Saturday, May 28, 2011

The 80-20 rule

The Pareto Principle, also known as the 80-20 rule, basically means that 80% of results come from 20% of causes.

From a business standpoint, that means that 80% of your profits come from 20% of your clients.  Or that 80% of revenues are a result of 20% of your marketing.

This applies to other areas of your life.  How about, 80% of your headaches in life come from 20% of your problems?

For a writer, 80% of your good writing comes from 20% of your writing efforts.

So it makes sense, from a business standpoint, to keep your 20% of high-revenue clients and work on attracting more just like them.  Or figuring out what 20% of your marketing is working, and eliminate the rest.

And find a way to mitigate the 20% of your problems that are causing the majority of your headaches.

But for writers - whatever you do, keep writing!

Pretty powerful stuff here...

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