Pareto principle (80-20 rule) and loyalty rewards

pareto principle 80 20 rule and loyalty rewards | Pareto principle (80-20 rule) and loyalty rewards Chances are, you may have heard about the 80-20 rule, or the Pareto Principle. The Pareto Principle is named after Italian Economist, Vilfredo Pareto, who observed in 1896 that 20% of the people in Italy owned 80% of the land. This principle has since been observed to be true in the areas of economics, software, business and many other areas.
The Pareto Principle is also applied to marketing where it states that 20 percent of your customers represent 80 percent of your sales.This is true for most businesses. However, if you can break free of this rule, it can deliver significant revenue uplift to your business! You can do that by investing heavily in customer retention. A loyalty rewards program is the best way to maximize customer retention. Read more…

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