The 80/20 Rule also referred to as the Pareto Principle basically summarizes that 80% of outcomes come from 20% of causes or in reality there is an unequal distribution in which a bit of action or effort can create large results. This principle can be applied to many facets of life and business.

The Principles Of Marketing

When it comes to the principals of marketing, a great way to remember this is by thinking of the Four Original Principles

Product, Price, Place And Promotion.

To add to this you can also include Positioning, Process and Physical Evidence

• Product-First you need to start with your product- What is the product or service you are selling. Does it solve a problem and address the needs of your target customer?
• Price-What is the perceived value of your product or service? It is important to find the sweet spot so that it isn’t too high that you lose potential customers or too low so that it appears cheap and or puts your profit margins in jeopardy
• Place/Positioning-How will you distribute your product or service? Where is it being sold? Do you have a website, marketplace, or physical storefront?
• Promotion/Marketing-What sales tactics will you be using to promote your product or service to your target market? Will you be using paid advertising, which may also include influencers or perhaps organic traffic from social media and other marketing channels, or maybe putting on an event such as a tradeshow or conference?
• Plan/Process-Do you have a step by step plan or process on how to get from implementation to completion of your deliverables (ie product or service)
• Physical Evidence/Results-How will you know that you have made progress. How will you measure your success?

Customer Service In Business

Building customer relationships is key to growing your business. Customers can make or break your business with 1 online review or word of mouth communication. With good customer service techniques you can create trust, and a loyal following of new and repeat customers. It is crucial to provide a great product or service and customer support to build up trust and loyalty. Customer retention is way more cost effective than customer acquisition. Customers are also more likely to pay more to businesses that provide a better customer experience. When running a business it can be challenging to keep up with all the roles you must play for things to operate smoothly but there is technology in place referred to as CRM that help manage your company’s interaction with existing and potential customers. CRM tools are used in marketing and sales, to streamline customer service interactions.

CRM is a contact management software that helps businessses stay in touch with their customers and can provide customer engagement and support. CRM tools oprovide a screenshot of their customer profiles, past purchases, and current interests which can help with retargeting. Some popular CRM tools you can look into include:

• Semrush
• Zoho CRM
• Hubsport CRM
• Salesforce
• Zendesk
• Freshsales
• Apptivo
• Monday.com
• SugarCRM
• ActiveCampaign

Find a solution that works best for your business and growth potential