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Old August 17, 2021, 09:54 PM
Dien Rice Dien Rice is online now
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Join Date: Aug 2006
Posts: 2,910
Default The 80/20 Principle, and controversy...

Quote:
Originally Posted by Glenn View Post
Thanks Gordon,

Just read an article about the Author of "80/20 Principle"
Koch

The book with the idea that has made (My clients) more moolah than all the seminars, courses and other books I have read - Combined.

Koch has just become a BILLIONAIRE.

Using his own ideas from the book.

https://www.amazon.com/80-20-Princip...9233626&sr=8-2
Thanks Glenn!

No doubt Richard Koch is a kind of genius...

I really must do more to apply the 80/20 principle! (I agree, it's a great book!)

For those who don't know, the basic principle is that 80% of your profits or success, will come from 20% of your... customers, deals, etc.

The basic idea then (as I recall) is to focus more on the 20% that are making you the 80% of your profits... and less on the stuff taking all your time, but not contributing much to your success...

One "controversial" application of this could be "firing" your problematic customers.

Some customers are simply not "worth" having as customers, as (with all the extra time they take, for example), they might be in fact losing you money... Some simply cause anguish.

So, an "80/20" approach to the problem would be to "fire" those problem customers.

Instead, put all your effort in keeping the customers that are making you the most money...

I have heard of businesses trying to convince their "problem" customers to become customers of their competitors instead!

This is NOT the same as the saying, "the customer is always right"... That's why I say this can be controversial!

Best wishes,

Dien
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