80 20 Sales Marketing
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The Pareto principle or the 80/20 rule is a rule that says that 20% of all your efforts give 80 % of the result, and the remaining 80 % of your efforts give only 20 % of the result. The rule is named after the Italian economist and sociologist Vilfredo Pareto, who first noticed that amazing percentage ratio. This principle was subsequently studied by many specialists who applied it to various fields of activity. Perry Marshall also devoted years to studying and analyzing this rule and experienced first-hand how it works. 80/20 Sales and Marketing: The Definitive Guide to Working Less and Making More book describes what conclusions the author came to using the 80/20 principle in marketing and sales, and also offers new tools for more convenient use of this law.
Perry Marshall believes that the most important sales method is selling to the right person. He realized this, thanks to the experience that he received at the beginning of his career. He had to call hundreds of people and offer a service that they were not interested in, he spent a lot of time on this activity, and the result was minimal. If instead, the author spent 80% of his time in front of the right people, then the profit was definitely several times higher. Therefore, he describes such a phenomenon, which he called Rack the Shotgun, the essence of which is to first understand who you should not count on and choose those on whom to direct your efforts. You take one shot and then just watch who will react and who will not.
Perry Marshall has created a Marketing DNA test that helps determine your strengths that you need to focus on. You can take this test yourself and develop your abilities, as well as to conduct it among your employees to put each of them in the right place, then they will be able to perform their duties with greater efficiency. You can take a DNA marketing test on the Perry Marshall website at www.perrymarshall.com/8020supplement.
Perry Marshall, together with Brian Woodruff, based on the 80/20 rule, developed formulas and algorithms for the 80/20 Power Curve, a tool that you can use at www.8020curve.com. The 80/20 Power Curve will show you the right numbers from different fields of activity, your main task as a marketing specialist is to move resources from left to right.
Also, Perry Marshall talks about the Power Triangle, a brainchild of his marketing manager, Jack Born. According to the Power Triangle, there are only three basic steps to sell anything. The first step is getting traffic. The next step is to convert this traffic. You must convince the person that you can solve his problem with the help of your product or service. The final step is economics. Economics means that you have to earn money from what you sell so that you can then invest part of the income in traffic. And so constantly move in this circle.
If your sales have stopped working or are not working effectively enough, break this process into parts, determine which part is not working and fix it. This is a common phenomenon, everything does not always go smoothly, there are also obstacles on your way, take them as a challenge that needs to be solved, and not as a failure.
In 1906, an Italian economist named Vilfredo Pareto noticed that 80 percent of the private wealth in Italy was controlled by 20 percent of the families. Through further research, he found that this proportion applied in many different fields. When applied to sales, the 80/20 rule (also called the Pareto Principle) means not only that 80 percent of your sales will come from 20 percent of your customers but also that 80 percent of your sales will come from 20 percent of your sales force, according to Pinnicle Management.
Once you understand that most of your sales comes from a relatively small cohort of customers, you can begin to build a new marketing strategy. Identify what drives your top 20 percent of customers to you, and use those themes to find new customers, says PureB2B. Alternately, focus your marketing efforts on bringing in customers who are similar to the 20 percent as opposed to the vast majority of your customers who aren't as important to your bottom line. This 80/20 rule in marketing could help boost your sales numbers.
You could use the 80/20 rule in sales to trim most of your sales force without cutting sales back that much. However, you can also use the rule as an impetus to figure out what makes your best salespeople so good. Just as you study your customers to identify the profile that makes them 20 percenters, do the same with your sales force. Once you understand exactly what your best salespeople are doing, you can either search for new team members with the same attributes, or train the remaining 80 percent of your team to take advantage of the best practices and boost their productivity.
While cost management doesn't directly improve sales, applying the 80/20 rule can help to stop you from making cost cuts that could decrease your sales team's effectiveness. If 80 percent of your organization's expenses come from 20 percent of the line items, it means that cutting just 6 percent of the large expenses would have almost the same effect as cutting 2 percent of the small expenses.
