How do we turn the 80/20 rule into the 20/200 rule? How do we take the top 20 percent of your client base and allow them to create 200 percent more revenue? Follow these three proven steps:
Step 1: Know your 20 percent.
Find out where the majority of your revenue is derived from. If this is your first time segmenting “A” clients, 20 percent in number, 80 percent in revenue; “B” clients, 30 percent in number, 15 percent in revenue; and “C” clients, 50 percent in number, 5 percent in revenue, you’ll be amazed. If you’ve already done it, take a couple of minutes to review it.
Step 2: Know who they know
This step helps determine if you’re serious about “client cloning.” Now that you’ve compiled a list of clients to duplicate, begin researching who they know. Chances are you’re already aware of a few connections. If you’re still searching, try two other methods. Do you currently maintain a profile on LinkedIn? If not, begin today. Via LinkedIn, search for your top clients and extend an invitation to connect. Once linked, view their other connections to identify others they engage with.