Small business owners wear many hats including CEO, CFO (chief financial officer), COO (chief operating officer), and CMO (chief marketing officer). With all those responsibilities it is challenging for business owners to determine where to allocate resources for maximum impact and return on investment (ROI). This is particularly true when it comes to marketing and the wide range of strategies, tools and solutions business owners can leverage to drive sales.
This is where the 80/20 principle can help. In business, the premise of the 80/20 principle is that 80% of results come from 20% of efforts. Also called the Pareto Principle, after Italian mathematician and economist Vilfredo Pareto, this formula can help guide business owners in directing their efforts and resources to digital marketing initiatives that have the most impact.
Focusing on five critical areas can help business owners wearing their marketing hat generate the greatest ROI from digital marketing and eliminate the frustration of trying to determine what they really should be doing when it comes to their website, SEO (search engine optimization), CRM (customer relationship management), reputation management and Facebook.