The 80/20 Rule and Your Market

The 80/20 Rule and Your Market

We all know the 80/20 Rule, also known as the Pareto Principle.  We've heard it over and over and seen the power of the rule in our own businesses.  80% of our business comes from 20% of our customers.  80% of our problems are solved by 20% of our efforts.  The richest 20% of the people in our world own 80% of the resources.  It's powerful because it's true.  Unfortunately we don't take the principle into consideration enough when we are looking at our markets and deciding where to spend our time. Consider it as a balancing act except that given the rule, we should already know that things won't be balanced (nor should they).  One of the steps I take my clients through is the identification of markets - the analysis of where they are selling their products and services today and the identification of other markets where those same products and services (or a slightly modified version) may be just...
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