The 80/20 rule states that 80% of a business’s profits come from just 20% or less of your clients. 80% of your new clients come from 20% or less of your prospects. 80% of your referrals come from 20% or less of your contacts.
For example; if you’re in network marketing 80% or your downline commissions come from 20% or less of your business associates. Now it may not be exactly 80/20 – in some cases it could be 90/10 and in others 60/40 – but there’s definitely a case for identifying which clients, prospects, referral sources and associates are at the top of your list.
Think about the last time a contact sent you a referral? Did you take the time to send a thank you card. Did you keep him in the loop and share the results. Did you actually call the referral? If not, you just taught your contact to never send you a referral again.
Have you ever have a friend buy what you sell from someone else and when you mentioned it to her, she said she did not know that you did that? Ouch!
Whether we realize it or not, we are constantly teaching our contacts, either by the words we say and the action we take, or by our the things we don’t do. Here are a few questions to help you see how well you are educating your contacts.
In the first 3 rules I emphasized the importance of the 250 X 250 rule, building a list and categorizing it into your A B and C Contacts, and of educating your clients by what you say and do. The 4th rule, “The Power of a Keep-in-Touch Program, ties it all together and puts managing your relationships on auto-pilot.
What is a Keep-in-Touch Program
A Keep-in-Touch Program is an ongoing communication program with your clients and other contacts that brands you and keeps you top of mind with your clients and other contacts.