How to Use Pareto Planning for Sales
You are probably already familiar with the Pareto principle
Just in case, here’s a quick reminder: 80% of the effects come from 20% of the causes. Or, in simpler terms, you achieve 80% of your results from 20% of your work.
The Pareto principle can be applied in nearly all areas of our work lives (and in quite a bit of our personal lives too). However, I feel that understanding and applying Pareto can be especially beneficial to sales planning and activity.
Here’s how Pareto works with print sales
There are three ways Pareto can really help with focusing on the most profitable elements of your sales activity:
1. Use Pareto to focus on the right accounts
Which accounts deserve the most time? Look at the top 20 of your accounts (but also, those accounts with top 20 potential). It’s time to stop giving too much attention to that business card order and focus on some upselling of your best clients.
2. Use Pareto to focus on the right sales activities
Where do you get the most results from your sales activity? Networking? Social media? Calling? E-mail blasts? Whatever works best for you is where you should be spending most of your time?
3. Use Pareto to set the right sales targets
There should not be any “one size fits all” sales targets. Work on the best opportunities and results from a sales team to set the right targets.
Make sure you understand the effects of compound Pareto activity
Carrying out this Pareto analysis once is likely to be very worthwhile. Now, imagine the effect if you carried out this exercise again. You will be focusing on the 20% of the 20% of worthwhile activity. This is your opportunity to make your time and your activities super profitable!
Pareto can be really useful for setting yourself highly focused sales projects
Find out how to combine Pareto and 12-week sales projects in “How To Succeed At Print Sales.” You end up making sure you make the most of your sales time (and stay on track) even if you only sell for four hours a week.
PS Find out more ideas on how to engage with today’s buyers: download my free e-book “Ten Common Print Selling Errors and What To Do About Them” right now at http://profitableprintrelationships.com/e-book/ You’ll also receive my regular “Views from the print buyer” bulletin, full of ideas on how to sell print effectively
Many printing companies are frustrated how hard it is to engage buyers in today’s world. That’s where Matthew Parker can help. He is a gamekeeper turned poacher. Parker has bought print for more than 20 years and received over 1,400 print sales pitches. He now uses his buyer’s point of view to give practical advice to printers. He helps them engage with prospects and customers to create profitable relationships.
Download his free e-book, "Ten Common Print Selling Errors And What To Do About Them" and check out his recently launched book, "How To Succeed At Print Sales: Setting targets, planning the right activities and making sure goals are met."