Italian economist Vilfredo Federico Damaso Pareto noticed that 20% of the population owned 80% of Italian land. This led to the "Pareto principle", which states that 80% of the consequences result from 20% of the causes. In fact, this principle can also be applied to yourself; if you take 80% of eighty and 20% of twenty, you get, comparatively, 64/4. Thus, if 64% of the consequences are the result of 4% of the causes, it implies that our success is mostly due to 4% of our actions. Therefore, the great secret of successful people is to put emphasis on those 4% of actions that give an advantage. What is the activity that benefits a company the most? Marketing. If your organization improves its marketing strategy, even by 10%, this can lead to exponentially improved final results. You could say that marketing accounts for 20% of the activity that creates 80% of the results. But let's better define what marketing is:
- Marketing is the strategy for making your brand known to the market segment you are focusing on and to encourage its audience to trust you, until they become customers. Promotion, advertising, offers or public relations are some of the tactics that can be used to achieve this. Strategy and tactics are complementary and cannot work without each other.