WHO IS YOUR IDEAL CUSTOMER?

If you’re a business owner and you are unable to explain in detail who your Ideal Customer is, I want to show you how a little knowledge will boost revenue 1600 percent.

In any community, small businesses are vital to the economy. The problem is a big percentage fail for various reasons. One of the most common is not understanding the importance of your ideal customer.

Although there are many issues that need addressed to keep a business growing, identifying your ideal customer will increase your revenue by 16 times. Here’s how.

A 100 years ago Vilfredo Pareto made an intriguing observation. In Italy, where he lived, he noticed that 80% of the real estate was held by 20% of the population. This observation began showing up in many different disciplines, it eventually came to be known as Pareto’s Law, or the 80/20 rule.

So how does this affect your business? I’m glad you asked.

Think about you Ideal Customer

Within every business 80% of its income is derived from 20% of their customers. Banks generate 95 percent of their income from 15-20 percent of their customers.  What would happen if you could identify your IDEAL customer? What effect would it have on your bottom line? Let me show you.

Let’s say we are successful in identifying our ideal customer and we focus on that 20% and spend less time on the 80 percent. Let’s look at the numbers and see what happens.

The 20-percenters currently generate 80% of your business. That means they create four times the business as the 80-percenters. But wait just a minute, this gets better. Not only are they creating 80 percent of your business income there is four times fewer of them. This means that the 20-percenters are generating 16 times the revenue that the 80-percenters are.

We can take this a step further, what if your 20-percenters weren’t your ideal customer’s? Can you imagine the impact on your business once the ideal customer was identified?

That’s not all.

You’re no doubt familiar with the amazing power of compounding interest, which has often been called “the Eighth Wonder of the World.” There is a similar force in business, the power of compounding customers. When a customer loves your product or service they tell others, and they intern tell their friends spreading like laughter after a funny joke.

Ideal Customer

Everyone loves dealing with people that are fun to be around. Human relations are so vital to success. If you care for others it will show as they will come back for more.

You have now grown your business by 1600 percent by just identifying your ideal customer, the decision maker.  Add to this the effects of compounding customers and we have staggering results. This approach will not only strengthen your business but boost the economy of any community.

Most businesses don’t know who their ideal customer is even though your customer profile is vital to every facet of your business. Don’t let this be you. Your success might just hinge on your ability to identify this group.

When it comes to choosing a realtor, pick me, ya can’t go wrong.

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Contact me, love to help! al@cronemiller.com  visit my site at www.homesforsaesalemoregon.net