The 80/20 rule: Who are your loyal customers?
The “80/20 Rule” as it is frequently called today, is an incredible tool for growing your business. If you can figure out which 20% of your time produces 80% of your business’ results, you can spend more time on those activities and less time on others. Likewise, by identifying the characteristics of the top 20% of your customers (who represent 80% of your sales), you can find more customers like them and dramatically grow your sales. However, many companies invest more in attracting new customers than retaining loyal customers. How is it that we no longer spoil loyal customers? Imagine what encouraging loyal customers can mean for your conversion! But how do you find out who your loyal customers are?