M&M #009: The 95-5 Rule & Control Issues
Listen to the audio version here. It’s actually me talking to ya.
🔑 Marketing ➔ The 95-5 Rule
What are you focused on more?
Today’s success or Tomorrow’s?
Which is better? Hard to say but here’s something to consider…
There’s a rule in marketing that ensures we keep focus on the most profitable goal-post.
It’s called, The 95-5 Rule.
The 95-5 Rule basically states that out of all potential customers out there only 5% of that buyer pool may be ready to buy today - the other 95%... not so much.
For example: You’re not going to buy a Rolex watch because of a facebook ad. You’re going to buy a Rolex because you’ve continued to see iconic figures wearing them in the public eye of the media, you walk past their shiny displays repeatedly in the mall, you stumble across a youtube video about how this vanity purchase is actually a decent investment vehicle.
It takes time and many exposures to the brand before you finally buy the Rolex.
Rolex knows that 95% of their target audience isn’t ready to buy today.
No matter the pricepoint of what you’re marketing, the same principle still applies to some degree. Heck, these days people are even reluctant to give you their email address in exchange for something unless what you’re offering is compelling enough.
A practical tip:
👉 Allocate a portion of your marketing budget to aim at future buyers.
We live in a “I want it now!” world thanks to the technology and free 2-day shipping.
If you want to make more sales, consider the peeps that aren’t ready to buy today and help bring them further down the funnel.
Your industry may have a different percentage split but nonetheless…
Having patience and developing a long-term strategy are wise to have.
Today’s cash flow is important, but you better be investing toward tomorrow’s cash flow too.
😵💫 Mindset ➔ Control Issues
Uncertainty.
It’s all around us.
Every event, every moment, every action.
Guides you toward either prosperity or peril.
In which, all of these matters can be sorted into one of two buckets:
That which we can control, or…
That which we cannot control.
Thousands of years ago, the hope was simply to survive into or beyond our 30s.
Today, the hope is to become a millionaire or gain 1000s of followers on TikTok.
Back then, you couldn’t control whether a pack of wolves were going to invade your camp. Just like today, we cannot control the lottery or the social media algorithms.
But what you could do was not camp where the predators usually hunt.
Or instead of playing the lottery, you can actively provide value to people in exchange for money or a follow.
So what’s this whole talk about luck?
As if you need luck to aid your levels of prosperity and avoidance of peril…
I made a promise to myself several years ago that I would cut out any internal dialogues regarding luck and reframe those thoughts into, “What can I do to increase my chances of a good outcome in this situation?”
And plenty often the answer is… “Nothing”.
👉 I cannot control this other person’s choice.
👉 I cannot control the rainstorm overhead.
👉 I cannot control my favorite NFL receiver fumbling the ball.
And in this, most importantly…
“I will reposition all that unproductive attention and instead focus inward for the opportunity in how I could grow in that moment.”.
👉 I can control how I react to this angry person.
👉 I can keep myself dry by having an umbrella in my car.
👉 I can laugh at how silly it must feel to fumble the ball on national television.
Surrender the pontification of thoughts on which one cannot control.
Instead pay all energy and discipline toward that which is yours to control.
Luck may exist. Perhaps…
But your chances to get lucky increase the moment you consciously decide to manipulate your future outcome via the vehicle of choice, and the maturity to spot what is yours to steer and what isn’t.
Until next time ✌️
Evan
