Welcome to another Marketing Monday. This week we are going to talk about one of the important foundations of your business and your marketing efforts…The 80/20 rule.
About the 80/20 rule
Briefly the 80/20 rule says that 80% of your results come from 20% of your efforts, translated into business terms it means that 80% of your sales comes from 20% of your buyers. Using the 80/20 rule in your work flow and especially your marketing efforts can help to focus you on those tasks that will give you the best results.
Putting it to use
Here are some ideas on how to get started using the 80/20 rule:
- Look at your sales history see if you can find what is contributing to your highest sales. Is it something you want to continue making? Is it a style or a price point? See if you can identify the unique characteristics that are causing these items to account for 80% of your income.
- Look at your work flow, how you make what you make. Are you focusing on those tasks and processes that contribute to 80% of your outcomes? If not how would you change it?
- Look at how you spend your time overall. Do you batch similar processes? Do you set aside specific times of your work sessions to focus on one part of your workflow? Are you throwing pots when you should be glazing?
- Look at how you display your work. Do you prominently display the work that accounts for 80% of your sales? Do you have your booth organized so that your high sales items can contribute to an upsell of something similar?
- Take a look at your mailing list. Can you identify the 20% of your buyers who account for 80% of your sales? If so what are you doing to develop a relationship with them? How are you staying connected with them? What do you know about them?
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