Have you heard of the Pareto principle? You may know it better as the "80/20" rule. Simply put, the Pareto principle is a distribution philosophy named after Italian economist Vilfredo Pareto who famously noted at the turn of the 20th century that 80 percent of the land in Italy was owned by 20 percent of the population.
So how can we apply this to your real estate marketing strategy? In more ways than you think. Here are a few of them to whet your appetite and to get you thinking about how you can apply this principle to your real estate business every day.
80 Percent of Results Come from 20 Percent of Efforts
This is a huge idea as it helps you really focus your marketing strategy (and really anything you do in your business!). When things are a bit slower, it's the perfect time to evaluate all aspects of your marketing to determine what is working and either improve on it or do something different.
For example, which of your advertising investments yielded the most leads or even business for you? Taking a look at the dollars put into each channel and the subsequent results will probably provide some interesting insights. You might find that social media advertising is less effort on your part as well as more prolific.
80 Percent of Complaints Come from 20 Percent of Clients
Complaints might not be par for the course in your business, but you may find in a high volume of business that you do hear the most from just a small section of clients.
How does this help you as a real estate agent? Perhaps you place a LOT of effort worrying about or trying to appeal to this tiny group of people. Of course, you should make the effort to satisfy your clients but take a step back and seriously consider how much effort you are putting into them.
80 Percent of Social Engagement Come from 20 Percent of Posts
This is an interesting one for sure! We've always touted the 80-20 rule to apply to what you post (5 non-sales posts to every one sales post), but results can follow this principle, too.
An easy way to gauge this is to look at your insights. Facebook has one of the easiest ways to look at your analytics. Simply go to your past posts analytics and look at how many of your posts got the most likes, comments and shares. Compare that to the percentage of total engagements those got. You might be surprised to see the results!
In general, applying the 80-20 principle can help you figure out what's working, what's not and where to focus your efforts.