Financial Leads – Bending the 80/20 Rule « ledgerleads_blog

Financial Leads – Bending the 80/20 Rule

August 16th, 2014

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The Pareto principle has been a business adage since the start of the 20th century. Its nearly impossible to keep track of its many surprising applications in marketing and internal management.

However, is it a law that can’t be broken? In the case of marketing for example, is it really impossible for 20% of financial leads to actually be more valuable than the 80%?

It may not break it but you can ‘bend’ the 80/20 rule to a certain degree.

Imagine this scenario. You’re having the typical case of getting 80% of your sales from 20% of your financial leads. All of sudden, almost mysteriously, a sizeable population of new financial leads shows great promise. They’re interested in your services. They want to learn more. They seem the type to really commit in the long term.

There’s just one catch, they don’t identify with the special 20% of your leads. They’re still part of the larger percentage of prospects that don’t generate much business. What do you do?

  • Try to isolate – Get a stronger understanding of their potential. What makes them different from all your other customers (best and not-so-best)? Understanding what exactly makes them appeal to your business or set off the sensors of your sales reps can lead to a more tailored marketing approach.
  • Establish a connection – The only way you can guarantee that they are going to add bigger portions to your bottom line is invest in a connection. Don’t make the mistake of merely focusing on a segment just because they do most of the complaining. Establish a firm reason why you want to keep catering to this particular segment.
  • Be a peacekeeper – Finally, whatever disagreement they have with the higher paying segments of your target market needs to be kept under control. It’s not just solely their responsibility to keep it civil. Their approach to your products, services, and even company vision can really vary. In fact, the divide can exist even inside a single organization.

There’s no breaking the 80/20 rule it seems and it doesn’t look like it really needs to. Bending it is enough to make you realize that your best sales could come out of anywhere. What’s important is investing in the potential and learn to manage conflicts among a greater variety of influencers.

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