Treat your top customers like they are laying golden ostrich eggs.
Daytona Beach, FL (PRWEB) October 22, 2014
Some bookstores discount pre-orders of this book. Kruger says, "Anyone who seeks higher profits is in for a treat. Small business managers will learn how to spark their profits."
Recently Dr. Betsy Kruger interviewed 50 entrepreneurs at conferences for women business owners. All realized the top 20% of their customers produced 80% of their profits. These enterprising women trusted the 80/20 rule and were eager to learn new ways to profit from it.
"Aesop’s Keys to Profitable Marketing" explains new strategies for profiting from the 80/20 rule. Each chapter updates a tale by Aesop, relates his wisdom to marketing, and coaches how to use this strategy in a specific business.
The first three keys to profitable marketing are to focus on quality, compete on strength, and delegate weaknesses. The fourth chapter shows how to describe key customers and opens with a vignette about Harley-Davidson. Its new managers saved the motorcycle company from the brink of bankruptcy by delighting its most profitable customers. Soon Harley-Davidson attracted highly profitable new customers and restored its legendary reputation and profitability.
This story is relates to a story by Aesop, an ancient Greek storyteller: "A man was given a goose that laid golden eggs. Eventually, his gratitude soured into greed. 'Why must I wait for wealth to come in driblets?' He killed the goose, but no gold was inside her. Aesop notes, 'In their hunger for wealth, greedy people lose all.'"
"Likewise, every business is blessed with loyal, heavy users. If a business delights them, these key customers will keep 'laying golden eggs' year after year. But in their hunger for more customers, greedy entrepreneurs neglect their most profitable customers and eventually lose them to competitors," warns Dr. Betsy Kruger.
How profitable are these key customers? For over a century, scientists confirmed the 80/20 rule is a universal law of results. For example, this law predicts the top 20% of the customers will produce 80% of the profits.
The 80/20 rule predicts that some customers are even more profitable. The top 4% of the customers will produce 64% of the profits. Amazingly, the top 1% of the customers will produce over half of the profits.
Dr. Betsy Kruger advises, "Treat these customers like they are laying golden ostrich eggs! When you do, a business can spark its profits."
According to Peter Drucker, “The aim of marketing is to know and understand the customers so well that the product or service fits him and sells itself.”
Dr. Betsy Kruger coaches women business owners. Her prior book, "Top Market Strategy: Applying the 80/20 Rule," enriches graduate marketing courses. Her company, Strategic Power, is certified by WBE and WOSB. You can order Aesop’s Keys to Profitable Marketing from bookstores and her website, http://www.BetsyKruger.com. For more information, please visit her website or contact Dr. Betsy Kruger for articles, speeches, and coaching.