Ask any small business owner to come up with ideas on how to market their business and they will say adverts, brochures, leaflets, direct mail etc. Whilst all these are great ways of promoting your business they all cost money! What if I could show you a better and more effective way of marketing your business? In this article I am going to share with you some key strategies to get more business and ultimately increase your profits.
The biggest mistake businesses make is to focus all their marketing effort and budget on getting new customers. Research has shown that it costs up to 6 times more to get a new customer than to retain or sell to an existing one. And this is the key. Concentrate on selling more to your existing clients. Simple! Squeezing more profit out of your customer base is a cost-effective way of increasing your bottom line.
So, lets look at the steps you can take to tease more profit from your client base.
Paretos Law
No doubt you have heard of Paretos Law? You may know it better as the 80/20 rule. In a sales context if you examine your sales pattern, you may find that 80% of your profit comes from only 20% of your customers....
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