“He that is everywhere is nowhere.”
– Thomas Fuller
One of the best ways you can accelerate the growth of your practice is to focus your marketing efforts on the select few who will bring you the maximum return on your time and financial investment.
The statement, “you can’t be all things to all people” is important to remember as you build a practice that is fulfilling and financially profitable.
Applying the 80/20 rule or the “Pareto principle” to your practice is an essential strategy for accelerating your practice. This principle states that 80 percent of results flow from 20 percent of causes. This means if you concentrate your marketing efforts on the 20 percent of clients who bring you 80 percent of your desired results, you will increase your opportunity for achieving growth goals faster and with less work.
Developing 80/20 Thinking
The first step in applying the 80/20 principle to your practice is to identify your most and least desirable clients and referral sources. Your best clients are the ones who:
Your worst clients are the exact opposite. Once you have identified your best clients, create a message and action plan that attracts these clients to your practice.
Your objective is to know who your best clients are and clearly speak to the needs and interests of a smaller but more attractive segment of clients and referral sources. This means your services and your message will not be for everyone.
For example one of my clients is Schiller Ducanto and Fleck (SDF), the largest family law firm in North America. I asked Don Schiller what is the key to the firm’s success? He told me, “We turn away as many clients as we retain. Our services are not for everybody.”
By carefully selecting their clients SDF has created a unique and distinguished family law practice serving a highly targeted niche of high net worth clients. SDF clients receive highly specialized advice and counsel that commands top value in the market place.
It does not matter who your target market is as long as you can clearly articulate who your best client is and how you solve their problems. Your objective is to focus your marketing efforts on the 20 percent of clients who provide you with 80% of your results.
Implementing 80/20 Thinking
You have limited time and resources and can’t be all things to all people. Take the time to assess your current clients and referral sources. What clients are most desirable? What kind of clients do you want to attract to your practice? And most important, what clients don’t you want to attract to your practice? Proactively attract desirable clients to your practice by communicating your expertise in helping them to solve problems and achieve their goals.
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