The Power of the Law of Averages

I've just finished reading Questions are the Answers by Allan Pease and have to say, I am impressed.

I'm particularly interested in his take on the Law of Averages because as an accountant, I'm fairly certain that he's right.

He talks about his early sales career and how he worked out that one person in 56 answered yes to his sales pitch - therefore if he asked 168 times per day, he'd make 3 sales per day!

This makes sense to me but selling is not quite as simple as that... You need to have a good product/service and be able to back it up with good customer service - however, the theory of using the Law of Averages to work out how many folks you need to speak to is good.

In the business I'm in, network marketing, we need to speak to dozens of people in order to find the types of people who want to get involved.

I recently sent out 85 text messages inviting the recipients to meet me for a coffee. I got five positive responses.

Using Allan Pease's formula, my averages would look like this:

85 : 5 : 5: 1

For each 1 that joins me as a Premium Member, I receive £50.

Therefore, the formula means that for every 85 people I text, I will make £50.

Now, I happen to think that is a high amount of folks for me to text in order to get 5 to speak to, so I need to think of a better way to get engaged!

Which brings me to my next blog....

Posted by Liz Wright on 10 July 2019 | permalink | comment

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