Finding “Ideals” – The 20% Solution

PraetoThis is Vilfredo Praeto.  In 1906 he observed that 20% of the pea pods in his garden contained 80% of the peas.  He then looked around at land ownership in Italy and discovered that 80% of the land was owned by 20% of the people.  As he noticed the same pattern in other phenomena, he developed the Praeto Principle – “80% of the effects come from 20% of the causes.” In business it is often applied to sales and profits – “80% of the sales/profits come from 20% of the customers.” The Praeto Principle is important when developing an online presence. Everything should be focused on attracting more “ideals” like the most profitable 20%. 20% is a rough estimate. In some situations it might be 10% or 5% or 15%. The point is that profiling your “ideals” is something you should consider before starting your next online project.

What Does Online Execution Mean?

Online execution encompasses more than throwing up a pretty website.

A well-designed site begins with an understanding of the target audience – specifically your ideal customers.  Profile them.  Identify what they will be seeking when they visit your site.

Will your ideal customers be using your site from mobile devices?  In most cases the answer is yes.  Also,  in most cases they will sometimes be using desktop computers, too.

Are your ideal customers social?  In most cases the answer is yes.  What networks are they using?

What are your business objectives in being online?

How will your online presence integrate with your offline marketing?

All these factors and more need to be considered before committing a single line of code.

This blog will provide some guidance to entrepreneurs and business owners developing their online strategies.   If you know someone who would benefit from a little help, share this link.