Nick Devine Presents...The Law Of Small NumbersPlease wait up to 1 minute for video to load. Make sure your speakers are turned on! |
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{ 190 comments... read them below }
Thanks again Nick ... you a always right on the money when it comes to growing my business.
We've never used a system like this before, but we are very interested in trying it out. We are a very small company, so it is difficult for us to advertise, but now we might have a way to better utilize what we have. Thanks!
Very interesting and in these times and a good way to conserve rescources.
Watched your video and as someone new to just pure sales but not to Print I think this will help.
Thanks
We do magazines so for subscriptions this can't be used. But in advertising sales, this is ever so true. But still there, we need more that 20 per cent of the customers. I have said that we need 100 per cent. But I will now start thinking of instaed going for 90 per cent of the market, skipping the last half of our customers.
Must share this with our salesman
We are doing sales the old way by calling on everyone, just not enough time in the day to meet our sales goals. We will be changing things!
A lot of common sense spoken
I thought this was intresting, but putting it into practice i feel is going to be harder that it is to do it
The 5/50 and 50/5 ratios are very illuminating - choosing to target the best propects regularly does work in bringing in quality new business - you then need to adopt a similar strategy to grow your relationships with those new clients - final point always pay attention to the champions in a business as well as the formal decison maker(s)
We have tried this route to market to sell print consumables into the signage market. we had a dedicated communication strategy that involved telesales, direct marketing and personal selling. whike the process was slow to get going there were significant results. having attained a level of sales the attention to the plan wanned with a direct correlation on the level of sales.
very interesting ideas that make an awful lot of sense. I haven't tried anything like this before but will certainly do so now.
This works
Have not used this system before / 5-35-55 rule should be pretty effective...
Thanks for the value of this lecture, but we prefer to be translated in Arabic to spread interest
a useful reminder of the importance of target marketing
Well presented, interesting content and reminded me of this very important principle.
Thank you
It motivated me to take the time to do things right.
well explained Video Comment
Video Comment
each year we would normally mail most of our customer database and a considerable number of prospects. I'm interested in your approach.
good info
I learned that I need to look closer at my customer list and target those potential prospects that are closer to my top customers. Thanks for your information!
Nick, Liked your video. Reminded me that you should target your prospects very carefully indeed - and then go for them with a planned strategy over the next 6 months! Will try it. Many thanks.
Very interesting numbers I,did not know about .
I was dealing with some of these facts without knowing the %
80/20 rule is the basic sales rule... i was left wanting for more detail... 20% targeting which is great how do we find them in the market place with out going throught the other 80% first?
"The law of small numbers" is very useful and I am using this strategy now which benefit our company a lot.
Interesting!! Looking forward to more info of how to apply the strategy
Very good content
A strategy that makes great sense - I'd love to say I've used it to good effect but I haven't ... but I will be trying it!
It makes absolute sense. It's like a mini marketing strategy to top 5-20% of customers.
I have not used this strategy before but definitely will be giving it a go.
Many thanks
This video blog has given me ideas regarding my paid search advertising campaigns.
I'm going to narrow down our prospect list using this info and maximize our limited resources.
Thanks for the information
thanks for your efforts for providing such a knowledge base video. God bless u more.
We have the chance to apply 80/20 principle on cost reduction of raw materials and supplies, and found this rule quite effective
Good one
Seems like these are things you know, but do not realise the importance till someone points it out
This is really eye opening - Well I have been involved in selling some high value - prodcts/Projects in one of the third world country trust me with little success - but the value of project is so high the company can not get rid of me. Now for a while i have been trying to understand why is this happening - This actually addressed the problem - in next few month Me and my team will do the things differently - with this concept and will updat the comment on what where the results.
Thanks,
Jignesh.
We use te 80/20 strategy daily.
This was great content delivered in a very understandable fashion. Yes I have done something similar and I can confirm it really works. Thanks Nick for this!
Very good information, an old rule into new business creation 80/20 is "proven technology"
very interesting, we have tried things similar but i think on the wrong percentage. Looking forward to the results
Excellent and very interesting advice which I will now use.
It was back to basics.... I was like a drop of oil on a Olympic swimming pool ... spread too thin. I am changing my strategy immediatly
Good but needs more animation at the beginning to gain impact and to keep attention
I already started a strategy like this in the beginning of this year. Results are positive.
Would like to give this a go and see what happens!
Very nice
When we hire a sales person the first thing we have to do is wean them from frantically cold calling every single possible prospect - now we can tell them why!
good stuff,strategies that i know will work!
