Recessions can bring out the best in people. I know many successful entrepreneurs that started their businesses during recessions, and they said it’s the best decision they ever made. Some have developed companies that generate hundreds of millions of dollars in revenue. Admittedly, though, a lot of those people say their companies are surviving, but not thriving. Many will chalk it up to the economy, or changes in the marketplace, or the cost of raw materials, or increased competition. Some of these factors may be true, but after consulting for several of them I realize that there are reasons why they haven’t achieved the level of success they wanted. Here are some of those reasons:
- Not knowing your limitations. We cannot know everything, nor can we do everything. Realize that you have a well-honed set of core skills, and focus your efforts to take advantage of them. Here’s an analogy that all you baseball fans will instantly understand: have you ever seen a National League pitcher try to swing a bat? It’s one of the more painful sights you’ll ever see, because it’s beyond the pitcher’s limitations. Let your batters do the batting for you while you focus on your pitching.
- Not understanding the difference between market sizing and market segmentation. In other words, don’t bite off more than you can chew. You can read all about this from my previous blog entry on the subject. Business is hard enough without trying to conquer the whole world all at once.
- Not seeking help from experts. Whether it’s a marketing company like Aximum Marketing, or a full-time employee, recognizing the need for a particular skill that your company doesn’t have is not a sign of weakness or ignorance. Not only can experts give great advice and a different point of view, but they can free you to do what you do best. Again, whether you buy a piece of equipment, or office space, or specialized experts, they will all maximize your return on investment.
- Not avoiding the temptation to act in haste. It’s easy to get ‘happy feet’ when you’re not achieving the results you want. However, it will be best to fully think it through before pulling the trigger. Having fellow experts (see #3 above) can act as sounding boards, enabling you to make better decisions.
- Not understanding that marketing is an investment, rather than a cost. “I can’t afford to spend money on marketing right now.” If I had a nickel for every time I heard this, I’d have a boatload of nickels. I’ve spoken to many clients who initially look at marketing as a cost, but after I help them focus on their goals and run some numbers with them, they soon realize that all quality marketing activities have an expected, measurable, positive ROI. If you could invest $100 on marketing activities, and receive $1,000 in revenue, how much would you be willing to invest? Every penny you can get your hands on? That’s the beauty of an investment.
Success is most assuredly not defined as the absence of failure. We all work hard, and we deserve to maximize the reward for the effort we put forth. If you avoid the five pitfalls listed above (and I’m sure there are many others you can think of), you’ll unleash your potential and take your business to new heights, whether it’s a startup, a small business, or a multinational corporation. Aximum has some great success stories that illustrate this point very well, and we’ll be happy to help you thrive, too.
May 26, 2009 at 1:42 am
“If you ain’t dialin’, I ain’t smilin’.”
“Fill the pipeline and sort it out later.”
“All leads are good leads.”
We’ve heard them all before. Most people (and seemingly all of my past bosses) equate number of leads with quality of leads. Go to a trade show, have a giveaway contest in the booth, collect 3,000 leads, and consider the show an unparalleled success. Unfortunately, once the smoke clears and the afterglow of the show has passed, you soon realize that those 3,000 leads were nothing more than “trick or treaters” looking for a freebie to take back home. After spending six months chasing down all 3,000 leads, you discover that only 35 of them are actual revenue-generating customers, and only half of them are ready to make a purchase decision. In the end, you’ve spent $100,000 on a trade show that netted 12 customers and generated $150,000 in sales. Take into consideration all the efforts to get the booth ready, manning the booth, and time that the salespeople were out of the field, and suddenly you find yourself in a conversation with your manager about cutting back the number of shows your company attends next year.
The problem, of course, is not the show. Rather, it’s the way you pre-define prospects, leads, and customers. For every marketing program — whether it’s a trade show, advertising campaign, webinar, etc.— you need to have a game plan before, during, and after the event. You need to take the time to fully understand the customers, the needs of those customers, the sales process (see my “Lily pad” marketing entry for more info on nurturing a prospect into a customer), the messages that will resonate with customers in a differentiating manner, and the most effective medium with which to communicate. Complicated? Absolutely, but not on the rocket science level. Effective? Without a doubt.
I’ve helped many companies and clients with their lead generation needs (here’s a success story from my website), so if you’re looking for someone to help you, give me a shout.
May 22, 2009 at 12:32 pm
Here’s a great case study of a recent Aximum Marketing client that needed to develop processes for the effective generation of qualified leads. In summary:
A medium-sized, privately owned organization had experienced high growth over the past couple of years, but had recently fallen on hard times. Their lack of understanding regarding systematic marketing/sales processes has increased the number of unqualified leads (and subsequent tail-chasing by the sales team) while drastically reducing the number of qualified leads and revenue opportunities. Consequently, many of its long-time sales champions had left the company, and the exodus continued as their financial results further deteriorated. In addition, the company’s website was in desperate need for a transformation from mid-90’s information source to 21st century lead generation machine.
They needed to
- Fill the pipeline with qualified leads
- Develop systematic, automated eMarketing programs to nurture leads for sales teams and motivate prospects to buy
- In the face of constantly encroaching competition, increase awareness for the company within their industry and measure results from those activities
- Create a better, stronger, more universal messaging strategy for marketing, sales, and all customer-facing teams
Read all the details, as well as my other success stories, and contact me if you’d like to increase qualified leads for your company.
May 21, 2009 at 6:44 am