Description

0:54 Intro

• Intro/Opening remarks
• The topic is: Applying your mindsets

2:05 Sponsors

• SPEARity (SPEARity.com)
• Cream City Marketing (creamcitymarketing.com)

4:35 80/20 rule

• Brad’s explanation of the 80/20 rule:
  • In sales, ~20% of your customers take care of ~80% of your revenue
    • Your 20 favorite customer might not be taking care of that 80% of the revenue
  • In work, 20% of what you do takes care of 80% of where you’re trying to get to
• Michael’s explanation:
  • The Pareto Principle
    • 80% of results flow from 20% of your efforts
    • Doesn’t mean you only need to do 20% of the work
    • Sometimes 80% of your efforts only produce 20% of your results
  • A client’s 100% is probably your 90%
    • The only person that will notice that last 10% is you
    • The last 10%
      • Extra revisions
      • Extra little details
      • Perfectionist meets procrastinator
      • Focus on the big picture instead of the last little bit

12:15 Turning 80/20 into action

• Hotel example:
  • Rewards programs
    • 20% of their guests produce 80% of their revenue
    • Identifying those frequent travelers and keeping their loyalty
    • Free upgrades, drinks, etc. are an investment to keep loyalty
  • Guest satisfaction surveys
    • Small set of problems that produce a large portion of dissatisfaction
    • Theoretically, fix 5 main problems and it’ll increase satisfaction score by half
    • Need to track the problems as well as fix them, or you’ll keep having to fix the same problems

17:45 Sales example

• Figure out who is your most frequent buyer and what are they buying
• Your 80/20 might be 60/40
  • It’s still a trend where a few make up the most
• You need to find your main focus item, without forgetting about the rest

21:20 How to implement the 80/20 rule

• Start somewhere
  • Figure out something small and start tracking it
  • Gets you in the habit of tracking something
• Track your time (and activities)
  • Even if it’s just an estimate
  • Able to go back and see what was important
• In sales and marketing, you need to focus on what you’re doing and why you’re doing it
• “80/20 does work, if you apply it” -B
  • If you talk about it, it doesn’t work

25:55 What to do

• 1. Start counting
• 2. Look at the results
• 3. Find the pattern
• 4. Think, look, learn

26:45 Business Owner duties

• There's a few things that you as an owner are doing that are making a big difference
• Also a bunch of other things that don’t matter
• Most of the big difference things are thin

Full Show Notes Here