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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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Are you building your Retail Marketing Strategy from the ground up?

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Many businesses continue to run with existing marketing strategies that they have had in play for many years. However, retail marketing has changed dramatically in a short period of time. Gone are the days of allocating 90% of your budget to above the line media and the remaining splashed around in PR and Digital, now a more fluid and dynamic approach is needed.

I believe, when building your marketing strategy, you need to ask yourself the following:

  • How successful were your promotions/events over the last few years?
  • What did or didn’t work for your business and why?
  • Are your campaigns positioned to give you the greatest results? Look at the timing of your events and competitors events. Bring into the mix promotional opportunities like Christmas, Mother’s Day, Easter and public holidays.
  • Are you making the most of new product? Review your seasonal product mix; new products and categories are important strategies that require focus. You will want to highlight new releases – Use some of your tight marketing budget to draw attention to these areas.
  • Review your budget and return on investment – What have you been spending funds on? What delivered the best result? You may need to adjust and spend more or less in certain areas (Example: Reducing a 16-page brochure to 12 pages and passing those savings onto an online sales driving campaign).

Answering the above questions will certainly help you gain a positive viewpoint on how you should build your marketing strategy for the next financial year.

Here are a few tips, which may help the process:

  • Break down your annual marketing planner per week, and align your budget accordingly. Track your budget on a weekly basis; adjust accordingly if you’re not achieving business sales targets.
  • When compiling your strategy, determine your expenditure breakdown per event and promotion. What media will work best for each event or promotion? Make sure your content suits your media!
  • Allocate and breakdown the percentage of your total budget wisely; your mix should include allocation of monies towards a variety of campaigns with goals in mind. Goals may include: Driving sales, increasing your brand name in the market, building online sales, acquiring new customers, visual merchandising, loyalty programs and social media. For the best results filter these into the most suitable and relevant media type.
  • Don’t be afraid to try new things. However, always report, analyse and adjust accordingly.

For further information please contact My Robot Monkey, 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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