Most of us in business have heard about the 80/20 rule or principle and understand how it applies. Using this rule every day in our business sales, we know that 80% of our business comes from 20% of our customers and clients as a starter. It’s also true, that most of us miss the 80% of the business sitting right in “front of our noses;” the easy sales with our existing base of customers and clients.
I know it sounds so obvious, but most companies spend too much of their marketing budget and efforts to increase revenues with new business. That effort can consume your marketing budget between 16-20 times more than existing business relationships, thereby missing the easy, affordable target market. Existing customers and clients cost a minimal amount to reach, with far less effort, little sales resistance and usually without any competition to fight against.
So what would be the best marketing tool to use to reach this untapped marketing of opportunity? May I suggest as a trained, seasoned sales and marketing professional, using permission email marketing is still one of the most affordable and effective tools to reach your customers and clients you worked so hard to obtain. Harvesting opportunities can be as easy as reaching out on a bi-monthly basis informing your clients and customers of new products and services through email campaigns.
Applying the 80/20 principle to your valuable list of customers and clients will generate quality leads that are affordable, give you shorter sales cycles and provide you with a value-add to the services you offer them.