What is the Pareto principle? How does it underline the importance of focusing on quality rather than quantity?

The Pareto principle (also known as “Pareto’s Law” or the “20/80 Law”) was brought to light by the Italian economist Vilfredo Pareto, who defended the idea that 80% of results come from 20% of effort. This observation can be observed in many fields, and particularly in the professional world.

If this principle is to be believed, it suggests that 20% of your contacts are responsible for 80% of the opportunities you generate. Here’s a closer look at the Pareto principle and its vital importance in professional networking.

The Pareto principle and its impact

Based on the 20/80 theory, we can deduce that a small percentage of effort is capable of producing significant results. Indeed, what fundamentally matters in our success is quality rather than quantity. If only 20% of our efforts generate 80% of results, we can estimate, in the field of networking, that 20% of our contacts would be able to generate 80% of our opportunities. How can we successfully apply Pareto’s law to professional networking? By concentrating your efforts on the quality of your relationships!

Rather than multiplying unsuccessful attempts to create contacts, analyze the relevance of established relationships and try to develop them further.

Here are a few tips to help you build quality relationships that will generate real opportunities.

Turn to prospects likely to respond to your request

Before jumping headlong into writing endless follow-up e-mails that go unanswered, think about your target audience!

Bear in mind that only 20% of your contacts will bring you 80% of the results you want to achieve (visibility, opportunities, relationships, etc.).

The contacts who will bring you the success you’re looking for must have a deep interest in what you’re proposing. With this in mind, you’ll see that it’s vital to know who you’re talking to. As well as guaranteeing a better chance of attracting attention, you’ll also waste less time trying to solicit the wrong people!

With this in mind, find out more about the people you want to contact, and try to answer questions such as: “How can I add value to this company?” “Why might this company need my services/products?”, “What type of customer is my main target?”, etc.

Build an impeccable reputation

Have you succeeded in contacting your first customers? Now it’s time to make a good impression! If we keep in mind the Pareto principle and the effect that 20% of your efforts will generate 80% of the results, you can be sure that your first positive Google reviews or your first satisfied customers will be a real springboard for the future!

Your customers’ recommendations will have a significant impact on the development of your business and your network. A good reputation is your guarantee of gaining credibility and attracting new prospects!

Maintaining the link with your prospects

Once you’ve succeeded in convincing certain prospects, it’s vital to maintain that link. You can, for example, offer partnerships or collaborations with a discounted price to encourage your customers to call on your services again and again. After all, it’s important that your customers find a reason to trust you and not someone else! Make the difference by focusing on quality customer service, attractive rates, promotional offers, or taking the initiative, for example.

And don’t overlook the importance of word-of-mouth. By taking the time and energy to nurture these relationships, you can ensure that they will eventually lead to new opportunities.

Staying true to your values

To guarantee solid relationships, your customers need to trust you! Show integrity and be yourself! By living up to your values, you give your customers the assurance that they can rely on you. Always be transparent and authentic with your customers and prospects, and don’t make promises you can’t keep.

A customer will prefer you to turn down a project you’re not sure you can deliver, rather than hand back a botched job due to lack of resources.

Quality before quantity!

The Pareto principle is based on the idea that quality takes precedence over quantity. Indeed, it makes more sense to put effort into maintaining solid, quality links, than to multiply unsuccessful requests. So, by concentrating your efforts on the 20% of contacts likely to respond to your request, you’ll multiply the chances of developing real opportunities.

Pareto’s Law is therefore an effective tool to take into consideration when networking!