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The 80/20 rule in service business
The business is about solving the problems. It is the base fundamental thing for every entrepreneur. To solve the problem you need to have a solution. In the service business space, one of the biggest challenges is to scale the business which requires to involve a lot of business development.
It is awesome to offer a valuable service, but to provide the value we need to make people aware about our solution. Furthermore to keep the momentum of our services we need to continuously iterate and improve our services.
That’s mean that we need to take care of the two main things:
- Build and constantly improve the solution (product or service).
- Talk to the market about our solution and sell it.
Most service companies spend 80% of their time for the business development activities. It makes them able to dedicate only 20% of their time to work on the solution . Such statistics make business less competitive and farther from solving customers problems. It’s a big pity for the most of the companies a lot of their potential clients need powerful solutions and can’t find it among the choices they have.
So, how to fix it?
Very simple. Revert this 80/20 rule. Dedicate 80% of the time to work on the solution and improving it, and spend 20% of the time to make the market aware of your solution.
Well, it seems like you will be able to reach out to less audience and gain much fewer customers, right?
Wrong! Thankfully modern technologies we can reach out a huge audience without calls or visits and turn a lot of these prospects into the customers. The proven strategy which involves digital marketing here to help you!
It will make you able to spend 80% of your time to improve the solution and only 20% to sell it. Such a strategy will significantly raise you on the competitive stairs, make you able to solve the customers’ problems much better than others and thus at least double your sales.
Want to know more about the strategy or still can’t believe it?
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