Photography Business and the 80-20 Rule
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Have you ever heard of the 80-20 rule? I heard it a few times before applied to the concept that eighty percent of your income comes from twenty percent of your customer base.
What I did not realize is that the rule is Pareto’s Principle. In his mathematical formula to describe unequal wealth distribution (he was an economist), he observed that twenty percent of the people owned eighty percent of the wealth.
The principle seems to apply to way more than the single use I heard. Consider that eighty percent of a church’s donations come from twenty percent of the members. Eighty percent of my studio sales comes from twenty percent of the same clients. Twenty percent of your work produces eighty percent of your results. It can go on and on.
So focus on the twenty percent. Advertise and your best customers, the twenty percent. Advertise your best selling programs and sessions. See if you are truly focusing on what is important.
In a class I was listening to they were taking this concept seriously. They had ten products and two of their ten products sold very well. They made eighty percent of their income on them. They discontinued the eight products and concentrated all of their marketing efforts and advertising dollars on just the two products and increased their business substantially.
Focus on the twenty percent that matters!
Photography expert Barb Gordon, Master Photographer, weekly publishes Barb Gordon Photo Coach’s Shooting For Success, a free ezine. If you’re ready to take your photography to the next level, get your FREE reports “Make Photography More than a Hobby” and “15 Ways to Make More Money with your Photography” now at http://www.BarbGordonPhotoCoach.com
