The Pareto Principle

Mathematics and sciences were far from my favourite subjects at school (I was more of an arts and languages girl), however, the work of Italian economist Vilfredo Pareto struck a chord.  Complex logarithms and equations aren’t my thing but the sheer simplicity of the Pareto Principle was something that I could relate to. 

As one of the power laws, the Pareto Principal (also know as the 80/20 rule) states that for many events approximately 80% of the effects come from 20% of the causes.  For instance, Pareto’s work looked at economics and wealth distribution and the 80/20 rule still holds true today with the richest 20% of the world's population controlling just over 80% of the world's income. 

It is a great rule of thumb that you can apply to all areas of your life, particularly business. 

Here are some principles commonly used:

  • 80% of your profits come from 20% of your customers
  • 80% of your complaints come from 20% of your customers
  • 80% of your profits come from 20% of the time you spend
  • 80% of your sales come from 20% of your products
  • 80% of your sales are made by 20% of your sales staff

Less is often more. Striving for 100% in all areas of your life including your business, all of the time is exhausting and can often be counter-productive. So why not take the time to apply the Pareto Principle to your life and focus on the few things that are really important to you and offer the greater reward?

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iPad for your business part 2

With the launch of the new iPad 3 we thought our iPad for your business article back in 2010 could do with a timely followup, after all, technology has certainly changed since 2010.

According to latest data, people in Europe prefer to browse the internet and use social communication tools like email and facebook on their iPad. Despite not having support for Java, Flash, USB or HDMI, demand for devices like the iPad have soared due to key applications (or apps as they are affectionately referred to now) providing access to common activities and services, previously only available to Windows and Mac computers and laptops.

Access to important Mac and Windows documents and rich media was a much welcomed introduction to portable devices, throwing in some hugely addictive games (everybody knows Angry Birds right?) and social media apps gave rise to a bounty of useful applications created and optimized for portable devices.

How can your business benefit from an iPad now?

Well, Bluetooth and Wi-Fi support improved and off that came affordable cloud storage to provide easier document sharing. Sharing documents has become super easy with Dropbox and iCloud, allowing business users to synchronize calendars and invoices, or manage accounts and projects. Copying files around on USB drives or blank CDRs is a thing of the past, just let cloud storage automatically backup and sync your files over your Wi-Fi connection. Easy.

Imagine also, how service and product options could be more personally filtered to a potential client's needs. In targeting a client's needs so effortlessly, the first and biggest step to maximising a sale is achieved by the client themselves. The added sense of control passed to the client will also be perceived as a positive extension of customer service, which can be effortlessly followed up with client feedback and perhaps a quick video testimonial ... the positive feeling of self importance this will bring is a great way to making your client think your business is fantastic. After all, your business is fantastic right!?

How can you promote your business with an iPad?

If your business is public facing, there are likely to be iPad apps available to help speed up information processing. For example, forms could be filled out by patients and submitted digitally to save receptionists manual data entry, and sales pitches could be more compelling with interactive models and demonstrations. The very exchange of a device like an iPad in this way is a very strong and physical gesture of good communication and thus a great way to supplement a personable business relationship, especially whilst devices like the iPad are still fun and fresh.

Aside from the functional benefits of handing an iPad to your client, new avenues for branding and marketing will be available to your business that would otherwise be impossible. A good business is a business that knows what a client wants, so what better way to promote your business than to use more personable information when marketing a service or product. Also, try marketing your business using free points of contact where possible. With free apps almost twice as popular as paid-for apps, promoting your business to the largest target audience is a great starting point and the best place to start is with an iPad friendly website such as we have been promoting for some time now.

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The secret of their success - Irish Dentist Awards 2012

On Wednesday 25th January, my colleague Zoe and I attended the inaugural Irish Dentist Awards held at the Mansion House in Dublin. We were attending as a guest of publishing giants, FMC.

This ceremony was recognising the talents and excellence of dental practices across the whole of Ireland. With industry award's already being extremely well valued in the UK, it was interesting to see how this kind of event would go down with the Irish market.

The field was exceptionally competitive, but we were extremely proud to be able to support two long term clients who were up for a total of 8 awards between them.

After a fantastic meal and great company (thanks for making it a memorable evening Stuart and Emma Aherne) we got ready for the nail biting awards part. The hour flew by and at the end our client Seapoint Clinic had managed to win Best Website, while Bray Dental came away with Best Marketing.

There is no question that these awards are set be a regular event in Ireland for the coming years - thanks FMC!

How they did it

Although we can't take any credit for the Best Website (as we didn't have anything to do with this part), we were integral to Bray's Best Marketing, having produced the award entry itself as well as creating all the materials that formed their campaigns over the preview 12 months.

I think everyone appreciates that marketing is vital to the success of any business. But for marketing to work it needs to blend the 7P’s to perfection in order to maximise profit from new and existing patients.

Bray Dental have created highly effective marketing campaigns that target the right kinds of patients, through the right mediums with the right message.

For any practice to succeed in this economic climate, it requires an effective brand. Bray Dental’s visual identity stands out whenever displayed and forms a core part of all their dental marketing.

The simple, stylish stationery helps convey a professional approach in all communications. While the chic, quality, informative welcome packs reflect the level of dentistry on offer.

But it’s the practice website that really comes into its own. The site is attractive, uncluttered, extremely easy-to navigate and above-all informative. Its use of simple, easily accessible menus, large engaging images and patient-friendly copy help ensure a pleasant journey throughout. In support, the regular calls-to-action, encouraging visitors to interact, ensure effectiveness from every hit.

Bray Dental understands the importance of communicating with their existing patients and knows that effective marketing begins in the practice.

Patients are kept loyal with bi-annual newsletters, providing information on the services on offer, educating them about the importance of oral health and attending the practice regularly and helping increase treatment uptake.

Bray stays in touch with its existing patients through its Facebook page. This provides additional information and news on new services being offered, as well as tips on maintaining a happy, healthy smile.

Word of mouth referrals are also encouraged after every visit by the provision of an incentivised referral card.

They communicate regularly with their patients and potential patients, so that whenever they decide they need their services, its Bray Dental that springs immediately to mind.

Not wanting to rest on their laurels Bray Dental have created highly successful marketing campaigns throughout the year. Their regular, consistent and integrated approach sets them apart from the competition and has become the benchmark for all practices to aspire to. They really do demonstrate how dental marketing should be done.

 

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New blog from Clear Vision

We've been working with Clear Vision Accountancy Group over the last couple of years and its been great to be able to look at the complete business of our mutual clients.

To provide further information and advice, Clear Vision have just launched a brand new blog all about the business of dentistry. Their specialists will be providing guidance on everything from best practice and marketing to financial news and leadership - plus everything in between.

We'd recommend you check it out for yourself www.clearvisiondentalblog.co.uk

Happy reading.

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