Spot on topic well done, i've been in business self employed for 23 years & we practice what you preach
Great Information,
Going to try this concept
Makes good sense. I will impliment with a specific vertical we are going after
Heard of but never used this kind of strategy befor.
YOu know, I think everything you said in your video I already knew. But it's putting it together and *actioning it* is where the trick lies. It takes effort to market, it takes even more effort to market intelligently! Having a system delivered to you is extremely valuable.
The law of small numbers is a great concept. I want to start focusing on a select group of prospects that I can contact multiple times and see what results can be generated. Thanks!
Most interesting, thank you.i will look to employ this system. Where do i get a copy of the document you refer to?
makes sense. i will do a more focused campaign on my top 20% and see if it increases sales.
It is very good concept, i have heard about it before but not with that much of details. i did not try it before, and i believe that i'll start applying it.
Thank you.
Really interesting content, i've used this strategy several times with success...
I believe this will help me put more dollars in marketing to the correct potential clientele.
I know this works because we get the same value from referrals that come from like kind clients. In other words the great clients that make us money give us referrals just like them. these are free by the way
We have made the top 20% list of our customers and ran the numbers. Sure enough, the 80/20 rule is going strong in my company. However, we are focusing our marketing efforts currently to the 80% as I've learned today so that needs to change. We love your coaching and have been following your advice and it has been helping. Thanks!
Love the art of selling!
Dear Nick Devin, The presentation that i heard just now was simple to understand, crisp and to-the-point. Refffering to your recommendation of channelising most of the energy in developing the vital few, can that be a threat to the organisation in the longer run, in the event of the company loosing one or more of the vital few and not having the support of the useful many to compensate the volumes lost! Needless to mentiuon that the threat is larger with the vital few being targeted and taken away by competetors....
Im just looking at the larger picture.
very useful, i have to do this!
Makes sense. Thank you.
I learn again to implement what I already should know as a sales person. I need pushing every now and again so Thanks for that.
This video is a useful reminder of what we should be doing. We have recently conducted an analysis of customers by value and the figures in this video match our findings. While our customer segmentation strategy is good, operationally we need to communicate more effectively with our sales staff and keep them focused on where to spend their time for maximum value as this video suggests.
Lets is a strategy that I use the most,
Reinforced the need to focus in on the key prospects based on existing, most profitable customers.
I didn't think that the 50% of clients got me 5% of work
I've heard of the 80/20 principle but I found the 5/50 principle interesting. It is time to categorize my prospect list and see what I can do!
I took our customer data base & determined that 7 customers make up 75 % of our print revenue. Since my markrt area is 300 miles away from our shop, I will ask my best customers for referrals and use the internet to locate more ideal customers.
Well presented and concise video.
Customer rank by sales volume bears out thesis, but had not considered focusing direct-mail efforts on multiple contacts to top buyers---rather than to entire customer base.
Good information. We as a company have had this information in mind for some time. The probem seems to be finding profitable clients. So, in this case, we use the law of large numbers to find clients and narrow them down by the law of small numbers.
what have I learned from this video? I am thinking correct to a degree, but need to find a way to the ideal prospect in a faster manner.
Thank You,
David.
This was confirmation of the goal that I set for myself on my ride to my office this morn! Work smarter, not harder. Find out who are the BEST prospects and make a plan for contacting them WITH IMPACT. So, thanks for a template that I can use to implement my plan.
I consistently remind myself to let go of prospects that are not worthy of my time and concentrate on those that are. Thanks again-perfect timing!
Makes sense. Never done this consistently.
This is a concept that I have heard about before and I need to put into action.
80/20 is the best ROI
Video was helpful. Strike Zone was a different way to view what I try to do on a consistent basis from a prospecting standpoint. I have had success focusing on the small numbers without even realizing I was doing that.
Very informative and well done. I run an in plant but also do some outside jobs so I'm trying to mix both worlds. This will help us to be more focused on our approach.
I enjoyed the part about 100 pounds for 10 prospects. 10 chances to touch each one.
A very informative
Useful...... great work...
Good video. It's easy to spend time on the urgent instead of the important. Thanks for the reminder about the 80/20 rule, I like the way it is put forward in this video regarding sales. I look forward to viewing more of your videos.
I like the 5 /10/15% rule as it clarifies the importance of targeting customers - my analogy is to put all yourprospects into a funnel so you narrow down the focus on those you want to continue contacting.
fantastic
let us see the video first
the law of small numbers
Excellent insight
very helpful
Nick, that was great!
I am a six sigma black belt professional and used lot of the 80-20 rule in identifying the vital few and have also found that 5-50 is very much true. we have implemented this in advertiser and advertisement chasing in our company which deals with publication of newspaper and magazine.
regards
Prageeth Panicker
hi yeah that all makes sense and these channels are open to be exploited, good idea but how? What are you suggesting that is new to the customer?
