How to apply the 80/20 rule to your Steemit Life

in #howto4 years ago

Did you know that you can apply one of the most powerful business principle to your Steemit life, and literally watch your profits and reach grow?

It's a principle that I've applied in most areas of my business and personal life, and of course, over my 4 month old Steemit career.

But first, a little back story.

Like way back.

Like 120 years ago.

Vilfredo Pareto and his Observation of Nature

Pareto first wrote about an interesting observation he made, way back in 1985. He was the first to coin the term 80/20 rule, but as time goes by, some would also know it as the Pareto Principle.

Pareto, an Italian economist, first observe a few interesting phenomenons.

  • 20% of the land owners own 80% of the land.
  • 20% of his pea pots in his garden contains 80% of the peas.
  • 80% of the income in Italy is received by only 20% of the population.

Since the publish of his paper, many have taken his 80/20 rule and tested it across different industries, businesses and areas of life. Though the number sometimes vary between 90/10 and 70/30, generally, the rule has held on it's own over the decades.

For example:

  • In a project, 20% of the people will do 80% of the work.
  • In sales, 20% of the clients will generate 80% of the revenue.
  • In a potluck, 20% of your party guests will bring 80% of the food.
  • And in the same potluck, another 20% of your guests will eat 80% of the food!

Here's a short video that basically summarise what I just wrote in 90 seconds (should have started with that, huh?). Hey, that's 80/20 too!

https://youtu.be/zPoA6dzKmtg

Me and my 80/20 experiments

So when I first heard about this time/priority management law, I decided to take it to the test.

Sure enough, here are some of my conclusions:

Case Study 1:


For my main businesses (Plaseed.com and BDlabs.co), and also my previous community projects like KICKSTART.MY and Fuckupnights KL, email marketing brought in over 80% of my sales (the number was closer to 93% actually), and yet, I spend lesser than 20% of my time on it. On the same note, I spend 80% of my marketing budget on running Facebook ads, and that accounted to less than 30% of the sales.

Case Study 2:

Before I became a single dad, I worked really long hours, around the vicinity of 15 hours a day. When the divorce happened, I knew I had to be the sole provider for my kid, and also be the main care taker. The 15-hour work days just couldn't work.

So I looked at that 15 hours and started realising that 80% of the work could be outsourced, delegated or eliminated. I then only focus on 20% of the tasks that bring in money fast, usually within 30 days. At one point until last year, I managed to cut my "work" time to under 90 minutes a day.

Side note: I then realised cutting down time for the sake of cutting down time is useless, because after my 90 minute day, I went on to spend my time on foolish endeavours, which caused me to go into debt. I realised too that I'm workaholic by nature, so for this year, aside from building communities around Steemit, I took on a few more projects to fill my days after the 90 minutes.

Case Study 3:

In terms of Steemit, I also discovered that there are times of the day where I can put in minimal effort to complete a post. But on other times, I just found that I was too easily distracted by other things. Using the 80/20 rule again, I carve out slots in my daily calendar for different, broken down tasks such as:

  • Researching for my content
  • The actual writing of the content
  • Commenting, connections and community building
  • Bid botting (used to, but stopped since 2 weeks ago)

So after these 3 separate case studies, here are some strategies to help you get started on applying the 80/20 in our Steemit career.

Time to 80/20 your Steemit Career

I discovered that one of the best ways to apply 80/20 in your Steemit life, is by a series of questions.

Here goes:

  1. What time of the day do you find yourself most creative?

  2. What areas of interests can you write most easily on? Almost like effortlessly?

  3. What topics that you can research on quickly, because of the existing knowledge you already have? And on that note, which platforms are the easiest to research on?

  4. Comparing reading an article/book, listening to a podcast, and watching a video, in the shortest time, which activity can give you the best overview of any topic?

  5. What are the tags that you spend the most time commenting on?

  6. What types of contents you find yourself most at ease with? Stories, non-fiction, factual, poetry, art, video, audio recordings?

  7. Which day of the week do you do most of your researching writing on?

  8. Which part of post formatting takes most of your time?

  9. If photo sourcing is one of the factors, ask yourself how long do you spend on finding the right photos, and if subscribing to a stock photo site will help. (I do, and it cuts down so much of my time picking and editng photos)

  10. If you have a library of books, what type of books you have most of? Which section of the book store you spend most of you time browsing?

  11. What tags generate the most upvotes, comments and payout for you? You can use Steem.supply to check this.

    Go to Steem.supply/@steemitID > Content Insights > Top 20 Performing Tags

  12. While you're at Steem.supply, take the opportunity to check on other Steemians in the same content category as you too.

