The Pareto Principle, also known as the 80/20 rule, is incredible for business growth. The principle was discovered by Vilfredo Pareto and works on the fact that 80% of the results account for 20% of your efforts. Thus, if you find out which 20% of the products cause 80% of the sales, you can bulk your focus on those products.
Similarly, if you can figure out which 20% of your time produces 80% of the business results, you can plan the most important tasks during a time of the day when you are most productive. If you can find out 20% of the customers who account for 80% of your sales, you can put more effort into finding out more customers like them. And, so on!
Now that you have an idea of how the Pareto Principle can help boost the various aspects of a business let’s look at some of the best ways to put it into practice. Below are the top five areas of your business where you implement the 80/20 rule.
For Search Engine Optimization
Probably, you have already heard how to optimize your website to improve its ranking on the SERP. You can find an array of guides or articles that talk about endless SEO techniques. But you don’t have to spend hours going through all that stuff.
If you focus on just 20% of the top SEO techniques, you can garner 80% of the results. You can follow the following simple steps to ace SEO-
- Make sure to include the keyword in the title, meta description, page URL, and content.
- Write at least a 1500-word article or blog post with high-quality, unique content.
- Add 2-3 inbound or outbound links.
- Keep your website neat, organize the content well, and make it user-friendly.
For Increasing The Website Traffic
One of the ways to dramatically grow your business is to get more website traffic and generate more leads. If you own an online business, your website is the only source where potential customers get to know about you.
Focus on creating a highly optimized, mobile-friendly, and scalable website: Here are the three most important things a highly optimized website needs:
Speed: To increase the speed, create a clear site structure so that people can easily find what they need. Also, speed helps users make decisions for sales. You should also pay attention to how users experience the site’s page’s speed, website responsiveness, and stability.
Mobile-optimized: Desktop searches were the thing of the past, as over 55% of global traffic on the web comes from mobiles. So, if your website is not performing well on mobile, you may likely fall with customers and sales.
Web Security: Website security is another critical thing that helps to prevent hackers and cyber thieves from hindering sensitive data. Without any security or an HTTPS connection, websites can develop the risk of malware and attack on other networks. With that, the user data might be at risk.
Focus On Page Experience
Google will likely announce the next page experience update in May 2021. The metrics in the update, called Core Web Vitals, will measure the content quality, website’s load time, and interactivity. All these things will affect the search rankings.
So, keep note of anything that could destroy the user experience or annoy the user. Check all the elements of the website and optimize them for a better user experience. Ensure that the website pages load fast and there are no unexpected changes in the page layout when a user scrolls or loads a page.
Focus on the Content Marketing:
A good, focused inbound marketing campaign features blogging, posting content, and social sharing by creating infographics and using them on other social media websites. You can keep an eye on the amount of content being shared and the overall number of clicks.
For Social Media
It seems tempting to create a business account on every social network, like Facebook, Pinterest, Twitter, etc. But every social network has a different fan following. So, make sure to know your customer persona and invest your efforts in the network that matches your needs.
Suppose you provide business services or learning. In this case, LinkedIn could be the best option for you. If you want to target young customers, Tumblr or Instagram is the right choice. Just have a strong presence on the platforms that help you garner 80% of the customers. You can use suggested posts on the Twitter account or try their free plan.
For Instagram, you can use hashtags that are trending and popular to get maximum visibility. This helps save time, and you can use that time for other underperforming areas of your business.
For Your In-House Team
Managing your team is one of the toughest things to do, especially if the team is too large. However, by applying the 80/20 rule, you can improve the efficiency of your team. Suppose you have 10 tasks on your bucket list. If you closely observe the list, you will find that only 2-3 tasks are the most important ones. And, if you can’t accomplish those important tasks, you will feel like you have wasted the day.
This is where you can apply the Pareto Principle. Identify the most critical activities and prioritize them. Similarly, suppose you find that 80% of the work is done by 20% of your developers. These employees work almost error-free and complete the work on time. In this case, you can think about reducing the team size of the company. Or, you can outsource the work the remaining employees used to do.
Pareto Principle or 80/20 rule can be used as a powerful strategy to boost your business. Even if the figures don’t turn out to be exactly 80 and 20, the main idea is to focus your attention on the most important things. Whether it is marketing, sales, development, manufacturing, or any other industry, you can put this principle into practice and grow your business dramatically. So, get started with any of these tips to use the Pareto Principle in your business.