The Pareto principle has been a business adage since the start of the 20th century. Its nearly impossible to keep track of its many surprising applications in marketing and internal management.
However, is it a law that can’t be broken? In the case of marketing for example, is it really impossible for 20% of financial leads to actually be more valuable than the 80%?
It may not break it but you can ‘bend’ the 80/20 rule to a certain degree.
Imagine this scenario. You’re having the typical case of getting 80% of your sales from 20% of your financial leads. All of sudden, almost mysteriously, a sizeable population of new financial leads shows great promise. They’re interested in your services. They want to learn more. They seem the type to really commit in the long term.
There’s just one catch, they don’t identify with the special 20% of your leads. They’re still part of the larger percentage of prospects that don’t generate much business. What do you do?
There’s no breaking the 80/20 rule it seems and it doesn’t look like it really needs to. Bending it is enough to make you realize that your best sales could come out of anywhere. What’s important is investing in the potential and learn to manage conflicts among a greater variety of influencers.
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