As you answer the question, you'll start noticing a pattern forming as well, and some conclusive data would probably be on:

  • Best time to research for your posts
  • Best channel to research your contents
  • Best time to write your posts
  • Best sources to get your images
  • Best tags in terms of engagement and profitability
  • Best topics/tags/categories
  • Best place to focus and write your contents
  • Best music (classical, nature sounds, white noise etc)

What's Next? Consolidate, Strategies and Test

  1. From your answers, start by removing "unproductive" activities and factors.
  2. If you need help, rank them from best to worst in terms of supporting you in your Steemit career. Then just remove the bottom 80%.
  3. Now that you have the top 20% left, set a time limit to test your new strategy on your focus. 21 days is recommended for a simple final check, to see if things are heading in a positive way. In between the 21 days, have 3 to 7 milestone checks on your progress. Just gather the data, but don't act on it yet. Acting too early may cause results that are premature.
  4. If you wanna go the extra mile, from the 20%, see if you can find another 20% from it. It doesn't apply all the time, but it's good to know which gives you more results, so that if ever you find yourself rushing for time, you'll know which of the top 20% can you work on first.

So there you have it. Do share some of your results in the comments below, especially the one on best writing time. I'm also experimenting writing across different times, so would love to use yours as a test.


Wait, why's Mav posting on Steemit nowadays?

Well, unlike other blogging and social media platform, Steemit is the only platform that allows me to earn cryptocurrency when I engage with it. Yup, one Steem is about USD7, and you, too, can earn Steem Dollars every time you:

  • Create content (articles, blog posts, podcasts, videos, photos)
  • Upvote (like) other people contents
  • Comment on other people's posts
  • Have discussions, share opinions etc!

Yup, basically it's the very same thing you're doing on Facebook, Twitter, Instagram etc all along!

The only difference? For once you can earn a nice income on the side!

Sign up for a free Steemit account, and you can thank me by coming back and upvoting this article. And guess what, you will earn Steem too for doing that! #awesome

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Your post is well written.
The ideas you are promoting are genuine.
This is the right flow to approach steem in order to find success.
Asking questions enables us to gather info and stay on the right track.
Thanks for this great info.
Keep on steemin'

Thanks, brother @pouchon. You're right on the questions, because it's only by really answering them do we uncover the trails that can lead us to success.

This is a very good tip which can be applied to all area of our life to help us to be more productive.

I will take this advice into consideration. The 80/20 rule can be applied to curating as well. Since we don't want our voting power dropping under 80%, It is a good Idea to look at the highest paying curation rewards, and focus on those while looking for new accounts to curate.

Very true. Although it's hard to have voting power above 80% for me. I'm striving to aim to above 60% for now.

Don't forget the 80 / 20 rule also applies to dating:

https://therationalmale.com/tag/8020-rule/

That's why you are Master Jedi Mav @maverickfoo ...

Love the Case Studies mate. For learning sake, I've spent a couple of thousand on FB and not gotten the results I expected.

I've done a little bit on research on the tags (Steem.supply) as you mentioned and will be focusing on those tags that I can write authentically, efficiently and have the most credibility. :)

#kipidap

Wow, you got to Rep Level 41 in a short time! Bravo! Somebody up there likes you. :)

Thanks @maverickfoo. This is the most valuable content I've consumed today, and I truly appreciate it. Lately I have been investing more attention in Steemit to support myself financially, however it is also taking a toll on my other commitments like my business, studies and private life too. Had a glance of the questions, and they seem promising. Going to re-schedule my Steemit work with your 80/20 strategy and let's see how it goes!!

Cool! Let me know how it's working out for you. I like to explore other people's schedules and rituals too, and see which is better for me. Experimentation is the key!

Thanks for being so generous with your tips @maverickfoo ... I always get gems from you.... for me, I am leaning towards videos, mostly lifestyle centred around the kids... only thing is videos need time... first the "what", then the "when" and then the "how". And because the kids have routine, I need to work around that as well. And so I came up with my own timetable of vlogs and blogs. I have yet to kick it off, but I will now use the 80/20 rule based on your tips and make it work 😊

Ah yeah, though videos are highly engaging, the production time can be really long. I guess for it to work, gotta have a mix of normal posts, BTS (Behind-The-Scene) photos and the videos.

Unless you have a full time crew, of course. :)

There's a plan in my head... i keep reading you need to write down your goals, so I will transfer those thoughts on to paper and then get to executing it 😅

Thanks for this Mav. Great sharing!

Hey man, haven't seen you in a bit. :)

Thanks for the tips Maverick. I'm still figuring myself through this Steemit thing lol. I write best in the mornings but I've been writing for a long time so I know. However instead of the food food food stuff that I normally write about, I'm thinking that I'll try a new style with Steemit :D

I think it's a good idea to experiment with different contents - types, length, genre etc. Steemit has quite a mix of users, so I think you'll have fun testing things out and getting feedback. :)

Thank you for sharing! I didn't consciously aware of the specific time or day of the week that I'm productive but I do aware that sometimes I feel more productive and energetic and lots of work can be done faster. Maybe after reading post I'm gonna start practicing and take note down whenever I have the same feeling on productive and energetic.
Not sure is this help, I usually plan what to do or what need to be done on the next day before I sleep and it makes me have the motivation to complete all tasks that I planned the night before.

Yes, planning and blocking out your calendar will definitely help. I usually plan one week at a time, and on monthly basis, do an overall review.

How do you manage to plan one week task at a time? what if you unable to complete those tasks due to unforeseen events happen in that week? Will you feel demotivated because you didnt complete all planned tasks? Are you type of person when you complete a task you strike it / check "done" and you feel satisfaction?

