Vilfredo Pareto (1848-1923) was an Italian economist who noticed, in 1906, that 80% of Italy’s wealth was held by 20% of the population. Over the years, more and more people noticed that more and more phenomena seemed to follow this pattern.
80% of your sales rely on 20% of your customers. 20% of the workers in a company will produce 80% of the results. 20% of your marketing efforts bring in 80% of your conversions.
It’s not precise, but it’s a common enough pattern that over the years this ratio has come to be known as The Pareto Principle, or The 80/20 Rule.
In Retail Link, you’ll probably find that 80% of the information you need is in 20% of the data.
8th & Walton facilitator takes it further, saying that 95% of her time in Retail Link is spent in 5% of the possible places where she could spend that time.
The trick is, each company will have its own most important sections. Depending on your goals, the questions you need answered, and the changes taking place in your sales, you’ll need to look in different places when you work with Retail Link.
In fact, as your goals, questions, and trends change, you’ll need to look in different places not only from other suppliers, but also from your own company at different times.
This week, determine the most important reports for your needs at the moment and resolve to focus more on those data points this month.
Not sure? Take a Retail Link course with 8th & Walton — we have expert training for all levels of expertise.