If you’re like most businesses, 80% of your profits come from 20% of your customers. It’s those 20% that help you through the tough times. It’s who your employees love to work with. And they’ve been customers for a long time.
So, if you could have imagined the consistent profit streams of that ideal customer, how much would you have paid to attract them? With what you know now, what could you have done differently to attract more of the kinds of customers that make up that 20%? What would your company look like if that 20% was 50%?
Knowing the long-term value of your ideal customers gives you the courage to allocate your resources to get more of them. It helps you organize your activities to better support them. And it helps you create more products to make them even happier.
Do you have a Big Strategy?
Take a 5-minute Big Strategy Assessment to get a better idea how your company is positioned for profitable growth.