I certainly want to try it, I believe it will benefit me. This is totally different from my current approach Thank you
Although a lot of it is common sense, it certainly makes you stop and think!
Oh very interesting, in our company it is the same we have the few that contribute immensely to our revenue obviously they know it and they feel that they have the upper hand on us as we depend on them.Video Comment
It sounds logical when explained in simple terms, now for the leap of faith to execute the plan
very goodVideo Comment
very good focusing and finding the best clients, will give it a go
I agree, a very sound principle to apply. In my local market, I have a hard time determining (as far as new prospects are concerned) what prospects would be in that upper 5%. However, we are going to sit down and select a few and work on this over the next six months and see what happens.
Great video. Need to focus more on my top clients and have a better focus on what accounts or markets we need to target.
Yes, I have used a very similiar concept and it does work. I have acquired a large regional hospital chain from focusing on them with calls and direct mailings.
The concept makes sense. I wonder how difficult it will be to implement with my team.
I enjoyed the video, certainly provides a new perspective on the selling process.
Law of Small numbers.
I liked the visual of 80/20.
Typical focus has been on the 80 which eats up resources.
I found this very interesting something I did years ago identify best customers and prospect same types of companies.
I find the idea of the "law of small numbers" very interesting. It is analogous to the logic I use when determining/selecting prospects to track and follow-up with. My thinking is/has been to locate the best most profitable prospects and target them with a consistant ongoing effort until the close.
good info presented in a new way!
The video made sense.
We always go after the path of least residence but we spend the same amoutn of time and effort so why not spend that time and effort going after the Big Fish
I didn't learn anything I didn't already know. But , what a brilliant reminder. It is so easy to get dragged into the quicksand which is the 80%.
The 80/20 5/50 has been part of my sales efforts for many years. This video not only crystallizes but validates what I have been experiencing.
However, In order to effectively utilize the strategies involved, the market/client profile needs to be defined, agreed upon, supported by management and directed to the sales team.
Nick:
Can you suggest me how do I find Lead or target audience for print buyers? Web research ? I never knew who should target. since every one utilize printing services. It is difficult with technology is so much widely utilize by all industry by themselves.
I learned the 80/20 rule really exists in the "Law of small numbers" I think this reminder may be the "kick in the pants" I need to get my marketing back on track.
very interesting and I agree the targeted approach works
Makes good sense -- just started to implement it in the last 60 days.
good video for sales staff
Never used this strategy before and find this quite interesting.
Learned the 5/50 rule.
I just watched the law of Small Numbers video. After checking our ledger, I was pretty surprised to see the 5%-50% is very accurate for my business.
I will use this strategy on my next sales effort. Thanks!
We began using the 80/20 principal earlier this year. Turnover has increased but it is still to early to say how effective we have been in spanding more time with our top customers and less with the other 90%. We are a supplier of consumable products to the printing industry in Southern Africa.
Hi there, from Portugal!!
Great commercial stratagy!
I learned today that I need to stay focused and spend my time pursuing the right targets.
thank you for this, it'll positively impact my business in 2011!
very useful
As I am new to sales any help or information is well received.
I will now have a different aproach to planning customer appointments and a different strategy when meeting customers.
I found this blog very helpful
This reinforced for we believe in my organization. The drag net approach works for awareness, but segmentation delivers results. Zremember when segmenting, talk their language, understand the segments needs and bring them innovative solutions that are segment (vertical) specific.
Difficult to hear as the sound is poor. What I can hear is very useful. Maybe I need new speakers!
I've always used the 100% approach, but your idea really makes sense. I didn't know about the 5 - 50 rule.
Enjoyed the video. I have done that before and it works. This video just reinforces what I need to be doing.
Oh yes, what you said was ever so true! We should conserve our resources and focus on growing the upper 5% of our client base who comprise the bulk of our business.
good information. Always overlooked the 5 %. Thanks.
Thanks for another great set of ideas
This was good and I have used a strategy like this for more than just sales
Very interesting to learn your concept - makes sense
great message!! I enjoyed the video and look forward to the resources that you have mentioned.
I like the 50/5 'rule' makes total sense and after looking at my client list ... it is true.
very usefull and surprising.
I have used this type of stratagy for some time and it is really worth following.
Another excellent video. It's amazing how obvious this all seems once someone points it out to you!
Learned about focusing on the strike zone. We've been successful focusing on a small number goal because everyone can understand and work with it.
It once again reinforces the need to really plan before going out and prospecting for new clients.
