Ep 069: Using the 80/20 Rule To Improve Your Business with Perry Marshall
One of the biggest things any business owner needs to understand is how to focus on important tasks instead of wasting time on things that don’t matter. This is absolutely crucial for helping you move forward in your business, and a great way to do it is to follow the Pareto principle—better known as the 80/20 rule. Today, I’ve got online marketing consultant and bestselling author of 80/20 Sales and Marketing Perry Marshall on the show to explain the concept and what you can do to apply it to your business.
Perry’s reinvention of the Pareto principle is published in the Harvard Business Review, and NASA uses his 80/20 curve as a productivity tool in their Jet Propulsion Labs at the California Institute of Technology. Additionally, his book on the concept is mandatory reading in many growing companies. Needless to say, Perry knows this subject inside and out, and he covers everything you need to know to start using the 80/20 rule to improve your sales and marketing efforts.
What You'll Learn in Today's Episode
- What the 80/20 rule is and how it works.
- How the rule applies to sales and marketing.
- Why this concept is of paramount importance in the internet age.
- Tips for figuring out what the 20% work is.
- The only way to get traction on the internet.
- Why it’s better to put all your eggs in one basket than to spread yourself too thin online.
- Two things every marketer needs to get good at.
- What you have to do before you start trying to scale your business.
- Perry’s Principle of the $2,700 Espresso Machine.
- What to know about high-end offers.
- How to balance the need to focus on one thing and think about higher-priced offerings.
- What kinds of businesses should think about high-end offers.
- One of the biggest mistakes that consultants make.
- Perry’s seven cardinal rules of the 80/20 sales professional.
- Perry Marshall: Website | Twitter | Facebook
- 80/20 Sales and Marketing: The Definitive Guide to Working Less and Making More by Perry Marshall (Get it for a penny plus shipping!)
- The 80/20 Principle: The Secret to Achieving More with Less by Richard Koch
- The Pareto principle
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- The Online Genius Community