The reality is that this is undoubtedly the case for the majority of businesses, small and large. This means that more than likely, your next sale will come from someone who has already done business with you. 

Back in 1906, Vilfredo Pareto learned that 80% of Italy's wealth was held by only 20% of the people.

Then one day, after examining his garden, he also realized that 20% of his pea pods accounted for 80% of his pea crop yield that year. Was there a lesson here? This got him thinking, and not long after, the "Pareto Principle" was established. This same principle can be applied to business and has become known colloquially as the 80/20 rule.

This principle sheds light on how businesses should be running.

Rather than putting all one's energy into new business opportunities, business owners would be wise to spend a reasonable amount of time following up and servicing people who have already given their business.

After all, you've already removed the first barrier of making the sale at this point.

Upselling current customers should come naturally as long as you are proactive in following up and providing top-notch service.

What does this mean to you?

Imagine, about one-fifth of your customer base is just waiting for you to offer them something new.

So if you're not following up with your existing customers, you're passing up 80% of your potential business. Of course, if you originally provided a poor experience, this may not be the case, but for businesses that operate on a principle of integrity, this should be the natural course.

Consider how you've probably already invested heavily in getting that first piece of business. All the planning, advertising, the promotional activity.

Now it's time to develop the lead's "lifetime value."

And there are a lot of things you can show appreciation for while doing so:

Holidays and birthdays...great opportunities to send over a thoughtful gift or email.

Attend events...if your customer holds annual charity events or some sort of meeting, make sure you take the time to attend and show your support.

Renewals...a great time to touch base and check-in to see how the customer experience has been.

Incentives...put your money where your mouth is and show your customers' value.

A gift incentive or discount can go a long way in terms of future revenue.

And just touch base in general. Call your customers every so often to see how they're doing, how the product/service you sold them is performing, and inquire or listen to any of their other needs. You can also use newsletter subscriptions to keep yourself in their minds.

And just overall great service. The single-best way to ensure customers will remain loyal. Go above and beyond. You'll be surprised at how much of an advocate that customer can turn out to be in terms of referrals.

Make sure you offer them more products/services that will meet real needs.

If they like you and the product they bought, they'll buy from you again. The important thing is to always endeavor to meet the needs of your existing and future customers.