THE 80/20 RULE FOR ENTREPRENEURS
While I was starting out in business my mentor in sales and marketing called me and said. You must learn to be consistent in value delivery.
The amount you charge for your service does not matter it's the value you give that matters, AND YOUR VALUE MUST CONSTANTLY EXCEED THE PRICE YOU CHARGE.
He said 80% of what you will do to better the life of your clients will be free and only 20% will be paid for.
He for example does this
1. He has a free video show on sales and marketing that comes up three times a week on Wednesday, Thursday and Friday
2. He sends me a mail at least 3 times every day on his value proposition
3. He has sent me 2 of his Audio books with one 11 hours long and the second one 7 hours long
4. He gave me access to his sales and marketing platform of over 1500 videos on every aspect of sales and marketing.
When I paid for his mentorship a year ago it cost me 198,000 naira, I looked for the money then to pay, for his mentorship, all because he delivers value consistently on a daily basis, and I am reaping the rewards.
As an entrepreneur, you must apply the 80/20 rule to your business. That means your mindset must deliver value all the way to your clients.
The more value you deliver, the more the positioning of your school increases, the more you can attract high paying clients.
Value delivery should not be a onetime "THINGY" it should be consistent in your school.
Ways you can enhance value includes
1. Inclusion of extracurricular activities
2. Feedbacks to enhance value delivery
3. Consistent communication in for of Whatsapp, text, or calls
4. Feedbacks with parents in form of daily/weekly report / weekly assessment
5. Every day Holiday assessment for students to keep them occupied even when they are not in school
6. Excursions and expositions to great places
7. E- learning video support
8. Extra effort on improving students coming at little or no cost
9. Special intervention classes during Holidays
The list goes on and on…
Consistently step out of your school and look for value adds you can introduce to better perceive the value you deliver to your clients.
The summary is this, if you are paid 25,000 naira as fees you must deliver a value at the level of 150,000 naira, if you are paid 150,000 naira as school fee you must deliver a value of 400,000 naira.
Perception is key for consistent profits, it might be more demanding, but it is much more rewarding.
In all you do STAND OUT
Let me know your thoughts