Mattress Mack on the Pareto Principle, and What it Means for Business
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Mattress Mack delivered a speech outlining the background and importance of the Pareto Principle within business. The Italian economist Vilfredo Pareto's observations are just as important now, as they were when he discovered them in 1906. View the slides to see what the Pareto Principle means to Gallery Furniture, and be inspired to apply it to your own business!
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Mattress Mack on the Pareto Principle, and What it Means for Business
- 4. 20% of the people owned 80% of the land
- 5. 20% 80%
- 6. 80% of the World’s GDP is controlled by 20% of the people 80% of complaints come from 20% of the customers 80% of a company’s sales come from 20% of its products
- 7. THE VITAL FEW the majority of defects small percentage “ The law of the vital few and the trivial many “
- 8. “ ”
- 9. 80% of your profits come from 20% of your customers 80% of a company’s sales are made by 20% of its sales staff 80% of new business comes from 20% of your existing customer base 80% of a company’s sales come from 20% of its products.
- 10. VITAL FEW: Customers: QUALIFY. ALWAYS BE CLOSING. (Sales Methods) Products: SHOW THE BEST & WHY. People pay for expertise. Salespeople: GET HELP. Veterans grow your sale for you. 20% 80%
- 11. How to WOW: Discover Identify customers and their needs Who are your vital few? Identify them and more importantly – what matters to them. Deploy Develop Ideas & Concepts to meet needs Prioritize them for Best Impact Test them 1 by 1 & Gauge Effectiveness Design Make them Habits Measure Progress Constantly Improve “ Today’s extras are tomorrow’s expectations
- 12. VITAL FEW? Home James New Jersey Helicopter Roadside Assistance
- 14. Ready to count your peas?