The 80/20 principle in marketing. "80/20 sales and Marketing" by Perry Marshall review

If you're not already familiar with the 80/20 principle, then prepare to have your mind blown. And even if you are, this should still act as a good refresher about just how powerful and universal this concept is.

Basically, a long time ago, this guy, Phil Alfredo Pareto, discovered that approximately 80% of Italy's land was owned by 20% of the population.

He then carried out surveys on a variety of other countries and found, much to his surprise, that a similar distribution applied there as well.

Fast forward until today, and this same distribution applies to almost all things in all places, including how 20% of the roads get 80% of the traffic, how 20% of the drivers cause 80% of the accidents, how 20% of criminals commit 80% of crimes.

For a business example, how 20% of your company's products or services likely represent 80% of your sales.

The key then is in finding the 20% of things that you, your marketing, and your business are doing that are leading to those 80% of results, so you can do more of them and get even better results, and do less of the things that just don't matter that much so you can save yourself a ton of time and money and energy.

Perry Marshall shared a few tips and insights from 80/20 sales and marketing that I wanna pass along to you now.

1. The first was a friendly but firm reminder that I really did need to start applying 80/20 to all of my business, and marketing, and life.

From evaluating what marketing channels I was pursuing to the kinds of campaigns I was running, the structure of the campaigns, the content, and everything in between.

2. Next had to do with the structures and the offers and the pricing with which I was using to sell my services, as well as that of my clients and any products that I was promoting.

And I think you're gonna find this part incredibly beneficial. Here's the deal. The 80/20 rule says that 20% of the people will spend four times the money.

This means that no matter what kind of business or market or industry or company or structure or service or product that you have, there is a segment of the market who wants more from you.

They want some kind of upgraded or VIP or premium serviceor offer for whatever it is that you're selling, and they're willing to pay for it.

But you can also take this one step further by 80/20ing at you've just 80/20ed. This leading you to the conclusion that 4% of people will spend 16 times the amount of money. Again, this should be an upgraded or enhanced premium version of whatever it is you're selling.

Let's imagine., you have a fascinating online course. Right now if it is selling it for $300, then if you apply the 80/20 principle to it, it means that I could offer an upgraded version of the digital marketing academy by adding more modules or more access or more behind the scenes information.

And 20% of the people would be willing to enroll for a cost of $1,200. You could then apply the same 80/20 principle to the 80/20 that I've just applied, which would lead me to the conclusion that 4% of the people would be willing to buy an even more enhanced and more premium version for $4,800, which this next part should hopefully come as no surprise.

But this number is shockingly close to what you were charging back when you were accepting private consulting clients.

So the math works out, but if you really want to take your business and your marketing to the next level, then you're gonna need some practical and actionable marketing strategies that you can go out and apply right now.

This is why I've linked up a video right here with 10 of my absolute best marketing strategies that are guaranteed to grow any business. 

So be sure to check it out now and don't forget to subscribe right here to know when my new post will be published!