Vilfredo Pareto observed in 1906 that 80% of the land in Italy was owned by 20% of the people. From this he developed the 80/20 rule that is now a common rule of thumb in the business world and among individuals. It means that most things in life are not evenly distributed. 80% of the results come from 20% of the causes.
In the business and marketing world for example 80% of the sales are done by 20% of the sales staff and 80% of business from advertising and marketing comes from 20% of the customers. Some more examples of the 80/20 rule. 20% of the employees are responsible for 80% of the output. What about your daily habits. You probably only see a few of all the people you know regularly. A large amount of your salary goes on the bigger bills, like the mortgage. These are not hard and fast rules but generally if you analyse most things you will find the minority creating a majority.
But how does this rule apply to Marketing and Education.
When starting an online business it is of course very important to receive or have access to training on all aspects of the business, But sometimes you can submerge yourself in educating yourself before you start to market, which of course is the life blood of any business.
The best way to do this is to learn one aspect of marketing first and then go and apply it. For example you educate yourself on Social Media like Face book, Twitter etc and then you take action and market your goods or services using this method. When you have mastered that method you learn a different one, use it and repeat.
When you have covered a few of the marketing sources of how to generate traffic you will need to start to analyse each of them. Take classified advertising, for example. Find out where the sales come from and which of the ads pull then concentrate on those that perform, refine them and repeat. It’s the same with keywords. You will find a few of your keywords will give you more share of the traffic.
Therefore in an online business if you were working 10 hours a week you should be marketing for 8 of those hours and educating yourself the other 2. Marketing your business should always be the number one priority and if you follow the above then you will soon have the marketing knowledge to make your business a success.