PARETO PRINCIPLE
PARETO PRINCIPLE
The Pareto principle states that for many outcomes roughly 80% of consequences come from 20% of the causes.
The Pareto principle states that for many outcomes roughly 80% of consequences come from 20% of the causes.
Future Proofing
Is direct-to-consumer the future of retailing? Are the days of the mega-department store over?
This could be a boon for your independent small business if you make the right moves. Brand building is key here.
“What we’re seeing is a tale of two retail worlds. On one side, you have these resistant retailers who are looking to go back to the status quo. They are just waiting for this pandemic to be over so that they can go back to doing things the way they always did, but that’s not going to be the case. On the other side, you have these resilient retailers who are future-proofing their business. That is happening because the previous incumbents, which were very large, more traditional retailers, are not adapting fast enough.”
Harley Finkelstein , Shopify
Recent finding from Kantar Media show that 45% of consumers say they will continue shopping at online stores they discovered during the pandemic. The change is not limited to simply more shopping migrating online, it is also about new buying habits and behaviour, says Kantar. Digital is part of the new normal and the most successful brands will be those that “elevate the human experience”. *
Sell Or Else
Global Chief Marketing Officer at Burger King.
Podcast Of The Week
For podcasts nerds, here are two interesting pieces of information;
1. New York Times’ The Daily, rivals TV with its four million average daily listenership.
2. NYT has 15 members of staff working full time on The Daily, while the Guardian and Economist’s offerings each have nine staffers.
The Final Word
Stop trying to please everyone. Reduce choice to make things more simple for customers. Look at the 20% of products that make 80% of your sales and focus on them.