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The 80/20 Rule was once the golden rule of effective social media marketing. It states that 80% of your social media posts should inform, educate, and entertain your audience, while only 20%. If you're a sales and marketing professional, you can save 80 percent of your time and money by zeroing in on the right 20 percent of your market. By page 5 you'll be applying 80/20² and 80/20³ to gain 10X, even 100X the success. With powerful 80/20. 7 steps to developing an 80/20 customer sales strategy. Developing a focused strategy will enable you to grow your most valued customers and your profits. Next week I will talk about some of the strategies you can use to secure, maintain and gain your most valued customers. Contact to Join the Strategic Accounts Sales Evolution. Places are limited; this is a bespoke intensive programme for. The 80/20 rule of marketing is derived from the broader Pareto Principle concept introduced by Italian economist Vilfredo Pareto in 1906. Pareto noted that the majority of wealth in a free market economy is concentrated within a relatively small group of people - roughly 20. The 80/20 Sales Principle In the sales and marketing ecosystem, you can use the 80/20 rule as a guide to come up with highly effective business solutions for your company. Below you can discover a few strategies to help you focus your attention and resources on your top 20% customers.
The following excerpt is from Perry Marshall, Mike Rhodes and Bryan Todd’s book Ultimate Guide to Google AdWords. Buy it now from Amazon | Barnes & Noble | iTunes | IndieBound
The 80/20 Rule, aka the Pareto Principle, says:
- 80 percent of what you get comes from 20 percent of that you do: small effort, big reward.
- 20 percent of what you get comes from the other 80 percent that you do: Big effort, small reward.
80/20 applies to just about everything you can measure in a business. Sources of incoming phone calls, sizes of commissions for salespeople, sizes of customers, physical location of customers, popularity of products and quantity of each type of product defect can all benefit from applying the 80/20 principle. And yes, AdWords stuff too: keywords, impressions, ads, conversions and visits to web pages.
This means four-fifths of everything is trivial and only one-fifth really matters. This is a huge time saver. But, that's only the tip of the iceberg. Let's look at how 80/20 works specifically in Google AdWords.
Related: 10 Laws of Social Media Marketing
First, it's important to note that the numbers '80' and '20' aren't carved in stone. Sometimes it's 70/30, sometimes 60/40, 90/10 or 99/1. Keyword lists are very consistently 95/5. Since five percent of your keywords generate 95 percent of your traffic, you can optimize five percent of your keywords by peeling them out and sticking each one into its own unique ad group.
You get 95 percent of the optimization by doing five percent of the work!
'Peel and stick' is the single most important AdWords skill next to split testing. That's because it allows you to happily ignore up to 95 percent of the stuff in your ad campaigns!
Related: 4 Ways to Market Your Business for Free
This isn't only true at the keyword level. It's also true at the campaign level. 80/20 also describes:
- How many clicks your ads get in each of the 11 ad positions on Google search (the top three premium spots get 80 percent of the traffic)
- Traffic from placements on the Display Network
- Conversions from placements on the Display Network (top conversion sources will be different from top traffic sources)
- Visitors by city or state or country
- Conversions by city or state or country (top conversion sources will be different from top traffic sources)
- Clicks on the various ad formats and sizes
- Traffic to each page on your website
- Sales for each page on your website
- How many page views you get from the people who click on to your site
- How much time your visitors spend on your site
- How much money your buyers spend with you
- How many times your buyers buy
- How frequently your buyers buy
- How long customers stay loyal to you
The 80/20 pattern is truly everywhere. 80/20 radically changes how you manage your campaigns and your business. It means that most impressions, most clicks, most ads, most keywords, most ad groups, most web pages, most prospects and most customers simply don't matter very much.
It also means that a few impressions, a few clicks, a few ads, a few keywords and ad groups and web pages and customers determine almost everything!
When you start, your job is to throw just enough spaghetti against the wall to start to see where it is starting to stick, then immediately channel your efforts into improving what's working. But, the real power of 80/20 comes when you make it three-dimensional.Your ads are showing on 15,000 placement sites, but 50 percent of your traffic comes from 10 of them. You have 20 landing pages, but 75 percent of your leads come from one of them. You have 86 ads, but 20 percent of your sales come from one of them.
Related: Use These 5 Steps to Create a Marketing Plan
So you copy your best ads and you do peel and stick for each of those placement sites. You also copy your best landing pages and make unique pages just for them.
Then you optimize. The ideal ad and landing page for each site is going to be different. So you start split-testing ads and A/B landing pages. It's not unrealistic to expect that even if you already did a good job testing before, that this new level of refinement could double your sales.
Those 10 placements were sending you 50 percent of your traffic, and since you doubled your conversions, now your whole business has grown 50 percent. And you did it with ten minor changes.
You can also peel and stick geographical locations -- but only do it for the highest-converting cities. If San Francisco is a great city for you because it's one percent of the U.S. population but 10 percent of your sales, then you create a campaign just for San Francisco. You might use unique ads and color schemes.
An inevitable consequence of 80/20 is that you sometimes feel like all your eggs are in one basket. And yes, there will always be a few baskets that have a lot of eggs. But, as Warren Buffett says, 'Keep all your eggs in one basket, but watch that basket closely.' If you can keep an eye on these well-performing baskets, you'll be in good shape.
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Do you know which of your customers make you a disproportionate about of money, which make you a little money and which cost you money? If you do not then you are in serious trouble!
Depending on your industry norms, it may be acceptable that a small proportion of your customer may not be profitable for a known period of time. Not knowing who these customers are; the period of time they cost the business money and the payback period will drive your business into a black hole. Your most profitable customers must support your least valued customers, however your business is doomed if this continues for an extended period.
Knowledge is Power
Pareto’s Principle state that 80% of your sales come from 20% of your most valued customers. You must know which of your customers are the 20% and have a clear strategy to secure, maintain and grow these customers, if your business is to gain significant growth in sales.
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We want to satisfy all our customers equally but not all customers are equal, some really do deserve more of your attention. The 7 steps below will help you to identify the customers which warrant your focused attention.
7 steps to developing an 80/20 customer sales strategy:
- Record and analyse sales data on all your customer purchases.
- You should know which customer purchase recently, frequently and the value of the purchase.
- Analyse this data to find your 20% of customers that are of most value to your business and which are of least value and which have the most potential.
- There will be trends that form categories of customers, you might all the categories 20 | 60 | 20 or most value, less valued and cost customers or Premium, Standard and Threatened.
- Develop a profile of the character of your most valued customers; these are your best 20% of valued customers that invest disproportionately in your business.
- Potential customers are those that have the potential to give you greater frequency and/or value and could become your most valued customers.
- Develop a strategy to develop your potential customers and maintain or grow your most valued and use the profile to secure more of your 20% of customers.
What is the result?
You will find some customers that do not warrant but demand more of your attention; conducting this analysis helps you to develop strategies which allocate the appropriate resources to your customers. Developing a focused strategy will enable you to grow your most valued customers and your profits.
Next week I will talk about some of the strategies you can use to secure, maintain and grow your most valued customers. Contact to Join the Strategic Accounts Sales Evolution. Places are limited; this is a bespoke intensive programme for small, medium businesses motivated develop their Strategic Account Sales process and their potential for massive revenue growth.
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