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Use Pareto Principle to Drive Sales

If you are a businessman or have basic knowledge of business, chances are that you might have come across the term Pareto principle; it is also commonly referred to as the 80-20 rule. According to Pareto principle 80% of your sales are triggered by your 20% customers, speaking in layman’s language it means that a bunch of loyal customers is responsible for driving a majority number of sales. These 20% customers are not only a walking billboard for your business but also serve as triggers which boost your sales, they market and advertise your products and bring around their friends to your spot. As a food truck owner it is your core responsibility to take care of such valuable customers, but much before than that how do your induce such unshakable loyalty in your customers.

First order of business must be to understand your customer base; this would give you an added advantage over your competitors and would further help you in comprehending the requirements of your customers. For starters you need to know your battle ground, you are a food truck vendor whose basic aim is to sell food items, you need to pay close attention to people who are visiting your truck, check out their timings and lastly have a close eye on your returning customers. These returning customers are the ones who you need to satisfy as they could propel your business in unimaginable ways.

Email marketing and surveys are great tools for getting first hand feedback from the customers, if you really want a brutally honest and ruthless feedback there is no better tool than feedback card after the meal. Your loyal customers would always be vocal and they would like to be heard, hence if you ever had a shot on shortlisting a customer base, this is where you begin.

Your returning customers need to feel special and this where things turn really interesting, try to leverage your knowledge and come up with a tailored menu item for a specific set of customers. Invite them over for a special tasting and get their feedback, you have absolutely no clue how privileged these customers would feel and without even trying you could have a potential gold mine at your hand. Engaging your loyal customers is perhaps the cheapest way to increase your sales, this sample set would boost your sales by bringing their friends and family at your food truck for a meal and from here on begins a never-ending chain reaction.

The basic idea of targeting relatively small groups is that the response rate is remarkable higher compared to larger groups. Moreover data generated from smaller groups is also accurate and precise. Henceforth if you really want to leverage from Pareto’s principle, which by many is deemed as the Holy Grail of marketing, you should begin from identifying such customers, once you have successfully plucked out a handful of customers, you could engage them in various activities which in turn would boost your sales.

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