Business Digest August 24, 2023

#BusinessDigestWithDrEIS

On BU$I₦£$$ DIG£$T this morning, August 24, 2023
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APPLYING THE 80/20 PRINCIPLE TO FOCUS ON BUILDING YOUR BRAND!

You have probably heard of the 80/20 principle before. If you haven’t, you have probably heard the general concept.

The 80/20 principle (officially known as the Pareto Principle) says that 80% of consequences come from 20% of causes.

The general idea is that 80% of outcomes come from just 20% of inputs; by identifying the correct 20% and optimising these few inputs, we can generate the greatest impact on outcomes. We often talk about the 80/20 rule within the productivity space because this principle is all about getting the biggest bang for your buck (whatever that might be). It’s also about identifying the 80% of inputs that are only generating 20% of your results. This is time you are essentially wasting which you should reallocate towards more worthwhile pursuits.

I learnt this very practically and applied it during my banking days when we will be asked for our top 20 Customers. That doesn’t mean others will not grow into that category to displace another, but per time you need to know the top 20 Customers.

So in a bid to develop your brand, have you focused on your top 20 Customers, top 20 efforts, top 20 means that gives you more patronage or improve your bottomline?

Which Social Media platform gives you more conversion rate? This is where you need to know the figures clearly and what statistics works better for conversion for your business.

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Business Digest….your indispensable daily business companion.
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Yours-In-Entrepreneurship
*_Dr. Emmanuel Idenyi Shaibu_*
_animn, ace, f.hcd, f.dss, m.frcn, fimc, cmc, cms, FAiPA, DPA, FCCFI_
The Millennium Entrepreneur!
*MakingAMarkGlobally*