In this episode, the focus is on "wallet share," which means understanding how much your current customers spend with you compared to how much they could be spending.
If you run a business with established clients, it’s important to analyse which customers bring in the most profit. Start by looking at your customer base to see who contributes the most to your earnings and how often they purchase from you.
Many businesses overlook the time they spend on proposals, which can affect profit. Identifying your top clients (often the top 20% contribute to 80% of profits) is key. Talk to them about referring new customers and encourage them to use more of your products or services. This can significantly boost your profits!
Keep an eye out for future episodes where you can learn more about marketing strategies to grow your business further.
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