|

How Freelancers Can Use the Pareto Principle

Learning how freelancers can use the Pareto Principle to level up their marketing game offers great business-building wisdom.

How Freelancers Can Use the Pareto Principle

The Pareto Principle, also known as the 80/20 rule, is a ratio used to describe certain economic and business situations, such as 20 percent of the people have 80 percent of the wealth, or 80 percent of your revenue comes from 20 percent of your customers. If you knew which 20 percent of your customers to focus on, you could forget the rest, do well, and have fewer demands on your resources.

The Business of Storytelling by Jennifer Lawler book cover

What the 80/20 Rule Means for Marketing

If you’re trying to make a living as a freelance editor—or even just make some side income—then you know that you’re supposed to do a ton of things to market yourself. You’re supposed to have a website and a blog, but not just any old website and blog, a GREAT website and a blog with 5.3 million unique views each month (and each day would be better!). And you also need to be on Linked In, Facebook, Twitter, Instagram, Pinterest, and five other social media sites of your choice. You need to be able to write sales copy and sales pitches and know exactly who to send them to and when. And that’s before you even start your first edit.

Trying to do it all can quickly lead to burnout, the feeling that you’re doing nothing well, or the abandonment of the attempt. You end up wondering why freelancing is not working out like you hoped it would.

Instead, focus your efforts on those areas that bring the greatest rewards. If you enjoy Pinterest, follow lots of boards, and have lots of followers, and these followers turn into clients from time to time, your effort will be rewarded. So, there is no need to overextend yourself by also trying to be on Twitter and Facebook.

If you have a website that clearly says what you do and how people can get in touch with you, then do you really need to spend five thousand bucks and a hundred hours making it a little splashier? If you’re not interested in blogging on a daily or at least a regular basis, then try putting that idea aside and focusing your attention on other matters.

Do a few things well, see what happens, adjust your strategy as needed, and don’t beat yourself up for not having a clone. Look for what brings results and do more of that and less of everything else.


Tips for Editors & Writers

  • Your Year-End Review

    This time of year, things slow down at Club Ed and I have time to reflect on the past year. I always learn a new lesson or two. This year, the lesson was “simplify.” It may not look like it when you see all of the classes available on Club Ed, but we’ve streamlined a…

    Read more…

  • Simplifying Your Editorial Business

    In June, a plugin conflict caused the Club Ed website to crash. This was after a server problem took it offline for a weekend and we had to switch hosts. I thought I was going to lose my mind. Having Club Ed offline not only costs money but greatly inconveniences students. The website developer said,…

    Read more…

  • Doubting Your Work vs Doubting Yourself

    Newer editors often struggle with imposter syndrome, which is the feeling that they’re not really good at their work and pretty soon everyone will see right through them and point their fingers and laugh. I’ve struggled with this (imposter syndrome, not pointing fingers and laughing) off-and-on throughout my career, as do most people who want…

    Read more…

Join the Club!

how to become an editor

New to story editing? Begin at the beginning.

Similar Posts