Relationships vs TransactionsApr 12, 2021
Your top 20% of clients give you 80% of your sales. And they trust you the most. They want a relationship with you.
Your bottom 80% of clients only give you 20% of your sales. They are not as interested in having a relationship with you. They see you as a transaction.
Build your business around the needs, fears, and desires of your top 20%. Be curious and ask these clients their opinions. Remember that we have two ears and one mouth and we should use it in that ratio. Listen to them. Survey them. Call them.
The greatest mistake is to treat your top clients as a transaction. If you do, they will treat you like a commodity. Instead, strive to show them how much you appreciate them. Tell them how important they are to you and your team. And include them in everything you do. Build relationships with these clients. Write them a handwritten note.
On the flip side, treat your bottom 80% more like a transaction, unless you can ascend them to your top 20%. Give them good deals. Give them good service. Instead of a handwritten note that takes a lot of resources, send them a batch email instead.
Your resources to invest in your clients are not endless. You must deploy your resources in meaningful ways where you are going to get the greatest gain. And that is always in your top 20% of clients. As you develop your marketing plan for 2021, make sure to add those personalized touches with your top 20% and systemize touches with your bottom 80%.
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