Still testing here...:P

Life is full of tests and experiments, no?

great tip @maverickfoo, I really need to get the 80/20 rule right. Will you be sharing this in the upcoming event in KK Masterclass Blogging?

Haha, can. It's out of the content agenda, but we can definitely talk about it. Hope to see you guys soon.

Ok definately will see you.

Yeah.. this would helps many - probably i can fine tune my personal time as well through some ques. And nice case study for comparison. Been so bz last few days and I just get to sit down sit down and work on a post today - hopefully will get it up soon again. An appt to run! cacth ya later

We still supposed to meet for coffee, kan? :)

yeahhh.. i tot i am bz but i think ur schedule a lil more crazy than mine LOL.. lemme buzz u offline. saving bandwidth :P

Thanks for this - the 80/20 principle is a really powerful concept and its interesting to see it set out for Steemit :)

There's a good book by Perry Marshall called 80/20 Marketing that builds on the seminal book by Richard Koch called....drumroll... The 80/20 Principle that is a good read - this dives into the fractal nature of the 80/20 rule i.e. finding the 80/20s within 80/20s if you catch my drift?

Haha, 80/20 within the 80/20, that's ultimate refinement!

Yeah, I heard about the book. Interesting how they can so effectively apply the 80/20 rule to marketing.

Apart from the fact that this post is super useful, the timing of the post is near perfection bro. You know why? because tomorrow is holiday and I will have time to research the guidelines outlined in your post. For me figuring out my 80/20 strategy will be a time consuming too....haha

Haha, land of holidays mah.

Oh yeah, since you're researching, check out this (comprehensive) guide I just wrote last night.

Should be able to help you generate a shit ton of content ideas. :)

I will print this post and put it on my door, really usefull, not just here on steemit

Haha, that's gonna remind to check your priorities every time you wanna leave the house!

Good read but I haven't finished it. Will resteem and will get back to this. Got to go to bed. Thanks for sharing.

That’s a useful research you have done. Useful! About my writing time, well, it is different but basically evening hours

Evenings are good too. Quiet, calm, and the few hours before sleep is usually when the heart is most at ease.

Thanks for this beautiful piece.
You have no idea of how its gonna help me in my upcoming posts.

I'm grateful once again.

Thanks! Have a nice weekend!

Thanks for the heads up on steem supply. I was just looking at my account and found some really interesting things. I now know who are my most active supporters and which tags are most profitable for me.

Thanks again.

As a marketer, I always believe that information will help us make better decisions, and the amount of info that Steem tools offer is just over the top! Some would say it's better than Facebook!

Glad to know that the info is useful for you, @isoliz.

Thanks brother Maverick. I find this write very useful. Thanks again!!

Dang, sorry I missed your comment, @killuminatic. Thanks for the pat on the back!

Small matter. I know you have a lot of reply on every post!

I think it is more like 10-90.
10% have 90% of whatever the resource is.

Haha, skewed much, eh? But I think Pareto is more on the concept of prioritisation than the accuracy of the 80/20. Some areas could be 5-95!

But I think the general problem arise when it's like 40-60, which means much optimization is required, or the measurements/variables are incorrect.

Yes, there are exceptions to every rule.

Beautifully written piece.
This work is based on facts only.
I never knew Pareto principle could also be applied on steemit.
If I had more voting power, I'd have given a more substantial upvote.
Between though, you did a really nice job.

P. S: My most creative hours are between 3-5 am after I've slept with an idea in mind.

@arcjen02 @chidave @davyd @prechi
Come check this out

Thanks for the kind words and support! May you have a great weekend!

good post @maverickfoo is very important and I know it will be very helpful also because it can be applied to any area of ​​our lives, so keep brother. You have my vote and I hope you have many more. Greetings. When I can, go through my blog.

Thanks for shearing :)

Thanks for the insight

Thanks for sharing this post, very useful and informative!

a promo and a good post and an inspiration for me, my friend got a new post, in upvot and resteem.

Following your post really enlighten the steemit path. Can't wait to test and apply the 80/20 rules and check the result.

a very good tip. hope you'll share more. ill follow now

Your post is very useful for us, hopefully we become the motivation of your post .. Thank's..

hello @maverickfoo how are you steem friends

Wonderful post!

Great tips and will work on researching my 80/20 rules...hv been working for more than 12 hours per day...

Well, you eat good you feel great... 😊 healthy life means healthy brain, so..good content and useful information.

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Beautifully written piece.
This work is based on facts only.
I never knew Pareto principle could also be applied on steemit.
If I had more voting power, I'd have given a more substantial upvote.
Between though, you did a really nice job.

P. S: My most creative hours are between 3-5 am after I've slept with an idea in mind.

@arcjen02 @chidave @davyd @prechi
Come check this out

This post was resteemed by @steemvote and received a 39.73% Upvote

Pareto Principle works here on Steemit, just like you explained. I am new here but have immediately noticed that 80/20 rule makes sence here as well. So I will also try to consolidate activities.

Welcome to Steemit! Yes, because it's a principle, it can be used on different scenarios. Just need some tweaks and adjustments sometimes.

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