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Posted on Wed, 01/25/2012 - 04:30 PM by
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As the New Year begins, a lot of us are hoping to do better in our business than last year. And if last year did not meet our expectations, we are looking to improve things. Here are a few thoughts that have emerged as I battle to grow my business:
Get a Higher Goal We all know how hard it was to start our company, get the product out and get those first 10-20 customers. Now, you are sitting at 65 customers and there is a little bit of money coming in. There is hope for more. You would be at a super comfortable income at 200 customers. Make sure you aim for a 1000 this year. If you don’t plan for a large enough target, you will find it a tough hike to 200 as well. Get in Deeper What can you do different for this higher goal? Let’s say you have certain marketing channels to promote your site/product. You are spending on online advertising, have a part-time sales person, are sitting on Twitter and have your web designer helping you with SEO. It’s time to become proficient at some of these things yourself. If you know that getting your site showing on Google will make a much more accelerated impact than making cold calls – learn some basics on SEO (search engine optimization). Take a course, ask people, see what your competition is doing. Sites like blekko give you detailed insights into what makes your competition rank higher on Google. Get Some Uncle Scrooge in You Are you still spending $500 per month on those banner ads? Have you calculated conversions on these particular ads to your site? Or is it just a black hole? Those customers you got last month could have come from word of mouth, not those ads. Make sure you measure every dollar that you spend on marketing. Early on, you might not have the cash to splurge on “brand building.” Spend the money if you know you are getting something out if it. I know, it’s hard at times, but you have to be a hawk – don’t give in to sharp sales pitches and good looking sites. Get a Physical When was the last time you checked in with your old customers? I know they are still paying you and hence happy, but make sure you know if something is hurting them, or if they are missing something that you could add easily. Also, keep an eye on Twitter, Quora and LinkedIn on what people might be saying about your product or the competition. You can also post questions on this forum to learn more about what you could do better. For the customers that left, send a gentle, personal email asking them what was missing. Get Some Rest Thinking of quitting? This might be because you are burnt out with all the effort and hours you are putting in the business. The only reason a business fails after getting to 100 paying customers is because the primary driver (you) did not continue long enough. Make sure you switch off for a few hours in the evening, go to the gym, take a trip or a vacation – you need a reset button. Come back and kill it! Setting daily goals will convert some of the above ideas into habits that will ensure you hit your targets for this year. Rest Photo via Shutterstock MORE NEWS FROM SMALL BUSINESS TRENDSWhat Job Are You Helping Your Customers Do?Marketing is often described in terms of a product life cycle. The development, the launch, continued support, and finally, discontinuation all have specific marketing efforts associated with them. From social contests to reduced prices and giveaways, the emphasis is nearly always on the product or service provided. However, this does not take into account the way that customers actually search for and find products. Small Business Loans and Small Loans to BusinessA few weeks ago, I wrote about the decline in “small loans to business” during the Great Recession and economic recovery that followed. Now I am back to tell you that data on “small business loans” paints an even worse picture of the small business credit markets. As U.S. Small Biz Week Arrives, Are You Stressed or Optimistic?With the arrival of National Small Business Week here in the U.S., a variety of events, beginning yesterday, have been scheduled in Washington D.C. and across the country to recognize the importance of small business to the U.S. economy and to address topics important to small business owners. Just in time, a semi-annual study of American small businesses shows those business owners to be stressed but optimistic. Check out the schedule of national events and hear what leaders and small business owners are saying about issues most important to small business today. Why You Should Read Engagement MarketingEngagement Marketing: How Small Business Wins in a Socially Connected World is the new book about how to get and keep customers by engaging with them. Pointers on Hiring a Marketing Firm for Your Small BusinessI’m not here to tell you which marketing firm to use. Rather, I’d like to offer you some pointers on what to look for when hiring a marketing firm. I believe the search starts with you. Ask yourself some foundational questions to get a handle on what you are looking for. RELATED SMALL BUSINESS NEWSDon’t push when you can pullNo selling required There is a better way of winning new customers than pushing you and your B2B offer at them. Customers love it because they’re buying rather than being sold to. You’ll like it because it feels better than selling and you’ll get more long term business from it. U... You’re the Boss Blog: White House Opposes Small-Business Contracting Provision in Defense BillIn a statement, the administration called higher goals for small-business contracting "laudable but overly ambitious." ... How the 'Little Guy' Can Partner With Big CompaniesIf you're a little guy, there are plenty of ways to partner with a much larger company. Here are seven. ... "Scott Thompson Was A Terrible CEO" And Other Snippets From Fred WilsonAs always, Fred Wilson had a lot of insights share this morning at TechCrunch's Disrupt conference in New York. Here are some of the highlights from his talk with the always barbed Mike Arrington:... SRDC Is Offering Loans Through RLFSouthwest Regional Development Commission (SRDC) is offering loans through revolving loan fund (RLF). Its purpose is to have a direct financing tool making loan funds available so as to assist in retail, manufacturing, and distribution businesses. |
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