How to Maximize Your Sales with Less
The Pareto Principle, also known as the 80/20 Rule Have you heard of the Pareto principle? According to Investopedia , "the Pareto Principle, named after esteemed economist Vilfredo Pareto, specifies that 80% of consequences come from 20% of the causes, asserting an unequal relationship between inputs and outputs." The Pareto Principle is also known as the 80/20 rule. In other words, the 80/20 rule illustrates that not all things are equal, and the minority owns the majority. For example, 80% of your income will come from 20% of your customers, or 20% of your employees will drive 80% of sales. I love this principle because it allows you to concentrate on what is working and best use your resources. It would be best to spend your time targeting and supporting your 20%, so they continue to grow. Spending money and time on the 80% may prove futile because it won't generate the results you hope. I have tested this principle many times in my business, and no matter how many r...