The 80-20 Rule Of Marketing
Feb 17, 2015
If you're a client of D2R, you already know we're firm believers in regular communications with our clients.
However, we fully appreciate not every person on our list will want to hear that message, on that day and at that moment in time. This is because different topics will be of interest to different people at different times.
The Pareto Principle states “roughly 80% of effects come from 20% of causes” – otherwise more commonly known as the 80/20 rule.
When applied to your business, you will find that 80% of your turnover is from 20% of your clients - the exact split may vary, i.e. it might be 60/40 or 95/5.
I therefore hope that each communication we send out resonates with at least 20% of the readers that week. Some of them then take action and contact us to assist them with their Design, Print and Marketing projects.
Knowing your numbers is a vital part of marketing and it is highly important for you to identify the 20% of your customers who are likely to give you 80% of your business. This way you can build up a profile of the type of customer you are more successful with and can then adapt your marketing messages accordingly.
Doing this requires a measure of discipline and recognition that you can’t sell everything to everyone. Therefore, the more specific you can get about your ideal type of customer the more successful your marketing will be.
You may then end up with two or three profiles of your ideal customers and at this point you then need to start creating different marketing materials for each of those target markets.
Once you have identified your target market, your marketing message must address how you can help solve their problems and also answer the following questions:
- Why should they buy your product/service (or donate to your cause if you are a non-profit)?
- Why should they deal with you instead of one of your competitors?
- Why should they work with you RIGHT NOW instead of at some time in the future?
If your marketing communications addresses the above questions and you have aimed it at the right target market your response rates (and hence your profits) will increase.
It is very easy to get lazy and create marketing messages that are the same for everyone. While this may save time and cost, it is a false economy as the response rates you will get from your marketing campaigns will suffer.
At D2R, we specialise in creating highly targeted marketing campaigns which are personalised not only to a particular segment of the target market but right down to the individual who is receiving that piece of communication.
If you want to boost the response rates to your existing marketing campaigns then get in touch with us – we will show you why it pays to get personal and get insanely great response rates.
After all, we are Dedicated To Response.
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