Apply The 80 / 20 Rule To Your Business

No doubt you've heard something about the 80/20 rule.  The 80/20 rule means that if you can define your critical few customers and target marketing directly to their needs, it's likely to pay off big time. The cost of acquiring new customers, according to many surveys, runs eight to 10 times more than the cost of keeping existing ones. So you get a stronger return on your marketing dollars and better sales by focusing on 20% or so of your top-tier prospects. Usually, that requires two steps:

•    Identify and characterize your key customers.

•    Target messages in suitable media to hit nerves among the important customer segments.

Identify Your Best Customers

First, find out more about your customer. You need to learn details about their habits, profiles, and preferences before you can characterize them. Information most helpful to collect (with the customer's permission, of course) includes:

Name, full address, phone number and/or e-mail address, including the names of all family members or company title and department.

Date of birth, so you can send out cards or e-mail with birthday discount offers or gifts.

Annual amount spent with your company.

Products purchased and past history.

Special requests for products or service.

Use a Business Contact Manager that lets you go beyond simple contact information to consolidate all interactions for a given customer or account, including e-mails, tasks, appointments or sales calls, notes and other documents. Further, you can easily create customized reports with criteria of your own choosing or, if needed, export those reports to Excel for further analysis.

After a half-dozen interactions, you'll not only have an individual account's purchasing history and proprietary profile, you'll have it captured in a centralized location for every customer—no more outdated sticky notes or multiple folders with conflicting information. Plus, all the actionable information will be easily accessible.

Target Your Messages

When you're clear about the target customer and you can rely on smart, centralized customer information, you can send specialized offerings to selected customer segments. Use Publisher part of Office 2010, to create flyers, postcards or other mailings that send news of customized offers.

Cross-sell or up-sell additional offers and products.

Provide well-timed rewards or discounts.

Create insider or time-sensitive deals.

Do you need help with your next print advertisement?  Call MI Printing 623.582.1302 and lets us be your local resource.  Effective communication is what your business needs.

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