The 80 20 Rule Can Put Things in Perspective!
Planning your prospecting around the 80 20 rule can make your life easier once you understand the concept.
Hearing “No” time and time again isn’t fun, but it is a part of network marketing. We’ve all experienced it. Think about it. Any business that requires human interaction has its ups and downs. Not everyone agrees, never have, never will.
By applying the 80 20 rule in my life, I have realized that its never personal, its just a numbers game.
I use the rule as a guideline for planning. It gives me a realistic idea of what I need to do to achieve the results I want.
Never Attach an Emotion to the Outcome
Once you understand the nature of the beast, you will never take it personal again.
Realize this Basic Truth
No matter what you sell, products or services, more people will say “no” than “yes”.
Why? It’s a fact of life. The cosmic universe is designed this way. Pareto’s Principal. It’s the 80/20 rule.
Some will, some won’t. No big deal!
The 80 20 Rule
The Pareto principle (also known as the 80-20 rule, the law of the vital few, and the principle of factor sparsity) states that, for many events, roughly 80% of the effects come from 20% of the causes.
Business management thinker Joseph M. Juran suggested the principle and named it after Italian economist Vilfredo Pareto, who observed in 1906 that 80% of the land in Italy was owned by 20% of the population; he developed the principle by observing that 20% of the pea pods in his garden contained 80% of the peas.
It is a common rule of thumb in business; e.g., “80% of your sales come from 20% of your clients”. Mathematically, where something is shared among a sufficiently large set of participants, there must be a number k between 50 and 100 such that “k% is taken by (100 − k)% of the participants”. The number k may vary from 50 (in the case of equal distribution, i.e. 100% of the population have equal shares) to nearly 100 (when a tiny number of participants account for almost all of the resource). There is nothing special about the number 80% mathematically, but many real systems have k somewhere around this region of intermediate imbalance in distribution. Source – Wikipedia
When you understand this principle, your life will become much easier. You will realize that attaching emotion to the outcome is simply another means of self abuse.
80% of your prospects are going to say no to your offer, but 20% will say yes. You can build a huge organization with that 20%!
Let’s take it a step further. There’s a very real chance that 80% of those prospects who join you won’t build their business. The good news, 20% will. Yep, you can build a fortune with that 20%.
Consider these 80 20 Rule Statistics:
“80% of your business will come from 20% of your customers.”
“80% of your personal results will come from 20% of your personal efforts.”
“80% of your entire organization’s sales will come from 20% of your team.”
Are you starting to see a pattern?
It’s Just a Numbers Game.
If you want more personal hostings, show more people your business.
It’s important to understand this. It’s not personal. The sooner you apply the 80 20 rule to your prospecting, the sooner you will start building a large organization and achieving success.
Increase your presentations, and you will increase your business. All successful distributors realize that the next “no” just moves them closer to the next “yes”.
As you present your offer to more people, you work your way through the learning curve. You become more efficient and more confident with each presentation. Your numbers go up. Your business grows faster. Be the snowball!
It’s a business. Don’t attach emotion to the outcome and by all means, don’t take it personal.