Fire a Client Today

JOHN MCMAHON Executive Vice President/Group Publisher

Do you find that the client that takes the most of your time is the one that you are making the least amount of money from? I see this in many businesses; it’s natural that as one’s price lowers, the amount of service demanded increases — that’s because many folks who are frugal are finicky and also tend to be more demanding. At our recent Luxury Travel Advisor Ultra Summit, Peter Yesawich (shown here, right, with me) shared with us the findings from his MMGY Global’s Affluent Traveler Research. He noted that two-thirds of American adults are planning at least one vacation in the next six months, a positive indicator of demand and increases in the use of travel agents. Many of you have told me that you are now choosing your clients carefully, and you should. And you shouldn’t be shy to let your clients know that fact. It adds to your cache and appeal. Many successful service businesses do this; think of the top physical trainers who can be accessed by referral only; life coaches and personal accountants do the same thing. Nightclubs add velvet ropes and big, burly bouncers at the door to draw foot traffic into what is perceived as an exclusive club. If done well, adding a barrier to entry will have affluent clients lining up for your services. The trick is to finally be rid of those low-revenue, exhausting and overly demanding clients so you can free up your time to serve those individuals who are willing to spend to get an experience they’ll savor for years to come.

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