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How to Use the 80/20 Rule to Generate Massive Profits in your Business

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Home Page > Advertising > How to Use the 80/20 Rule to Generate Massive Profits in your Business

How to Use the 80/20 Rule to Generate Massive Profits in your Business

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Posted: May 29, 2007 |Comments: 0
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It’s called the 80/20 Rule. Otherwise known as the Parato Principle, after the inventor.

This man found that in finances, 80% of the wealth was owned by 20% of the people. This ratio of 80/20 has since been expanded to include almost any subject.

80% of the races are won by 20% of the runners, Etc.

Whatever products you sell at retail…… 80% of the profit comes from 20% of the product selection.

Here is the single biggest thing I got from this principle:

80% of the retailers are sharing the lowest 20% of the profits. (I mean from a single product category)

Let’s take vacuum cleaners as an example.. Let’s say 80% of them sell the cheapest and lowest quality machines. K-Mart, Wal-Mart, Lowes, Builders Square, Target, etc. mostly sell the lowest priced machines. They also advertise the lowest priced machines.

Think. Almost every ad you see that sells vacuum cleaners is offering them for (yuck!) to just under 0. Mostly on the low end. Who wants the cheapest, lowest priced things? The 20% of the population who makes the lowest amount of money. Sure, there are well off people shopping at Wal-Mart, but they aren’t the bulk of the business.

For example, in our town, there are 16 places you can buy a vacuum cleaner. All of them advertise from time to time. All advertise the same price point. They are dividing up the total market of 17,000 population, and they are sharing the lowest 20% of the profits, to be made from vacuum cleaners.

We advertise only the higher priced vacuum cleaners. We even put the prices in the ads. Our lowest price is 9. Most advertised machines are much higher. Our average profit from a single vacuum cleaner sale is almost exactly 0. That’s easily 10 times more than the profit from a sale. Even with Wal-Mart’s “Bare bones” buying practices.

If you advertise the higher end products, you’ll find there is no competition. Your competitors will be sharing the lowest, least profitable 20% of the market. You’ll get all of the most profitable 20%. Won’t that be a pleasant experience?

Claude Whitacre writes and publishes the Unfair Advantage Retail Newsletter. “Dedicated To Helping You Create Phenonenal Profits In Your Retail Business.” Every monthly issue is Stuffed with Strategies,Techniques,Ideas, Examples,and Marketing Test Results. “A Seminar In Every Issue”. You can receive three months of Claude Whitacre’s Unfair Advantage Retail Newsletter and monthly interview CD for only .95. For complete information, just go to http://www.unfairadvantegeretail.com

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About the Author:

Claude Whitacre writes and publishes the Unfair Advantage Retail Newsletter. “Dedicated To Helping You Create Phenonenal Profits In Your Retail Business.” Every monthly issue is Stuffed with Strategies,Techniques,Ideas, Examples,and Marketing Test Results. “A Seminar In Every Issue”. You can receive three months of Claude Whitacre’s Unfair Advantage Retail Newsletter and monthly interview CD for only .95. For complete information, just go to http://www.unfairadvantegeretail.com

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Congratulations! You know who your niche market is and have a great product to offer them. Now comes the hard part:

+ finding a way to connect to them that hasn’t already been done a thousand times before, and

+ getting in on the front end of a marketing trend.

Figure out how to do these two things, and you’re golden. If you wait until after the big players get involved, and… game over.

Want to start raking in serious profits? Ready to lead the pack? Tired of being the last one in? Then follow this formula for success:

+ Discover unique ways to find your niche.

+ Get in early on the front end of a promising marketing trend.

+ Get involved with promising niche-rich networking sites.

Below is a step-by-step formula for success. Follow these steps and you’ll not only use a unique tool to find your niche, you’ll also utilize one of the hottest online multimedia tools to reach them, and get in on the ground floor of a new entrepreneur networking site that’s just opening up.

Step-by-Step Formula for Success

1. Unique way to find your niche.

Start by visiting the American Society of Association Executives (ASAE) website. Here you will find an easy-to-use, comprehensive directory of professional associations called Gateway of Associations. To get there, click the “People & Groups” tab, then “Directories”, and then the “Gateway to Associations” link.

Once you’ve arrived, you can search for an association by name, niche, or geographic location. For niche marketing purposes, type in your niche market (e.g.: small business) and location (e.g.: Oregon) if you want to narrow it down. Then click “search” to find out who is where.

When you find organizations that match your niche market, navigate to their websites and start networking directly with them.

2. New(er) viral marketing trend.

If you are like most online business owners, you might have thought the viral video phenomenon was just a silly craze. But it’s not too late to get on board with this hot marketing tool. Video marketing is a great way to get your niche market’s attention.

To begin, create three to five short video clips (one to two minutes in length) about you, your business, your niche market, and your product or service. Talk about the type of customers you appeal to, why your product is the perfect solution to their problem, and what makes your product or service unique.

Although YouTube is the definitive place for marketing your videos and getting them published, it isn’t the only place. Here is a sampling of other video sharing sites that online small business owners might use:

+ www.dailymotion.com

+ www.5min.com

+ www.revver.com

+ www.metacafe.com

+ www.video.yahoo.com

+ www.tubemogul.com

In a short period of time you can generate a number of video clips targeted to your market. As your clips get passed around to millions on the Internet, they will enable your potential clients to see, hear, and get to know you and what you’re offering.

3. Promising new networking site.

Many small business owners use LinkedIn as their professional networking site of choice. Still other more adventurous business owners have used Ning to create their own social network specifically for their target market.

If you’ve not used Ning before to create a social network for your niche, go to Ning’s website, give your social network a name, create a web address for it, and you’re ready to go! Sound like too much trouble? Then join a social network that is already established at Ning or a professional group already set up at LinkedIn.

Better yet (here’s where the promising part comes in), join Red Wire Nation and get in on the action right from the get-go. Red Wire Nation is a new networking site just for entrepreneurs. Sign up on their website to receive an invitation to their beta launch. Then, as soon as they launch, start getting involved with your niche.

Two of the hardest things online small business owners have to do are to find a unique way to connect to their niche and to be on the leading edge of marketing trends that will rake in serious profits. Learn how to do both by following this step-by-step formula for success. Don’t wait! Get in on the action before the big business players get involved and ensure your business success.

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