Rewards Have Their Privileges

Sunday, 29 July 2007 04:53

The Pareto Law (a.k.a. 80/20 rule) suggests that 80% of benefit derives from 20% of effort. The converse is that it takes 80% of effort to hone the final 20% of benefit.

Let us assume that 80% of your business derives from 20% of your customer base. By concentrating on this percentage of your clientele, you should expect to keep these loyal fans coming back to you.

What have you done for them lately so they know how special they are to you? Have you bought them tickets to a baseball game, taken them to dinner, attended the CEO's daughter's graduation?

These and other gestures will help build the bond between you and your core customers. They are the foundation of your business, so give them the rewards they have earned.