Here’s something really cool I didn’t expect… but I should have!
I got inspired to do a basic 80/20 analysis on my marketing business… and the results were much quicker and more profound than I expected!
If you’re not familiar with 80/20 analysis, it’s based on the old Pareto’s Law which basically states that 20% of your input determines 80% of your results.
So I decided to take a candid look at my online business and see what I’d find.
Here’s what happened:
1. I hunted down the few things that actually bring about results, on a consistent basis. By results, I mean either revenue or increased intimacy and interaction my clients and the people on my lists (which is almost the same thing!).
(Turns out there were only about three such things: strategic partnerships, relevant affiliate promos, and HTML newsletters (plus working with tier-1 one-on-one clients. plus one more thing that’s a special weapon 😉 ). The connecting thread turned out to be the overarching themes I deal with in my marketing, and what people identify me with.)
2. I looked for things that I could trim off my todo list, and free up some time for more valuable things (this was easy now that I knew the things that actually produce for me).
(Less podcasting, less market research without immediate goals, no more technology projects without planned profitability. No more endless free customer support. No more JVs-by-obligation. Etc.)
3. The third thing that happened was a surprise. Not a complete surprise, but very revelatory anyway. In the course of doing this analysis, I realized I’m really a writer first, and marketer second. Always have been, through multiple career twists and turns…
Which doesn’t mean I don’t enjoy marketing or don’t have good results with it (I do) – it just seems obvious to me I should use the bulk of my now freed-up time writing stuff (books, screenplays, etc.), and be a marketer the rest of the time.
That way I get more done of what is my best output, and I still make at least the same money I did before. AND it puts me on a growth path without changing anything that radically.
So in short…
Doing the quick 80/20 analysis not only freed up extra time, it freed me to see what I’m not doing enough… things that I would enjoy AND get paid more for.
I really recommend it, your business may not be the same afterwards…
PS. To be completely honest with you, the actual analysis took place in the space of max. 30 seconds in my mind… like flashes of insight… then a few minutes to organize the findings… So just begin it, and the process will guide you… 🙂
That’s really cool that you came to the realization that you are a writer first and and marketer second. It’s so easy to get priorities the wrong way round.
Dont get me wrong, I still think marketing is one of the most important skills an entrepreneur needs for success, but I compare it more to something like breathing – you have to do it in any case, so you might as well focus on what you’re good at, and then either source out the marketing, or spend just enough time on it to leverage your writing efforts.
It’s a continual learning process isn’t it!?
Marketing is like breathing – that’s a nice way to put it.
I dream of outsourcing my marketing to the online equivalent of Nightingale-Conant… but we’ll see what happens. 🙂