It’s been a decade now of building businesses and learning marketing. What used to be tough concepts with no practicality now comes as second nature.
You can pick nearly any marketing or business topic and I could teach it with accuracy for an hour+ just off the top of my head.
Even with that knowledge already acquired, I find myself learning new things every single day in the industry. There’s always room for more and there’s always something new to add to the arsenal.
During this past 10 years, I’ve not only been building my own businesses but I’ve worked with hundreds of other businesses to help them achieve better results. This has come through consulting, agency clients, partnerships, friends, and simply helping followers.
There are 10 main mistakes I see a lot of businesses make that are struggling to grow. I thought I’d help enlighten you today to hopefully help you see the mistake you may be making so you can fix it…
1. You overcomplicate it. It only requires a simple formula to produce 7 figures. Offer + Traffic + Sales Funnel. 1 Offer, 1 Traffic Source, and 1 Sales Funnel is enough. Many newcomers start to get overwhelmed by adding new offers, new traffic sources, and new sales funnels before even fully testing the originals.
2. You don’t track enough or some not at all. If you don’t know your numbers, you have no clue about what’s going on. There is no way to improve with this lack of data. It doesn’t matter if you’re trying to lose weight or trying to make $10,000 this month. If you don’t know what you’ve done thus far and how it’s performed, you have no idea how it compares to the next attempt. You end up shooting in the dark every attempt and that gets very costly.
3. You don’t test enough. I see so many business owners make an assumption about a test with minimal numbers. You can’t tell which sales page performed better with only 50 views. It takes thousands to really get a clear picture. This premature analysis often leaves a business with the worse option and an unclear picture of reality.
4. You chase. You chase bubbles… you chase money… you chase opportunity. Make a damn plan and follow through. Find a problem and fix it. That’s what good businesses do. Tweak the plan as you go along and opportunity and money will fall in your lap.
5. You treat customers as a number. Know your numbers but realize you’re dealing with human beings. Treat them accordingly. A solid customer support can change the ballgame for your business. Chick-fil-a may be a run by a douche bag homosexual hater, but hot damn is their customer support the best in the fast food industry by far.
6. You aren’t segmenting your marketing messages. Not every audience member needs to see every marketing message you put out there. There are different levels of interest for your business when it comes to the broad audience. Cold audiences who have never heard of your business and need to be introduced to who you are and what you’re about… Mild audiences who have heard of your business and have shown interest in what you’re talking about… Warm audiences who have shown buyer interest in what you offer but need to be closed… and HOT audiences who have bought from you already and are the most likely to buy again. If you’re showing the cold audience the message meant for your HOT audience, you are wasting your ad funds.
7. You don’t know your audience or you aren’t talking to them. A lot of entrepreneurs are egocentric. Instead of thinking about how the ideal customer would perceive your message, they think about how they themselves would perceive it. So many times have I heard from a business owner how much they believe they have a winning product but their audience disagrees. Listen to your audience… they will tell you what they want… especially if you prove to them you’re there to help.
8. You try to do everything yourself. Again, that egocentric attitude many of us entrepreneurs have makes us believe we can do every aspect of our business better than others. You need to drop this thought process if you plan on being happy as an entrepreneur. If you’re doing all the work in the business, you’re not actually free… you’re just an overworked employee to yourself. #1 reason people start a business is the freedom. You gain freedom by creating systems and handing those tasks off to another.
9. You don’t remarket. Too many businesses I’ve worked with focus on making that initial sale and then quit. This is especially true with brick and mortars. They always worry about getting in foot traffic, where to advertise locally, and the great deals to get people to buy… but they rarely have systems in place to cash in on customers they’ve already acquired. When I first started consulting, this was the first step I took with my clients. If they didn’t have a backend email, phone, or snail mail system in place, we put one in immediately. This often produced giant sales in the first campaign and made me look like a hero. All I did was promote more offers to the people they’ve already spent most their ad budget on convincing in the first place.
10. You don’t take care of your money. Building a business is an awesome way to change your life drastically. But, if you don’t put your money to work, you’re going to be a slave to the paycheck for a long time to come. Don’t just take the money your business makes and start buying things. Take those first couple years and start learning how to reinvest. A large portion of your business revenue should be going back into the business. This is for growth and stability. Make yourself an employee to the business and set a salary for yourself that’s comfortable but won’t cripple the business. Take that amount each paycheck and don’t over extend. Take portions of your paycheck plus use portions of your business revenue to invest in other investments (in separate accounts). Putting money into stocks, real estate, and angle investing has created a really amazing amount of stability and growth in my life and the growth doesn’t require me to launch new products, do new business projects, and build more things to give myself a raise. It just takes being smart with my money.
There are lots of other mistakes out there that businesses make, but these are some of the most common that I see from entrepreneurs. When I take on new clients in consulting or our agency, these are the things I look for first. If one is missing or lacking, we start filling that gap first. It helps growth and makes all our future efforts 10 times more effective.