The 80/20 Principle, sometimes called the Pareto principle (after the economist who first observed it), states that 80% of results come from 20% of the actions taken.
This rule is found in everything from business to personal relationships to nature itself. Lately, it’s been popularized by lifestyle hackers like Tim Ferriss (@tferriss) and management gurus like Richard Koch (@RichardKoch8020), author of The 80/20 Principle.
You’re reading this post because of the second guy. Koch wrote a series of books applying the 80/20 principle to life and business. I just read The 80/20 Manager and believe the ideas in it can make the lives of agency account managers easier.
Here are four 80/20 management principles outlined by Koch, and how account managers can use them to drive their agencies forward.Read More
The old guard of agency leadership was hierarchical (and for many, it still is). Young professionals strove to climb the ladder from assistant account executive to account manager, group director and eventually senior vice president. Within the old guard, professionals looked to their managers for information and guidance. They worked within regimented systems and processes, and they didn’t question authority.
Yet, in more modern, startup-mentality cultures, great ideas and consensus come from a collective team—interns and CEOs alike. We’re each encouraged to think differently, build one another up, and continually improve existing processes.
As the workforce grows younger, businesses must evolve to capture the benefits millennials bring to the table. The millennial generation includes those born between 1980-2000. And by they year 2020, they’ll comprise 46% of the workforce.Read More
Growth is the easy part. Retaining it, and making it profitable, is the real challenge for agencies. As the demand for digital services increases, many agencies are offering new services and/or are unsure how to attract and retain a profitable client base. This is where these 15 tips come in handy; use them to maximize your agency’s profits.Read More