Wednesday, September 5, 2018

How to Apply The 80/20 Rule to Make More Money Online

When you’re running an online business or any business for that matter, you naturally want to make as much money as you can.

But time is not limitless, there’s only so much you can do in a day. So how can you make more money without working longer?

The answer is simple.

Look at what you’ve already got, and use that.

Now, this may sound obvious and at the same time confusing, so I’ll explain.


Say you have a website (or 2 or 3) and each of them is making money.

That may be great, but what if you want to earn more money from the website/s you already have instead of creating more?

That’s where the 80/20 rule comes in.

You need to look at all the things you’re doing to earn money every day. Your time might be taken up with:

  • Article marketing
  • Product creation
  • Guest posting
  • Blog comments
  • Affiliate marketing
  • And more…

From all these things, which gives you the best return for your efforts? In other words, what’s producing the most sales?

For instance, you might be spending 4 hours/week writing and submitting marketing articles and 1 hour/week posting blog comments on other people’s blogs.

And when you look at your website stats and your sales stats, you might see that when you post blog comments it brings far more visitors to your site and creates a flood of sales, while your marketing articles produce only a fifth of those results.

This is the 80/20 rule.

You’re spending 80% of your time (4 hours out of 5) writing articles to produce 20% of the results (one-fifth of the sales).

Whereas with your blog commenting, you’re spending only 20% of your time (1 hour out of 5) to produce 5-times the results (80%) of your marketing articles.

So you can see just from this quick example that you need to either:

Post more comments and write fewer articles

or

Improve the results from your article marketing.

Another way to apply the 80/20 rule is to look at the page view stats for your website, see which pages get the most page views and perhaps think about writing more articles like that.

Also, look at the products that sell best and get more like them.

You can also change the prices of your products by lowering or increasing them to see if it makes a difference or bundle your products or add bonuses so that you can make better offers to your customers.

Remember that many customers who buy online, only do so if they think the value of what they’re buying far exceeds the price they’re paying.

Changing what you sell or how you sell it can impact sales and make you do less work (20%) for more sales (80%)

Apply the 80/20 rule in every area of your website and every area of how you work.

Do more of what’s working and stop doing/improve what isn’t.

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