The Titanic was doomed because of what was below the water line or what couldn’t be seen. With businesses in the U.S. failing at over 525,000 or one business closing every minute, it appears that many businesses sink because of what they can’t see.
Being able to see outside of the box so to speak is essential in today’s business world. In the early 1900’s, an Italian by the name of Vilfredo Pareto saw that 20% of the Italian population owned 80% of Italy. His mathematical formula is now recognized as the Pareto Principle. Later, individuals such as Dr. Joseph Juran and others used this formula to explain quality, organizational and individual performance.
The iceberg is a great visual of the Pareto Principle or what some also call the Pareto’s Law. How much of your sales are below the water line and you can’t see them, but they are still there.
Years ago one of my close colleagues said that “We drive by more businesses that we ever get.” What he was really saying is that we there is a whole of business that we don’t see each and every day.
The question you need to ask yourself is “If I want to increase sales for continued business growth, what icebergs do I need to map?
To be able to map your icebergs requires you to do some simple research regarding your business. For example, identify the 20% of your loyal customers (the tip of the iceberg) who deliver 80% of your revenue. Then look to what demographics and psychographics that they have in common. Now direct your efforts to the 80% of sales sales leads or potential customers that you can’t see who share exactly the same characteristics.
Increasing sales is just not about finding more new business, but also demands that you hire sales focused individuals. Take the time to review the efforts of your current sales staff. Who are the top producers, again the tip of the iceberg, that deliver 80% of your sales? What traits do they have in common? When hiring, can you find new sales people with the similar traits?
When you being to map your icebergs, you will avoid the doom of those other failed businesses and not be another Titanic.
To Increase Sales Means You Must Map Your Icebergs - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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Leanne Hoagland-Smith
(Visit Leanne's Website)
Are you where you want to be? Are you
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Are you seeking loyal customers, great
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