Let’s face it 20% of our customers will bring 80% of our revenue.
So if 80% of our time is spent on customers that shop around we’ve lost a fair bit of revenue!
Well if this principle doesn’t make sense . Pls let m explain.
In 1906 an Italian Vilfredo Pareto observed & created a mathematical formula that described
how 20% of the population owned 80% of the wealth.
This principle has been widely applied to business in all areas of expertise and is simply known as
The 80/20 rule.
Trouble is most business owners hire Sales people that waste 80% of their time with customers that bring 20% of the results.
Maybe business owners should follow Pareto’s 80/20 Rule.
Which customers are in your top 20%?
Which 80% of your day is wasted on bum leads?
From which advertising is generating 80% of your leads coming?
To further discover more great reading , Richard Koch a British Entrepreneur , Venture Capitalist & Author has written
international bestsellers on this subject.
ABOUT CARLO GUZZI?
- I have had 25 years Small Business Experience as Marketing Manager/owner of a WA(Western Australian) based Ceramic Tile importing business
- Worked in other various other industries such as Real Estate , Filtration, Stainless Steel & Giftware wholesaling in Senior Sales roles.
- Follow me on twitter @No1Bossfan or go to my BIZ FB page www.facebook,com/carloguzzimarketing