|November 29, 2017||Comments Closed|
It’s wintertime in North America and right in the middle of the American football (Gridiron) season. Football’s a game I used to play and still love to watch.
A typical national football league (NFL) team has a playbook containing hundreds of different plays, for offence and defence. Even so, most teams in the NFL adhere to the 80/20 rule: running just a handful of basic plays about 80% of the time.
It’s a little like what happens in financial services selling. There are dozens of marketing tactics, but top performers – those who produce superior growth results every year – are able to achieve it effortlessly by sticking to the ‘rule of three’: they focus on 3 activities (plays) 80% of the time.
These activities are:
This is a non-negotiable goal: a 100% retention of the top 20% of clients, who produce 80% of revenues and results. Top producers carefully develop their retention strategy to create a ‘steal’ barrier – exit rings around their key clients, which protect them from competitors and maximise the long-term value of their business.
This is about ensuring that all key clients are 100% full-time clients. Top producers are always on the lookout for better ways to sense, serve and satisfy the needs of their category A and B clients. They use their retention process to add value constantly.
Top professionals do this by leveraging existing clients to obtain, through referrals, new clients that are clones of their best category A and B clients. This allows them to work and sell from their comfort zone.
Top performers guard their schedules so as to ensure they spend 80% of their available time on executing these three activities, which can often account for up to 90% of their success.
It only takes a handful of well-executed plays, consistently delivered, to produce superior growth for your business every year.
Just focus on the 80/20 rule, and the rule of three.