If you don’t know who your most profitable customers are, you are taking money out of your pocket. If you DO know who they are, are you focused on growing those customers? Do you know what those customers like about your company?
If you haven’t used big data to help in your business anywhere else, use it here!
Your top 40 customers carry the rest!
Jonathan Byrnes, author of Islands of Profit in a Sea of Red Ink, emphatically states that only 40% of any business is profitable. The rest is either profit neutral or unprofitable—it is just that the profit of the top 40% of your customers masks the losses. Whew! What if you had more customers like the top 40% and figured out how to make the others more profitable? This is an area where my clients have had more success in a shorter time than almost any other strategic initiative we implement. Many of them commissioned a strategic review to get started on understanding their customers and implementing strategic growth based on that knowledge.
As resources get tighter and as competitors get better, figuring out which customers to grow with focuses your efforts while increasing your returns. I am offering a 10% discount on a strategic review to get you started, if you call 816-622-8843 or commit to your strategic review here before May 31.