In other words, you could pay to maintain a budget for sales contents or for cell phone reimbursements by cutting a few unproductive sales people or sitting down with your landlord to give back a little bit of unused space. Instead of making cuts to small accounts, making small cuts to big accounts will have more of an impact on your bottom line with potentially less impact on your team's morale.
If you know who these customers are and provide them with what they really want, all you have to do is double sales to them and you have another 64 percent of revenues. And that is what the majority of the book is about - showing you how to identify your most profitable customers (or prospective customers) and provide them with what they want.
You probably have hundreds or thousands of contacts on your client and prospect lists from your website, and email and social media marketing efforts. Keep close tabs on which customers made a recent purchase, are frequent buyers, or which ones were generous in their purchases.
The explosion of content marketing in a variety of forms lately means marketers are spoilt for choices. Given the gazillion platforms, websites, media formats and outlets out there, how do you decide where to focus your finite resources
Every company worth its salt is using content marketing to build brand awareness these days. This takes on a lot of forms, the most popular (and worthy) being blogging and website content (promoted on Google using SEO) and social media on platforms such as Facebook, Twitter and Instagram.
Every sales team has its share of celebrated top performers. These are the people who have your customers eating out of their hands. Take note of their approaches, their behavior, their attitude and the way they treat customers.
Now, for the first time, Seth Godin offers the core of his marketing wisdom in one compact, accessible, and timeless package. This Is Marketing shows you how to do work you're proud of, whether you're a tech start-up founder, a small-business owner, or part of a large corporation. Great marketers don't use consumers to solve their company's problem; they use marketing to solve other people's problems. Their tactics rely on empathy, connection, and emotional labor instead of attention-stealing ads. When done right, marketing seeks to make change in the world.
In the new economy, only a select few will gain and keep membership in the elite sales fraternity enjoying the top incomes, the greatest security, the most independence and power, and the highest status. And, who better to show you how to get in than millionaire-maker Dan Kennedy.
Millionaire maker Dan S. Kennedy has told it like it is for over thirty years: If you're not focusing on converting social media traffic into sales, you might as well set your money on fire. Now, this ultimate collection of Kennedy's best sales and marketing wisdom from twelve of his bestselling titles showcases the top content from the legendary millionaire maker himself.
If you're a sales and marketing professional, you can save 80 percent of your time and money by zeroing in on the right 20 percent of your market. By page 5 you'll be applying 80/20 and 80/20 to gain 10X, even 100X the success.
Perry Marshall, my guest on this episode, shows how this can be done using the Pareto principle. Using the 80/20 rule, he lays out some ultimate business tools that will change your understanding of sales and marketing.
Guided by famed marketing consultant and best-selling author Perry Marshall, sales and marketing professionals learn how to apply Pareto's 80/20 rule specifically to sales and marketing. With a powerful 80/20 software tool (online, included with the book), sellers and marketers uncover how to slash time-wasters; advertise to hyper-responsive buyers and avoid tire-kickers; gain coveted positions on search engines; differentiate themselves from competitors and gain esteem in their marketplace.
Guided by famed marketing consultant and best-selling author Perry Marshall, sales and marketing professionals save 80 percent of their time and money by zeroing in on the right 20 percent of their market -- then apply 80/202 and 80/203 to gain 10X, even 100X the success. With a powerful 80/20 software tool (online, included with the book), sellers and marketers uncover how to slash time-wasters; advertise to hyper-responsive buyers and avoid tire-kickers; gain coveted positions on search engines; differentiate themselves from competitors and gain esteem in their marketplace. With the included tools they'll see exactly how much money they're leaving on the table, and how to put it back in their pockets. Sellers will identify untapped markets, high-profit opportunities and incremental improvements, gaining time and greater profit potential. Supported by online tools from Marshall, including The 80/20 Power Curve, a tool that helps you see invisible money, and a Marketing DNA Test, a personal assessment that zeroes in on one's natural selling assets, this timeless guide promises to change the game for seasoned and novice marketers and sellers. 59ce067264
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