Variously applied, it’s also referred to as the “80/20” rule. Some common Pareto observations are that you likely spend 80% of your effort, on 20% of your work, or that 20% of your clients produce 80% of your revenue.
THAT ONE. That’s powerful. It seems like it would be awfully valuable to really foster that 20% of our clients. Who exactly, are they ?
You already know most of them.
Here’s something that is absolutely verifiable: It is far easier to develop more business from an existing client, than it is to develop, qualify, and convert a new lead. You’ve removed the friction of unfamiliarity. You have created trust. You have demonstrated a capacity to deliver.
Are you beginning to see where your 20% may be ?
What further value you can bring to that client depends on your offerings. If you are in the business of content, graphic design, UX, or similar asset developments, it is valuable to know that businesses are almost always in a cycle of developing new products and services, or consistently refining others.
If your primary offering is strategy, then the same applies. Once a company has engaged in and developed brand strategy, they need to do the same for marketing strategy, product development strategy, and individual campaign strategy. More opportunities there…
I am constantly working to keep our existing relationships warm. This has resulted in some clients that are steadily working with us on various creative, design, and strategic scopes. In other cases I have had clients come back 5 or even 10 years later with another major scope of work, and all of that is because we very intentionally foster those relationships over time.
MOST IMPORTANTLY we have a plan and system to do it. We’ve used Airtable to create linked databases of client contact information, along with our project management and scoping tools. Every client and qualified lead goes into that system, and is assigned a tempo for contact – basically how often I will reach out. That reach out almost NEVER contains a sell. I ask how things are, about family, maybe discuss some new innovation I have run across…
I try to create a moment of connection, and then deliver some value. If there’s any “sell” at all, it’s usually to alert them to a new partner, tool, or technique we are working with that has made our offerings even better.
So as you work on biz dev today, where will you put your energy ?
Revisit your client list, and see who needs connecting with. You may just find yourself with some work to do !