This is a more advanced strategy, but you definitely want to do this. In a downturn, it's essential that you focus on your best customers.

The 80/20 principle applies in virtually every business. We find that about 20 per cent of your customers generate about 80 per cent of your profits. There are all sorts of reasons for this. We don't need to go into them here, but it's a very standard rule. It can vary a bit, maybe it's 70/30 or 85/15, but the point is it's never evenly proportionate to the effort you put in. Not all of your customers are worth the same to you. There's a chunk of your customers who are worth more, normally a lot more.

You want to be looking for the customers who are most likely to give you money in the weeks and months ahead. You will find them in the 20% who bring in 80% of your profits. Hone in on them and focus on them with laser like precision.

This also applies to new customer acquisition. If not all customers are created the same, you don't just want anyone as a new customer. You want those good buyers.

Let's suppose you acquired 1,000 customers over time, and of those 1,000 customers, 80 per cent of the profits in your business only came from 20 per cent of them. We can go out there and get another 1,000 customers, which is great because that would double the size of your business, but what if the next 1,000 customers all came from the same category of that 20 per cent? I can't even do the maths on what that would do to your business. It would be incredible.

This is another area where Facebook excels. Earlier, I mentioned lookalike audiences. You can go a step further and just upload your top 20% of customers and ask Facebook to go and find people who look like them. The results can be extremely profitable.