Not all customers or products bring equal value to the business from "summary" of The 80/20 Principle by Richard Koch
In any business, there are always customers and products that are more important than others. These key customers and products bring the majority of the value to the business, while the rest contribute very little. This principle is known as the 80/20 rule, where 80% of the results come from 20% of the input.
It is crucial for businesses to identify these key customers and products and focus on them to maximize their value. By understanding that not all customers or products are equal, businesses can allocate their resources more effectively and efficiently, ultimately driving greater success and profitability.
Key customers are those who are loyal, high-spending, and advocate for the business. They are the ones who bring in the most revenue and are essential for the business's suc...
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