OK, so before I start plugging the way we can help you utilise mobile to engage with the tail end of your distribution channel, how about a quick primer on some standard economic concepts?
(1) The Pareto principle
Remember Pareto from year 10 commerce? Of course you do! The Pareto principle is rooted in the ideas of Vilfredo Pareto, a trailblazing Italian economist noted for being one of the first people to analyse economic problems using mathematics. In the late 1800s, he observed that 80% of the land in Italy was owned by 20% of the population, then later, while gardening (standard), he observed that 20% of the peapods in his garden yielded 80% of the peas that could be harvested.
Ok… You got me. I didn’t remember Pareto’s first name from high school. I had to google it.
… And, I may have also thought he was growing pumpkins, his name was spelled Prateo and it was 20% of the seeds he planted that flourished.
Shows how much attention I was paying in year 10. But I digress…
(2) The ‘long tail’
‘The long tail, in business, is a phrase coined by Chris Anderson in 2004. Anderson argued that products in low demand or with low sales volume can collectively make up a market share that rivals or exceeds the relatively few current bestsellers and blockbusters but only if the store or distribution channel is large enough. (courtesy of investopedia)
You’re all primed!
Great… Now, when it comes to sales execution there is a lot of focus on the Pareto approach or similar concepts. That is the 20%. You simply don’t have the budget or man power to reach the WHOLE audience. But, while there is something to be said about focussing on that 20% of customers that will yield 80% of profits there is still HUGE value and potential to be found in the ‘long tail’. So how do you not miss out?
Go big or go home! Harness technology and aim for 100%
Organisations are always focussing a lot on driving efficiency and reducing costs these days so reaching everyone is tough. Ensuring you’re ‘sticky’, relevant and engaged with your customers throughout your field cycle is hugely important, but luckily the ability for your organisation to gain insight into and influence it’s share of wallet in the tail is greater than ever before. Technology has enabled us to have a much larger organisational footprint than any physical team could achieve in the past.
And with the likes of products like our woolloo for marketing suite we’re empowering our customers to reach a far greater number of stores, customers, partners and distributors than ever before.
By utilising mobile push to drive awareness to marketing, promotions and knowledge campaigns and working with our customers to develop unique incentive schemes and kpi plans to on-board the ‘80%’ we’re helping them in reaching more and more of that distribution channel.
Sometimes we like to call it the ‘digital rep’ around the office. Whatever you call it, there is no doubt we’re enabling our customers to leverage initiatives from self-serve activations, training and compliance through to brand awareness, product announcements and promotions with our mobile content platform.
Try it for yourself. Reach out and let us help you tailor a program that helps your business get more reach in a call cycle. Sign up for a 14-day trial today and see the benefits of engaging the long tail for yourself.
Authored by: Pat on Google+