There's nothing new in your strategy, but I certainly need reminding of the basics of selling, and this was refreshing in its approach and simplicity. Interestingl we adopted a similiar stance to the top 5% of our clients by begining to market our compny strenghts to them. We've seen an increae in sales which has renewed our energy asa company and no longerfel we are at ther mercy of the markets and our competitors pricing policies. Your video gives great encouragement by letting us feel we are not groping in the dark
Video Comment We're going to start our advertising campaign this month for the new year based on your inputs for our marketing dollars.
Very interesting thank you, I totally agree with this thought/strategy process.
interesting and practical idea. Thanks
Another useful idea!
Really useful stuff, been trying to get this theory down on paper, you just helped!
Interesting as always Nick. I have started to concentrate on top customers, with good results.
I have occasionally tried to do this kind of thing, but have never really stuck with it. The concept is very intriguing and is one that I feel is very important to the future success of my company. Thanks, Nick, for your insigts.
This makes so much sense. I'd heard something similar before and have not put it into practice - I think it's time. Thank you!
Excellent. I'm reviewing year end reports. Now I need a compensation plan that. Thanks matches effort vs return.
Very good. Going definitely going is a go.
Our business is moving in a new direction in terms of marketing and sales and this is the perfect strategy to adopt.
Nick, this is great, I understood the 80/20 better and I hope to use better in my sales job
Know about 80/20 but had not thought of the simple process of maximising the 20%. Succinctly explained, thank You.
The principal is familiar, but being reminded of it when you get buried helps regain the focus.
Intersting sratedgy I would like to consider how to use further in practice...
Finally a point of beginning for the printer who is not known to be good at marketing.
Great beginning for printer who is not great at marketing.
thanks for sharing.
Good video, Going to try this
We are currently reviewing our marketing strategies in an attempt to accomplish what you describe and find our more probable prospects.
As such, I intent to share this with our sales staff to see if we can get a focused strategy in place rhater than our current more "shotgun" efforts.
Just started serious marketing and finding resources difficult to obtain. These videos are a real asset to getting started.
Excellent advice for planning and increasing the business.
I think this is one of the best stratgies that I have seen for a sales person start off. Once you get 6 months worth of data you can start using this to your advantage. Thanks
Great thoughts! as always!
Will need to focus on our prospective customers and try this out in multiple attempts to contact them and endeavour to get face to face
One should train oneself to be less eager to please all the clients all the time, and by nature sales people are attracted to the obvious top repeat order clients, this works well in conjunction with the Metals Model where we are bringing silver or gold clients up into the platinum strike zone without even thinking about it.
Seems to make alot of sense, why concentrate on those 80%, or the even new leads when I can sell to my best clients and build upon what I already have. Thanks for your blog - very helpful!
Thanks a lot
Definitely going to give this a go. Focused campaigns on on on valuaed marjket segments - much more efficient
Learnt I have forgotten a lot -
Used the 80/20 rule before, 5/50, 50/5 rule looks very useful to use...
Interesting concept, focusing resources on key clients, must try this.
Great video. We shall use the 80/20 strategy from now on.So much time is wasted trying to target everyone.
In the past we have always used the strategy of more calls more sales but quality not quantity is clearly the way forward if you want to win and keep the right sort of customer.
Being new to sales, this has helped to make my understanding of the 80/20 rule a lot better.
Thanks for this - it is almost so obvious, you wonder why you haven't tried it before!
80/20 basic sales rule, common sense, but can get lost in todays tough market-place
Very interesting, going to get this in to practice straight away!
I guess we all know about the 80/20 rule. What we have apparently missed (until now!)is how to use this in focusing our sales efforts. Thank you -I'm looking forward to the follow on.
Really simple strategy. We do multiple contacts of prospects now but without the strike zone analysis.
A good presentation - Thank you
I regularly use the 80/20 rule however this video made me realise that I wasn't utilising the theory to it's fulll potential to maximise potential of new and existing customers
Very simple yet I have never looked at it this way. I am excitied to give it a try
thanks - yes we have used this type of campaign and it worked we need to focus again!
thanks nick, really found this useful and looking forward to getting more out our small numbers now
The video made me realise the importance of quality prospects that I contact as apposed to the quantity. I have experienced this when comparing results of sales calls to a lapsed customer list compared to a general data base.
Very useful information. Looking forward to implementing these ideas into our sales and marketing strategy.
This strategy makes sense, so looking forward to learning more!
Interesting
I found this quite interesting especially the pyramid tool which i think will be useful in our small business. Thanks Nick!
Many concepts we do apply in an instinctive way now will become strategy