In most businesses, the 80/20 rule applies to just about everything — including the question “Who gives us our bottom line?” In other words, there is a good chance that fewer than 20% of your customers are giving you more than 80% of your profits. This is so because repeat and upgrade sales usually require the least investment and are therefore the most profitable.
Astonishingly, some of the businesses I work with don’t know — when I start working with them — who their best customers are. They are aware that a limited number of people are buying a lot of their stuff, but they don’t keep a list of those people or make special efforts to sell to them. Big mistake.
Your best customers have not only ALREADY spent the most money on your products, but they are also the ones who will spend the most money IN THE FUTURE. If you don’t know who your best customers are, find out. If you know who they are but aren’t marketing to them (a) more frequently, (b) more personally, and (c) with more expensive products, make a plan to do so.