How’s your marketing working for your business? In this video, business coach and co-author of #1 Bestseller “The Mindstretch”, Dean Mercado, discusses how to apply the Pareto Principle (The 80/20 Rule) to improve the effectiveness of your marketing!
And for those of you who would prefer to read, here’s the transcript:
Hi there folks, this is Dean Mercado of Online Marketing Muscle and welcome.
Essentially what this means, all it means is that, 20% of your marketing activity is producing 80%of your positive result. So 20% of your marketing is producing 80% of the results you are getting. Good results, the money results. So what I’m challenging you to do is to look at that 20%, figure out what that 20% is and do more of that. Figure out what the other 80% is and do less of that.
How do you do that? We call it metrics. You need to be able to measure this stuff. You need to dig in a little bit, dig your heels in and find out how much it’s really costing you to do that particular marketing activity.
Very quickly, let’s say you do a lot of marketing on Facebook. OK and you spend five hours this week, doing your thing on Facebook. Well that’s great OK. Well now how many prospects or leads has that driven you this week? So if it drove you one prospect let’s say, then only you can determine if you land that business if it made sense with your activity on Facebook. If it didn’t then you need to look at that and say ok what did that five hours really cost me? And that includes your time, not just, Facebook is free, no it’s not free. And most of us under-think about you need to look at that and say ok what did that five hours really cost me? And that includes your time, not just, Facebook is free, no it’s not free. And most of us under-think about what we really are worth. I’ll get a lot of people , oh I’m worth $10 an hour, really? You own a business, you have employees, your worth $10 an hour, come on. It’s selling yourself a little bit short.
So anyway, think about the 20% of the marketing that’s creating the 80% of the result. Do more with that 20%, do less of the other 80%. It’s that simple. In a nutshell busyness does not equal business. Busyness does not equal business.
For Dean Mercado, Online Marketing Muscle Here’s to your success.