If you didn’t already know, 80% of your total business profits will come from 20% of the work that you do. The 20% accounts for all of the backend revenue that you will be making from marketing to your existing customers. The other 80% accounts for customer acquisition and purchasing advertising. So know when you get a new customer, to work that customer like there’s no tomorrow.
If you’re currently doing what you can to market your business and earn more money, but aren’t seeing the results that you had hoped for, don’t give up. More than likely you have an existing customer base that mostly was created due to walk-ins into your place of business. Know that because of your location alone, you will get new customers by default.
Nevertheless, you still have to market your business, since a business owner who has stopped marketing is the business owner who will find themselves in deep financial water. You don’t want this to happen to you. Continue to market your business for new customers, but focus more of your energy to the customers who has already bought from you before.
Remember the 80/20 rule: 20% of what you do will account for 80% of your profits. So if you’re working hard in your business but aren’t seeing more new business, it’s time to sit back and analyze where all of your marketing and promotions have been going to. Test and track your ads and make sure that you’re focusing on response, instead of “getting your name out there”.
Take these tips to heart, and you will have a better chance of remain in business.
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