Do you know the rules of 20%? Here are three tips for growing your business during a time of uncertainty.
1. UPSELLING
It typically costs only 20% of the investment to upsell to a current customer as opposed to acquiring a new one. Upselling is one of the most efficient ways to utilize your time and resources.
Here’s the TIP. Re-market to your current customers during times of uncertainty. When things get difficult, customers want to work with those partners they know, like, and trust.
2. THE VITAL FEW
For most businesses, the top 20 percent of customers drive 80 percent of profitability. It’s important to understand the law of the vital few and the trivial many.
Here’s the TIP: Not all of your customers are created equal. Find ways to follow-up and show appreciation for these critical customers.
3. SAMPLING
On average, of 100% of the products/services you can provide, your current customers, the ones you already do business with, on average only know 20% of your capabilities.
TIP. Never assume the customer knows everything you can do to help them. One technique to combat this is sampling. Sampling is the lowest hanging fruit in marketing. There may not be a more cost-effective way for brands to drive purchase intent and conversion.