The 80:20 Rule and What It Means For You

The Pareto Principle 80/20 Rule

The Pareto Principle works for all business!

This is a concept which is widely known and talked about in marketing circles, and for good reason. Once you identify and accept this rule into your business, and your life in general, then you'll be able to make the most of what you already have.

So many people obsess over finding NEW customers all the time, but the ones you have or have had in the past already know you - and if you did the job right - already love you. Yet we tend to let these customers dwindle away, thinking that they're already a customer so let's move on to find the next one.

In fact 80% of your business will come from 20% of your customers.

More than that, we can usually assume that 80% of your revenue comes from 20% of your products, your best sellers.

Do you REALLY look after those 20% of customers?

When was the last time you spoke to them? Checked in with them? Let them know about a new product or service? That you can offer them X as well as Y? Sent them a little discount code, or a thank you for a referral? Let them know you offer gift cards? Asked them to follow you on Facebook?

If you look after these customers, they will bring more to you.

What can you do today or tomorrow to regain business from your existing and past customers?