and recurring monthly revenue) will keep rolling in.
3) Go to Unexpected Places
Rather than hunting for every new lead in the sea, you will find more success when you make your business and services visible and available to the people who need it most. Direct your marketing efforts on social media to audiences who will value what you do.
1. Tweet about local issues
- Share articles about credit trends and tag local businesses that are relevant.
- Follow your followers back and retweet their content to help expand your client base
2. Make a Facebook Business page
- Offer incentives (like a free consultation for a friend) to the clients who check in to your business for meetings
- Check-ins are shared to a user’s friend circle and are a great free marketing tool for your credit repair business
3. Connect on LinkedIn
- Create a robust profile for your company to connect with other local businesses and their clients
- Use LinkedIn Endorsements to help others know more about your expertise
Make yourself and your business visible in person, too. Attend industry events, like local business open houses and networking meetups where you can connect with both your peers and prospective clients.
The long-term value clients you are looking for are already out there so make yourself available and discuss how credit repair will change their lives. Focus your efforts on targeting the right leads that will stick with your business over many years and your hard work will be reflected in happy clients and increased revenue.
Read on to learn about running a profitable credit repair business.
