It’s also called the 80/20 Rule – but 20% of you already know that!
Vilfredo Federico Damaso Pareto was a very observant man; he started noticing that in nature 20% of vegetable crops tended to produce 80% of the harvest.
Next he applied it to business and soon saw that 80% of sales were made by only 20% of staff. 20% of products also produced 80% of sales and profits, and one-fifth of customers always did the majority of complaining.
There’s no getting around the 80/20 Rule in Online Business Either
I know people who spend their weeks running dozens – even hundreds of different websites. Even though they do exactly the same amount of work on each site, only 20% of their sites show decent profits consistently. But it’s not always the same sites – fashions and trends come and go and while a site dedicated to parrot cages was getting thousands of hits and making a bundle in commissions a month ago, this month the majority of income may be coming from a totally different product.
Sites that make up the core of that successful 20% will vary from week to week but you’ll always find that 20% are consistently profitable. That’s because there are always unseen forces affecting online commerce, from news to trends, weather or advertising they all become part of the mix.
In fact when I asked one successful Internet Marketer some months ago how he’d fared in the latest major Google algorithm change, he actually said that most of his sites had taken a hit BUT 20% had actually shot up in ranking and were producing increased income!
He doesn’t let it bother him; it’s just the way Internet Marketing is despite the fact that he uses the same systems for all his sites and does everything he can to comply with Google’s rules and regulations.
The More Sites you have, the Better Your Chances of Success
Many of us have gotten into Internet Marketing because it seemed like an easy way to make some extra money. I bet if we ran a poll we’d discover that 80% of the people who started one IM site eventually failed miserably and gave up. The other 20% started making money and went on to build other sites, some successful and some not.
The key is not to put all your eggs in one basket. If you want to succeed at Internet Marketing and make a decent income, work from home and tell the boss to go pound salt, you will have to put in 100% of your efforts, even if it means spending a lot of time on sites you may think are a hopeless cause.
Yes, there will be a few that you’ll eventually ask yourself “what the heck was I thinking?” but if you build enough sites and tend to them equally as if they were your kids you’’ll see how the 80/20 rule applies.
And don’t worry – parrots will always need nice cages, so just don’t give up too soon.
Keep an Eye on Your Stats
When traffic to a site is low, sales will drop and that’s natural unless you know that every visitor is going to make a purchase. Wouldn’t that be nice! Otherwise you will again see that approximately 20% of your visitors will actually make a purchase, either immediately or at a later date.
To make that 80/20 rule work for you in Internet Marketing the only way is to get more visitors to your sites. It’s the one goal we all have to strive for in IM to improve our odds at winning.
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