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In this week’s episode, I’m going to bring you some updated ways of thinking about strategies and everything else concerning a very simple principle, the 80/20 rule. Based on the Pareto principle, these tactics can help you scale your business while focusing on your ideal client using something we like to call Client Segmentation.
Highlights:
- Understand the Pareto principle and what it means for your agency.
- 20% of the customers create 80% of the revenue, so focus on satisfying those customers.
- Alternatively, the bottom 20% of clients consume possibly as much as 80% of your time.
- Client Segmentation – Utilizing your data determine who your Triple-A to C clients are so that you know where to focus your time and energy.
- Understand what makes for an excellent client, an average client, and a client that will end up costing the agency more than they produce income-wise for the agency.
- “Fire” your C clients, those that are wasting your time and costing you money.
- A personal insurance Triple A client will have three or more policies, one or fewer claims in the last three years, no late pays, and refers people to your agency
- Keep building deep, significant, meaningful relationships, all of the time, with everybody on your Triple A list but don’t spend time on your C clients unless you believe they are coachable.
Until next time, get out there and make a difference, be unstoppable, and leave no regrets!
Mike Stromsoe
The Unstoppable Profit Producer
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