The 80/20 Rule Applies to Marketing

I am a big fan of efficiency. Not all the time, mind you. If I am hiking in the Sawtooth Mountains or having a drink with friends, I just want to enjoy the moment. But when it comes to solving a business problem, I want achieve it with as little time, effort and expense as possible. Life is too short to do otherwise.

That is why I like the 80/20 rule. Also known as the Pareto principle, this rule of thumb states that 80% of the outcome is due to 20% of the causes. It is one of those statistical patterns that generally holds true in life, whether you're talking about science, business, athletics or anything else. For instance, I bet 80% of your business revenue comes from 20% of your customers, plus or minus a few percent. Take a look - you'll see!

The 80/20 rule also means that a precious few marketing activities can have a major impact on your sales growth. You don't have to do everything, nor should you. Better to focus on those precious few - those 20% activities - that will yield the best return on your marketing investment. That is the most efficient solution to the challenge of marketing and business growth.

The question is - what are the precious few marketing activities for your business?