Pareto’s law says that 80% of business comes from 20% of customers. With this in mind, this shows the need to focus on and look after your existing customer base as a source for new business and revenue.
What do you know about your customers? What do they buy from you, when do they buy and how do they buy? What do they do e.g. what is their business? Could you exchange services/goods?
Finally, who are your customers? You may have one target customer group or more than one. One may be more valuable in monetary terms. These key customers are called the ideal customer.
Deciphering large lists of customers into smaller groups to determine target audiences is known as segmenting.
Look after your customers. We are nothing without them! Whether the customer is new or existing, they are all important and valuable. Once you know you are trying to talk to, you can then determine where to find them and what to say.