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Did you know 80% of your ‘success’ likely comes from 20% of your efforts?

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Pareto’s principle is the idea that “for many events, roughly 80% of the effects come from 20% of the causes”.

Originally Pareto had observed that 80% of the land in Italy was owned by just 20% of the population. He then noticed that 20% of the pea-pods in his garden contained 80% of the peas.

In Marketing the principle is applied to illustrate that it is often just 20% of the activities you carry out that result in 80% of your income.

You can apply this to your particular business / marketing circumstances in the way that most suits you, some examples are below:

  • Maybe 20% of your “best” clients produce 80% of your income.
  • Perhaps 20% of your “difficult” clients produce 80% of your time consuming challenges.
  • 20% of your top selling products are resulting in 80% of your sales.
  • 80% of your leads come from 20% of your marketing efforts.

Take something that you would like to improve about your business or a particular issue you are having and see if you can apply Pareto’s principle to help you see where changes can be made. For example which are your top products producing the majority of your sales? Are these the same products that you are focussing your marketing efforts on in order to bring in even more sales? Who are your top clients or customers, perhaps it might be worthwhile celebrating the partnership with a small gift of thanks to them in order to foster the relationship.

How can you use Pareto’s 80/20 principle maximise the efforts in your business?

Contact My Robot Monkey Today – Full Service Marketing and Digital Agency www.myrobotmonkey.com.au

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3 ESSENTIAL MARKETING TIPS

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1. Understand your customer.

Getting to know your customers is the most important stage of the marketing process. The more accurate your information and knowledge, the more effective you will be at promoting your brand, product or service. Use all the information at your disposal to understand customer’s behavior, demographics, and needs. This information should steer your major business decisions and allow you to create an effective marketing plan. 

2. Create your marketing plan.

Develop your strategy in the form of a written marketing plan, as this will ensure all members of your business understand the company direction. The plan is a comprehensive and well-researched document, which covers all essential aspects of taking your products/ services to the customer. When developing the plan, ask yourself the following questions.

  • Where are we now?
  • Where do we want to be?
  • What opportunities exist in the environment?
  • What media channels can I promote within and achieve a strong ROI (return on investment).
  • Make sure you constantly analyse your results and adjust your marketing strategy and plan accordingly.

3. Design your product and service around your customer.

Once you have a marketing plan in place, you need to make sure your product or service is tailored to your customer – from the packaging, the way it is promoted, to the way you display it. Businesses often fall into the trap of making the product they want to sell, rather than designing and presenting things in the way the customer wants.

For more information on Marketing, Website Design, Graphic Design, Social Media Marketing or PPC / Google AdWords contact us today!

Marketing & Digital

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