Are You Using the 80/20 Rule to Your Advantage?
December 5, 2011 2 Comments
Are you part of the 80%? I’m not talking about an occupy movement here. Instead, I’m referring to the 80/20 rule or the Pareto Principle. Anyone that’s served on a committee or worked on a team class project has seen this rule in action. It goes like this:
80% of the effects come from 20% of the causes.
Or in business the distribution looks like this:
- 80% of your profits come from 20% of your customers
- 80% of your complaints come from 20% of your customers
- 80% of your sales are made by 20% of your sales staff
- 80% of the work is done by 20% of the people
Named after Italian economist Vilfredo Pareto in 1906 after observing that 80% of the land in Italy was owned by 20% of the population, he developed the principle by also observing that 20% of the pea pods in his garden contained 80% of the peas. Since that time the principal has been used in economic theory, optimization efforts and quality control measures. For example, Microsoft noted that by fixing the top 20% of the most highly reported bugs, 80% of the errors would be eliminated (Wikipedia).
How this works with Social Media
Simple. You’ll get the best results and engagement from your efforts if 80% of what do you adds value to someone else, either by providing free information, sharing articles written by others, offering discounts, crowdsourcing ideas or pointing out others’ successes. The other 20% can be about you, your products and your ideas. In other words, talk about yourself only 20% of the time. That’s 2 tweets out of 10.
Do you see this principle at work in your social media efforts? Share your ideas with me here.