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You might assume—especially if you’re a Soloist—that “whale” clients are bad.
Sure, they can gobble up an outsized amount of your time and you may find yourself twisting like Gumby to keep them happy.
But what if a certain type of whale client could be a good addition to your business right now?
Hear me out for a sec.
Times are pretty weird right now. We’re teetering on the edge of a recession and perhaps more importantly, many executives are putting off big decisions until they have more clarity.
But your clients—former and current—know what you can do. Which makes them an easy starting point to lock in some revenue now (on open items you know they’ll need) or start discussions for bread-and-butter type work they’re likely to green light.
Concentrating on a few big players allows you to focus your sales, marketing and relationship building intimately while keeping your revenue flowing and growing.
You just want to make sure that:
Your whale clients fit neatly into at least one of your sweet-spots (type of work, industry, client profile, etc.).
You never have just one client (which, let’s face it, is not a sustainable business model).
They are worthy of investment—because they are good people with achievable goals who will view you as a trusted resource.
They value your services and are willing to pay for value received.
You can grow together—or part company respectfully should your goals diverge.
I’ve built my own whale practices and coached quite a few Soloists who have used the model consistently to build mid to high 6- and even 7-figure consulting/advisory businesses.
Whale business models can work.
But even if serving a handful of whales is not your long-term vision, it can act as a place holder as you navigate your business through uncertainty.
The core question is this: does your business model need adjusting for the current environment?
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