In 1906 Italian Economist Vilfredo Pareto created a mathematical formula, which observed that 20% of the population owned 80% of the wealth in his country. It was initially called the Pareto Principle, and then in the 1930s, Dr Joseph Juran called it the Vital Few & Trivial Many.
Today it is known as the 80:20 Rule, or principal, and in the majority of business and life situations, it still very much applies.
For example, you'll wear 20% of your clothes, 80% of the time, and 80% of your clothes, only 20% of the time.
But does it apply to podiatry?
Well, let's take a look at some daily business examples:
- 80% of your headaches will come from 20% of your patients
- 80% of your business errors will come from 20% of your team
- 80% of your income comes from 20% of the services you provide
- 80% of your working day takes place in 20% of the space in your business
- 80% of your word-of-mouth referrals will come from 20% of your patients
- 80% of your patient referrals will come from 20% of your professional referrers
- You'll only use 20% of your podiatry knowledge, 80% of the time with patients
You can develop a fantastic new website and regardless of how much time, effort and money you put into it only 20% of the pages are ever going to be read, by about 80% of the people that visit your website.
For this reason, you need to be reviewing your website analytics (Google Analytics) regularly and always be making an effort to improve web pages that are not performing.
Some web pages may be underperforming because:
- Your headlines do not capture the reader's attention
- Badly written articles and blogs
- FAQ not answering the question
- Lacklustre page design
- Poor graphics
It's No Secret
In my first book, It's no Secret There's Money in Podiatry; Chapter 6, I discuss the 80:20 rule and how it applies to The Vital Few And Trivial Many of the podiatry profession. If you haven't read this chapter, you should, because it could shape how you view your future success in podiatry.
If you look at the big names in the podiatry profession they didn't get there by accident, they got there by being focused on the 20% that counted most to them.
Kevin Kirby is scheduled to revisit Australia this year, and without even looking at his speaking dates, we all know what his subject matter. Biomechanics and orthotics, not diabetes. Does this mean Kevin knows nothing about diabetes? No, it doesn't, all it shows is that Kevin understands how the 80:20 rule applies to his career as a podiatrist.
You need to do the same with your career and podiatry business; you need to find the 20% that matters most and focus on that 80% of the time, especially with your marketing.
Podiatry Marketing Workshop - 29th June 2019 Gold Coast
Has your podiatry business become stale or a little stagnant? Has there been limited growth over the past few years, and does it look like everyone else is doing better than you? If any of these questions resonate with you, you need to pay attention and consider coming along to this 1-Day Podiatry Marketing Workshop.
Owning and operating a Thriving Podiatry Business will never happen by accident or by working longer hours each week, and being a 'great clinician' is no longer good enough. For further details visit: https://www.tysonfranklin.com/events/PodiatryMarketing