Using the 80-20 Rule to Attract Your Ideal Client
I can’t even remember when I first heard of the Pareto Principle – you know, the one that says that 80% of the effects comes from 20% of the causes. For example, we wear 20% of our clothes 80% of the time, and we spend 80% of our time with 20% of our acquaintances. In business, it’s said that 80% of your sales comes from 20% of your clients.
I recently attended a networking breakfast where I had the pleasure of hearing Dr. Tony Alessandra share some strategies for keeping clients and attracting new ones. He suggested that you create a profile of the top 20% of your clients, and seek more clients who fit that profile. It seems obvious, but how many of us actually do that?
He went on to recommend that you develop a plan to make it happen. The first step of the plan he outlined is to identify which clients are actively recommending you to others. Next, figure out what it is you do differently for those clients, and then start doing that for your other clients. That could be a bit more challenging to figure out, but I can definitely see the value in it.
Overall, I was very impressed with Dr. Alessandra’s presentation and I hope to have an opportunity to hear him again. Did you notice I said "hear" and not "see"? That’s because he wasn’t actually in the room when I heard him. This particular event takes place every month, with the presentation delivered by speaker phone. It’s really quite unique, because there isn’t an actual group to join, so you get to meet different people all the time. If you want to find out if there’s one happening in your area, simply Google "Breakfast with Fran" along with the name of your city or town.
These are good points but if you don’t have any clients to begin with, how are you supposed to find your top 20%?
Comment by Jacki Hollywood Brown — April 7, 2008 @ 5:30 pm
LOL - Jacki. I would say of the clients you’ve ever had, which were your 20% (either spent more money, or were nicer to work with, or were in your “hot topic” area). And then write down those characteristics and ask, how can I get more of these types of clients instead of the others.
I’m happy to help you brainstorm for a few minutes on skype if you want
Janet, I just finished the four-hour work week and Tim says the same things. In fact, he’s quite radical in that he says to fire the 80%!
Comment by Marcia, Organising Queen — April 8, 2008 @ 10:23 am