Ever heard of the 80/20 rule? Well, if you haven’t yet, you are going to now!
The 80/20 rule was first known as the Pareto principle. Basically, the idea behind it is that there is a “vital few and trivial many”. What this means is that 20 percent of something will be the driving force behind 80 percent of results. This principle or rule can be applied to just about anything.
For example, on a sports team, it’s the star players that are going to be scoring the most points and bringing in the wins. The other players, the ones that serve as back up, also contribute to the team’s success, but not nearly as much. There are always a few stars that contribute the most, and several back ups that contribute significantly less. This concept can be pointed directly at your network marketing business!
The 80/20 rule can be applied to your Network Marketing business in a couple of different ways, and you should be aware of and make use of both. The idea here is to run your business like the pulled-together, organized expert that you are. And if you don’t feel quite like an expert yet, keep working at it!
First let’s look at the 80/20 rule as it applies to your downline. I bet you can already figure out where I’m going with this. Your downline is a resource. Your downline helps you grow your business. If you have 100 people in your downline, it’s a fairly sure bet that 20 of those people are going to account for about 80 percent of your business. 20% of your downline likely accounts for 80% of your income. And the other 80% accounts for only 20% of your income.
So what are the other 80 of your downline members up to? They’re working, too. But they may not have mastered what it means to be a top producer yet, so they aren’t bringing in the big results. They may never be star producers, but that doesn’t mean you should give up on them or kick them off the team. That only means that there is work to be done. Plus, these 80 downline members are essential for you to find your key 20!
With your top producers, don’t assume that they are fine and that they can take care of themselves and need no help or coaching. While they may be doing very well, it’s still your job to provide constant support, encouragement and training to them.
And what about the 80 percent that is lagging behind? Well, it’s time for you to kick things into high gear! First of all, remember that some people are going to be slow starters. It’s up to you to keep in touch with them and offer them as much training and support as possible. Remember that a slow starter today could be tomorrow’s star.
Next, you can apply the 80/20 rule to general work practices – of all the work you put in to your business only about 20% will account for 80% of your income. It is your responsibility to figure out and focus on the key 20%.
For both you and your downline, it’s important to take the time to look at work activities and figure out what is working well, what could be working better, and what’s taking up valuable time and producing little, if any good results.
If you find work activities that are necessary, but that are holding you down because you’re not skilled at them, or you dislike doing them, what can you do to work smarter at them? Do you need to hire help? Often, by hiring someone to help you with tasks that should be helping, but aren’t, you can increase the overall productivity in your business and turn that task into one which makes a difference.
Now, when you find a work activity that has turned into a complete waste of time, and is definitely not in the top 20 percent of results-getting business activities, ask yourself why this is and whether you just need to dump the task and focus on things that are working well.
So to summarize, the 80/20 rule can be applied to your downline and your work habits and tasks.
Focus on that top 20 percent that is producing 80 percent of the results.
With your downline, see if you can help some of your slow-starters get a fire burning inside themselves to become stars. And with your work habits, take time to learn how to fine tune your tasks and work smarter, not harder.
Its true, probably 20% of the work produces results and the rest are not as effective. But it is a learning process to figure out which 20% is critical and not to be missed.
Everyone will have their own 20% most effective marketing techniques. Trial & error and when found out the most effective methods, do focus on and concentrate on it. This is the way! :)