People that truly understand the 80/20 rule and are able to use it in their lives and business’s see dramatic results.
The rule suggests that 80% of the effects come from 20% of the causes. You can notice it often appear in everyday life, and it can be applied to a number of things.
80% of the world’s money and land is owned by 20% of the population.
80% of the peas come from 20% of the farmer’s pea pods.
Of course, the rule is not meant to be an exact percentage but rather an estimate for how many things work in the world today.
In business, the rule suggests that 80% of the sales come from 20% of clients, and many businesses have proven it to be true.
This is important.
If you understand the rule’s meaning and are able to take the right action upon it, you can get more out of your business.
Many new business owners make the mistake of focusing too heavily upon acquiring new leads rather than serving their existing customers.
What they fail to see is that their existing customers are also their best leads. It is far easier to sell something else to somebody that has already bought than to sell something new to somebody that has never bought before.
It just takes a little bit of care, attention and the right positioning and you can increase the value of every new customer that enters your business.
If you are consistently launching products or running online training courses then you are in an extremely exciting position to take advantage of the 80/20 rule.
All you need to do is offer further value in the form of an upsell.
Let’s take a look at some examples of upsells for those of you that are launching training courses or online products.
Done For You Service– If somebody has already trusted you enough to teach them something, it goes without saying that they value you enough to do it for them. You could offer a done for you service which helps deal with a certain task involved in your niche.
Consultancy– You will find that some of your students want further training on the topic, and more exclusive access to you. You can charge high prices by offering one to one consultancy. It could be a weekly or monthly phone call, or you could even visit them at their home of office.
Mastermind– A mastermind is a collection of people that help support each other in their business’s with a combination of education and accountability. As the host of the mastermind, you run the group and ensure everything runs smoothly, and are able to charge a decent fee to anyone that wishes to join.
Hopefully you got a few ideas for how to position upsells to maximise the profit you make from your online launches.
The 80/20 rule can mean the difference between success and failure in many businesses, and for us product creators – it simply means more revenue!