80/20 Sales and Marketing: The Definitive Guide to Working Less and Making More by Perry Marshall

Author:Perry Marshall [Marshall, Perry]
Language: eng
Format: mobi
ISBN: 9781613082362
Publisher: Entrepreneur Press
Published: 2013-07-21T14:00:00+00:00

“Can I Get a Raise? A Thousand Bucks an Hour, Por Favor.”

You increase your income by focusing on all these activities and find some other way, or some lower-paid person, to do the low-value activities. You move resources from the left side of the curve to the right side.

When you do that, you are suddenly on a new curve ... but the curve is still the same shape. You’re on a $50-per-hour curve instead of a $20-per-hour curve And guess what?

• The least valuable minute in your day is worth 19 cents.

• The most valuable minute in your day is worth 39 dollars.

So you’re always climbing, climbing the Power Curve. In doing so, you naturally create opportunities for people below you, and they start climbing the curve, too.

The Power Curve permanently alters how you think about time.

About a year after I started my consulting firm, my friend Michael Cage mentioned that he was starting to make a lot of money doing teleseminars: Getting 10 or 100 or even 1,000 people on a conference call, and selling something.

I enlisted the help of my friend John Paul Mendocha and carefully scripted a presentation about replacing cold calling with guerilla marketing.

I invited my subscribers to listen in, I got 200 people on the line, and in one hour I sold $11,000 of products and consulting. Ten thousand bucks an hour. Wow. Dang. I sold as much money in that one hour as I usually sell all month. Once you have an experience like that, you’ll never forget it, and you’ll never want to go back to the old way.

That was about two weeks after I’d read Richard Koch’s 80/20 book. I realize that I’d inadvertently applied 80/20, and I needed to master the 80/20 principle. A hundred thousand dollars per year equals 2,000 hours at $50 per hour. Most people think of those hours as roughly equal, but nothing could be further from the truth.

The typical $100,000-per-year person spends the vast majority of their time doing trivial $10-per-hour tasks, a decent amount of time doing $100-per-hour jobs, and occasionally—and somewhat accidentally—executing highly productive, $1,000-per-hour tasks. You can verify this for yourself; all you have to do is watch people closely. Even highly paid executives waste large spans of time on low-value activities.

In the last chapter I showed how even a $20-per-hour, $40K-per-year person probably spends at least one minute each day earning $900 per hour; he or she just doesn’t know it. And once you’re aware of this, you see the huge disparity. It doesn’t take a genius to realize there’s even more $1-per-hour tasks, plus a very few $10,000-per-hour tasks.

For a secretary, $10,000-per-hour opportunities do exist, but they aren’t exactly plentiful. But you’re in sales and marketing. Maybe you even own the company.

If you strongly influence sales in your company, $10,000-per-hour opportunities are everywhere around you. Which means if you’re making less than $100,000-per-year, you won’t be for long if you follow the 80/20 principle.

Let’s rank your opportunities in dollars per hour (see Figure 15-2).

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