How do you feel about reducing your effort, but still achieving more? Let’s see how an Italian economist and his studies in the 19th century can help focus your word of mouth efforts.
In most businesses, if you take a step back, you can begin to find patterns of inequality which can be turned to your advantage.
Vilfredo Pareto, born in 1848 in Paris to an exiled Genoese Italian noble family, studied the distribution of wealth and noticed what is now commonly called an 80/20 law of distribution.
In other words, he discovered that roughly 80% of the wealth resides with 20% of the population. Not always exactly 80/20, the principle can be applied with equal validity to areas of business, nature and many other fields of study and observation.
Applied to the practice of accelerating word of mouth, it can first be observed in the unequal value of clients. Some spend significantly more, significantly more often, or act as a beacon for word of mouth far more than others.
And of course the converse is true. But for the clients that spend less and infrequently, you will also see examples of clients who demand much more, and drain your time and energy.
Often, they deduct from the bottom line rather than add to it.
So, what you need to do is step back and find those super performers. What makes them who they are? In business to business, they may be from a particular sector. They may be a particular size. In business to consumer endeavours, they may be in a particular salary bracket, profession or live in a particular area.
Find Your Sweet Spot
If you don’t know where to start, dig out your invoices. Or open your accounts package and look for a top 10 report to look at your biggest spending clients.
Look for patterns like their sector, or how frequently they buy if you get repeat business.
What do you notice?
That should give you a profile of exactly the type of client you are looking for. And if you concentrate your efforts on finding more clients, just like your very best, your bottom line results will appreciate it.
If you’ve examined this site, you will have noticed how stories and content based upon your clients experiences can significantly help. Stories that are produced from their perspective, using their own words to truly capture and bottle the essence of their positive experience.
Building a portfolio of evidence sets you up to uncork it strategically.
Now Think Of Who You Know Who May Be Connected To Clients Like That
…and share your client stories with them.
- When you meet people who are connected to people on your hit list
- By email – in your proposals to prospective clients
- If you are involved in tendering, replace your case studies with client stories – they have more impact
- By publishing your client stories on your website
- With the stories featured in your regular newsletter to clients and prospects
- In your Pay-Per-Click campaigns – add them to your landing pages and automated responses to increase conversions at every step
- When you attend events and are permitted, by taking along your client stories
- …n fact, find events where your best clients may be attending to specifically take them to
- With the people who gave you their story – are they connected to the people you seek? Can you ask them to share their story using the methods detailed in How To Trigger Recommendations?
Ask The Author A Question – And Get A Personal Answer
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Either copy, adapt and paste these questions, or ask your own about this topic or any other topic concerning growing your business through word of mouth:
“Yes, but this doesn’t apply to me because [your reason]…so, what can I do?”
“I am in the [insert business type] sector, how can I grow my business through word of mouth?”
Or you choose?