The 80/20 rule has many applications. The 80/20 rule is the idea that 20% of our population controls 80% of the wealth. Or, 20% of a business’s customers generate 80% of sales. So how can we use this principle to grow?
You Need to Find Your 20%
Take a minute and look at your customer base. Who is your 20% client who pays a fair price with the least amount of stress? Now, look at those clients look for unique trends. Do they work in a single niche? Are they easier to target than other client types?
Answering these questions will begin to help you target your 20%. Now you have to find more of them and grow your business. Going further, you can apply this to ad campaigns to lower your costs. You can use it for your employees to see whose most productive and empower those groups.
The effects of the 80/20 rule can have a significant impact if you can ask the right questions.