By applying the 80/20 rule to your business marketing, you can limit yourself to the most essential marketing activities. You can focus on 20% of marketing strategies that can generate 80% of your results. You can avoid wasting a lot of time and money. You can work less and achieve more.
It comes from saying no to 1,000 things to make sure we don’t get on the wrong track or try to do too much. We’re always thinking about new markets we could enter, but it’s only by saying no that you can concentrate on the things that are really important. ~ Steve Jobs on innovation
If you’re using too many ineffective strategies, you’re working way too hard and wasting too much time. To make matters worse, you may be keeping yourself from making more money and building your business.
Just like millions of entrepreneurs, you’re probably constantly bombarded with an overwhelming amount of marketing information. It can be very confusing to figure out which activities can really help your small business succeed.
Especially when your business is going through some challenging times, it’s really tempting to use many strategies. But, that can actually hurt your business. Why? When you have too much to do… when you feel too overwhelmed, you won’t be able to do the most essential marketing activities consistently and effectively.
To make matters worse, using too many marketing techniques that do not effectively generate income can cause you to run out of money rapidly before you can succeed. You can end up failing even if you have a great business idea!
When you’re using too many strategies, you can not master any of them. So, you end up not getting maximum results. You can get the wrong impression that these marketing strategies do not work — when in reality, they can catapult your small business to success.
If you’re like most entrepreneurs, you’re probably starting your small business with limited time and money. Especially if you’re just starting out, it’s important to avoid being overwhelmed by having too many things to do.
Instead of trying to use many strategies and working too hard, you can change your mindset. Just focus on the most effective marketing strategy for generating maximum results.
How do you accomplish this?
By applying the 80/20 Rule or Pareto’s Principle to your business marketing, you can focus on 20% of strategies that can generate 80% of your results.
To give you a brief background: The 80/20 Rule is based on an observation by an Italian economist, Vilfredo Pareto (1848-1923). He made the observation that 20% of the people of Italy owned 80% of it’s wealth.
Since Pareto’s time, other studies have also shown that in other areas of life, 80% of results are generated by 20% of activities. The 80/20 Rule also applies to sales and marketing.
Applying the 80/20 Rule to Business Marketing Strategies
A huge advantage of applying the 80/20 Rule is that you can avoid wasting a lot of time and money by not doing 80% of the marketing activities that will only generate 20% of your results.
This makes it a lot easier for you to focus on the few activities that can generate the bulk of your income. Using less time and money, you can make more money and work less.
By taking massive action on 20% of marketing strategies that can generate 80% of your sales and profits, you can focus on the best use of your time and money. Instead of feeling overwhelmed trying to do everything, you can just master few strategies that can catapult your small business to success. You can work less and achieve more.