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SUMMER 2014

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Distributor's Link Magazine Summer Issue 2014

86 THE DISTRIBUTOR’S

86 THE DISTRIBUTOR’S LINK Tara McCallam Tara McCallam is a certified Law of Attraction coach. She works with both clients individually and in group workshops to aid them in creating the kind of life, results and experiences that have previously eluded them. Her specialty is helping individuals, professionals and businesses to expand to higher levels of success and satisfaction, by using a variety of techniques often overlooked. Tara is the founder and CEO of Expressions Coaching, a life coaching company based in Chicago, IL. For more information contact her via email at tara@expressionscoaching or visit www.expressionscoaching.com RETHINKING THE 80/20 RULE Statistically speaking, 20% of your clients make up 80% of your revenue. If this is even slightly true for your company, are you doing enough to cultivate the 20% Recently, a company that I have been working with did an experiment. Normally, they focus on the mid to bottom range of clients trying to get them to invest further into their buys; as well as prospective clients who have yet to buy with them. This time, my challenge was to focus on the top clients. There was a huge concern in doing this. The thought was: The top clients are already spending the most so why take the time and effort to cultivate a relationship and spending pattern that is already there. The great thing is that this company was open for the experiment. They focused 80% of their attention on the top 20% of their buyers for a month; still taking 20% of the time to cultivate new relationships as well. The result: This effort yielded the greatest return for their efforts with a 45% increase in sales to last year. The realization was that these top clients had a greater percentage of their buying needs that the distributor was able to fulfill. They were able to consolidate their buys to less distributors and therefore create savings for their company. They were all too happy to move more of their business over to a company that they felt they could trust and rely upon due to an already long standing business relationship. Do You Know Your Business I will give you some suggestions to consider as you cultivate the potential of your top 20% of clients. 1. How much time are you spending on the top 20% of your business How much of your time and resources are spent on the portion of your business that generates on average of 80% of your revenue 2. Who are your top 20% of clients Do you know the names of the companies Do you know the name of the owner/CEO or salesperson Do you know who they are What I mean by this is do you take the time to ask about their life. Think about a time when you were in a situation where someone called or met you at a networking event and they used your name. You may not have remembered theirs, but the very fact that they remembered yours resonated with you. This made you take more notice to everything they were about to say after this. Inside of you, instantly, you thought, ‘this person took the time to remember who I am’ and because of this, your attention is peaked. It is the same thing when making sales calls. It is important to reach the person, not only on a business level, but also as a person. please turn to page 168

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