Franchise Marketing and the 80/20 Rule
Modern marketing is a constant process that involves using a number of technological tools. In this process, it’s easy to get caught up in all of the amazing ways you can promote your business and attempt to entice people to become customers or clients. But it’s crucial to remember that too much promotion is one of the surest ways to alienate your audience, drive customers away and prevent potential new clients from seeing what you’re all about. If you’re a senior care franchisee, you simply cannot afford to let business slip away, which is why you have to ensure that you’re using the vast array of marketing tools you have at your disposal properly. One of the best — and easiest — ways to make sure you’re connecting with your audience the right way is to follow the 80/20 rule. Doing this makes it possible for you to keep the proper balance at all times as you promote your business and engage with your audience.
What Is the 80/20 Rule?
If you’ve been in business for a while, it’s likely that you’ve already heard of the 80/20 rule. It’s also known as the “Pareto Principle,” having been named after the 19th-century Italian economist Vilfredo Pareto. Pareto noticed that 80 percent of the land in Italy was owned by 20 percent of the people. Over time, economists and others have noticed that the rule applies to business in many ways, including:
– 80 percent of a business’s profits come from 20 percent of its customers
– 80 percent of a company’s sales come from 20 percent of its products
– 80 percent of a company’s sales come from 20 percent of its sales personnel
– 80 percent of a business’s complaints come from 20 percent of its customers
The list actually goes on and on, making the 80/20 rule a vital rule of thumb across numerous aspects of business.
When it comes to promoting your in home senior care business using modern marketing techniques, the Pareto Principle should apply like this:
80 percent of your time should be spent engaging with your audience; 20 percent of your time should be spent promoting your business.
How Does it Work?
It might be difficult to get used to, but when you’re spending time sending emails, engaging on social media platforms like Facebook or writing your blog, you need to make sure that only 20 percent of your content is directly about your brand. The other 80 percent needs to be valuable, sharable content that your audience finds useful.
When you strike the right balance, you retain existing members of your audience while enticing new individuals to join the fold. You also set yourself up as an authority in your field, which is critical in terms of building trust. The proper balance also gives your promotional posts much more weight.
Remember — since you’re only spending 20% of your time on promotion through social marketing, you need to make sure that it counts. Place clear calls to action in your posts and updates. Offer discounts, specials and other compelling offers. Persuade people with statistics, facts and figures that make your in home care franchise look amazing.
Please refer to our most recent Franchise Disclosure Document for important details.