If you haven't heard of the 80/20 rule then listen up, because this one is really important to all of you small business owners out there.
Here it is... Typically about 20% of your customers give you 80% of your business. This means most small businesses are heavily dependent on a small "A-list" customer base. These customers are the people who should receive most of your attention, energy and time on a daily basis. And most small businesses do this fairly well )at least they do for current customers). However when it comes to marketing efforts, and bring in new client they forget who is bringing in the real money, and develop marketing campaigns to bring in more of the wrong types of customers.
By concentrating on your best customers, your marketing efforts will become more efficient and more cost effective. This applies to bringing in new A-list clients and marketing to existing A-list clients.
Why do most businesses forget to market to their A-listers? Well there are a number of reasons, but the problem usually lies in a few areas (1) They don't know how to market to their A-list (or are afraid to), (2) It's easier to market to the B-list, or (3) They aren't aware the needs of their A-list and B-list clients are different.
These are the reasons we are starting up a new Pin Point Marketing Program (which will launch at the end of the year). Our goal is to help business owners identify their A-list, learn how to advertise to their A-list, and create more A-list clients.