A few weeks ago I was on a podcast and we discussed Price’s Law. It was a concept I hadn’t heard before but it reminded me a lot of the 80/20 rule.
The idea was that no matter the number of people or “how competitive a market is,” there are a few people that result in the total amount of results.
Or in other words…50% of the work is done by the square root of the total number of people who participate in the work.
This wasn’t the focus of the podcast but the host Adam Carswell mentioned it because I was talking about how competitive the digital marketing industry is.
I said it during the interview, it reminded me of the Pareto Principle. The author of the sourced post said, “Only a handful of people are responsible for the majority of the value creation. It’s very similar to the Pareto principle (the difference is that Price looked at the relationship between people and the work they produced).”
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