Sketchy Ideas

Sketchy Ideas Episode 45: Applying Your Mindsets

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0:54 Intro

  • Intro/Opening remarks
  • The topic is: Applying your mindsets

    • 2:05 Sponsors

    • SPEARity (SPEARity.com)
    • Cream City Marketing (creamcitymarketing.com)

      • 4:35 80/20 rule

      • Brad’s explanation of the 80/20 rule:
        • In sales, ~20% of your customers take care of ~80% of your revenue
          • Your 20 favorite customer might not be taking care of that 80% of the revenue
          • In work, 20% of what you do takes care of 80% of where you’re trying to get to
          • Michael’s explanation:
            • The Pareto Principle
              • 80% of results flow from 20% of your efforts
              • Doesn’t mean you only need to do 20% of the work
              • Sometimes 80% of your efforts only produce 20% of your results
              • A client’s 100% is probably your 90%
                • The only person that will notice that last 10% is you
                • The last 10%
                  • Extra revisions
                  • Extra little details
                  • Perfectionist meets procrastinator
                  • Focus on the big picture instead of the last little bit

                    • 12:15 Turning 80/20 into action

                    • Hotel example:
                      • Rewards programs
                        • 20% of their guests produce 80% of their revenue
                        • Identifying those frequent travelers and keeping their loyalty
                        • Free upgrades, drinks, etc. are an investment to keep loyalty
                        • Guest satisfaction surveys
                          • Small set of problems that produce a large portion of dissatisfaction
                          • Theoretically, fix 5 main problems and it’ll increase satisfaction score by half
                          • Need to track the problems as well as fix them, or you’ll keep having to fix the same problems

                            • 17:45 Sales example

                            • Figure out who is your most frequent buyer and what are they buying
                            • Your 80/20 might be 60/40
                              • It’s still a trend where a few make up the most
                              • You need to find your main focus item, without forgetting about the rest

                                • 21:20 How to implement the 80/20 rule

                                • Start somewhere
                                  • Figure out something small and start tracking it
                                  • Gets you in the habit of tracking something
                                  • Track your time (and activities)
                                    • Even if it’s just an estimate
                                    • Able to go back and see what was important
                                    • In sales and marketing, you need to focus on what you’re doing and why you’re doing it
                                    • “80/20 does work, if you apply it” -B
                                      • If you talk about it, it doesn’t work

                                        • 25:55 What to do

                                        • 1. Start counting
                                        • 2. Look at the results
                                        • 3. Find the pattern
                                        • 4. Think, look, learn

                                          • 26:45 Business Owner duties

                                          • There's a few things that you as an owner are doing that are making a big difference
                                          • Also a bunch of other things that don’t matter
                                          • Most of the big difference things are thin

                                            • Full Show Notes Here

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