Have you ever noticed that in a sales team, a small percentage of the group will account for more than half of the revenue? Do you know about Price’s Law?
Price’s Law says that 50% of work at a company is done by a small number of people. Specifically, it means that 50% of work is done by the square root of the number of employees. …
If a company has ten employees, three of them will do 50% of the work, and the other seven will do the rest.
In sales, this is almost always the case.
Derek Price
The British physicist Derek Price noticed that there were always a small number of his colleagues who dominated the publications within a specific subject area. He observed these phenomena in other areas of life and work too.
The keen observation from Price is helpful wisdom for a career. When you are most productive, you are creating value. Value creation isn’t linear; it is asymmetrical. How can you put yourself in a position to provide the most value?
Are you useful and part of the minority giving value? Or the majority who is probably in the wrong job? Not everyone is good at sales or persuasion, and many people don’t enjoy it.
Price’s Law is Right
- My advice finds a place where you can find value. Don’t waste your life and career in work that isn’t right for you. Cliches like life is short are around because they are true.
- Build your career based on your strengths, not your weaknesses. Do more of what you do well.
- We flourish as humans when we are doing the work we are good at and enjoy. I may have been smart enough to learn math, but I never enjoyed it.
This video is helpful and demonstrates the valuable lesson that if you are in the minority and not contributing value – find a place where you can soar.
If you can’t see the video, view it here.
Need help with your sales and marketing management?
I can help. You can set up a time chat with me about your marketing challenges using my calendar. Our initial conversation is free. You talk, I listen. Email me jeffslater@themarketingsage.com or call me. 919 720 0995. Visit my website at www.themarketingsage.com Let’s explore working together today.
Photo by Artem Beliaikin on Unsplash
Video courtesy of Darius Foroux
