Many readers will be familiar with Pareto’s 80/20 rule – 80% of business is generated from 20% of clients.
When it comes to holding onto your top clients the best form of defence is attack. This is because you can’t assume they will remain loyal forever and they will cost a lot to replace if you lose them.
So take the following steps to protect and grow your business.
First, assess your sales data and identify who your top clients are. Do this often as it can change. Without this knowledge, it’s hard to keep hold of clients.
Next, understand your top clients’ needs and expectations. Do some simple research and listen.
Third, think and plan. Be honest with yourself and assess how well you are meeting the needs of your best customers. Make changes building on your strengths and mitigating your weaknesses.
Then find ways to continually add value. Value means different things to different people so you don’t have to adopt a ’one size fits all’ approach. You can do something special just for your top clients.
Stay in contact with them but don’t bombard them with pointless communications. Know how best to communicate with them, what to say and how often. With the general election over you have a great opportunity to do this.
Finally, find out how loyal they are, and there’s a difference between loyal clients and advocates – the latter can generate business so be sure to identify these.
It’s time to go on the attack and make things happen by finding out more about your top clients.