The Long Tail refers to the statistical phenomenon that represents the ‘trivial many’ of the Pareto Principle or ’80:20 Rule’ (see the “95:5 Rule“). Businesses operating in the physical world need to concentrate resources on the ‘important few’, ie the top 20% or even the top 5% that provide the bulk of sales or profits …
Tag: trivial many
‘Lateral-Thinking’ Leadership
The most effective leaders learn from other industries and sectors. “Most [executives] think they are in touch with the outside world if they play golf with the vice-president of another company in the same industry.” – Professor Peter Drucker. Management Guru. (Financial Times. London. 16 November 2004.) Research commissioned by the UK Government’s Department of …
Identify the Important Few from the Trivial Many. The ’95:5 Rule’
Creative Times. January 2007 The Pareto Principle, also known as the “80:20 Rule”, states that 80% of results flow from 20% of causes. In practice it’s more like the “95:5” rule. For example, 95% of business may come from just 5% of customers. Read more about the 95:5 Rule
The 95:5 Rule (the Pareto Principle +)
The Pareto Principle, also known as the “80:20 Rule”, states that 80% of results flow from 20% of causes. So, for example, 80% of sales can come from just 20% of customers; 80% of road accidents occur in just 20% of accident locations; and maybe 80% of headaches are caused by just 20% of your …
Marketing Warfare
Marketing Warfare – Focusing on Competitors as well as Customers Whilst conventional marketing theory states that businesses should be customer-focused, the concept of Marketing Warfare argues that businesses should be competitor-focused. Since the marketplace is dynamic, the actions and reactions of competitors must be taken into account, as well as the needs of customers, when …
Book List – some recommended reading
Here are some books I recommend for further reading Firstly, my own book (of course!) T-Shirts and Suits: A Guide to the Business of CreativityDavid ParrishISBN: 9780953825448T-shirts and Suits: A Guide to the Business of Creativity Books about the Creative Industries The Creative Economy. How People Make Money from IdeasJohn HowkinsISBN: 9780140287943The Creative Economy: How …