80% of the shopping is done by 20% of the customers. (80/20 Principle)
Have you ever noticed? There is an 80% chance that you only wear 20% of the clothes in your wardrobe or you meet only 20% of your friends with an 80% chance. (80/20 Principle)
Do you know that 80% of the world’s wealth is in the hands of only 20% of the world’s population?
In fact, there is an 80% chance that you only step on 20% of the carpets in your home.
Vilfredo Pareto discovered this rule for the first time.
That’s why this rule is called the Pareto Principle or the (80/20) rule.
According to this rule, 80% of the results are due to 20% of the causes.
This figure can of course vary. It could be 75/25 instead of 80/20, or it could be 85/15.
But the rule remains the same and does not change.
In short, we can say that most of the results are caused by a very small part of the causes.
So how can we use this rule in our lives?
First, let me give you a few examples of starting your own business. For example, you have started your own business and want to expand it.
You will likely spend 80% of your time on non-important tasks.
But you will spend 20% of your time on the part that is important for you to find and develop customers.
However, you will be spending 20% of your time on the things that will actually make you money. Unfortunately, many people do this without realizing it.
Because they think that the better the details, the more customers they will gain.
Yes, they can gain customers. But this can only affect 20% of potential customers.
The other 80% is the vast majority who need your product or service.
And the little details you spend so much time on them don’t matter.
Since many people spend 80% of their time on this type of work, even if they are seen as very busy from the outside, the work they do does not have a great benefit for them.
Another example, imagine that you are running an advertising campaign, 20% of the campaigns usually make 80% of your customers.
80% of the remaining campaigns yield only 20% results.
Another important piece of data is that 80% of the shopping is done by 20% of the customers.
This rule applies not only in our business life but also in all areas of life. For example, let’s look at the time we spend on apps like Facebook and Instagram.
You spend only 20% of the total time you spend on things that are beneficial to you.
The remaining 80% will not benefit you, you will spend it by looking at the shares.
The important thing is that you understand how this rule works. In this way, you can achieve success by using this rule in every field in your business and private life.
The most important thing we can learn from this rule is this.
Don’t be a maximalist and don’t go overboard with anything. Because this greatly reduces your quality of life.
It takes a lot of our time and gives us very little.
Only 24 hours a day, neither increases nor decreases.
We should spend 7–8 hours of these 24 hours for sleep and 2–3 hours for our daily needs.
The remaining time will be 80% useful to us, but we should devote 20% of our time to things that will take.