This article was provided by Shaun Buck and our friends at Newsletter Pro, an industry leader in print newsletters for small businesses. Their goal is to help businesses grow to their full potential with marketing strategies that seek to strengthen relationships with their prospects and customers. Click here to learn more.
I try not to dwell on the past. I prefer to focus on tomorrow, which is still available for me to influence. But I also think it’s important to learn from my mistakes and take those lessons with me into the future.
In the early days of Newsletter Pro, I made three really big mistakes. Had I known back then what I know now about growing companies, Newsletter Pro would be substantially bigger and better today. While I can’t go back and change my past, hopefully you can learn something from my missteps.
1. Lazy Summer Days
Early on, I couldn’t understand why new sales seemed to fall off a cliff in July and August. I did the same marketing activities that I used the rest of the year, but for whatever reason, new sales still slowed. At one point, I decided I should just take the summer off and enjoy a nice long break. As expected, sales slowed, just like in years past, but they were even worse than usual. Then, sales slowed significantly in September and October, too. Historically, those are two very good months for us.
You can’t simply start and stop marketing or nurture campaigns. Many businesses do it, but most businesses also fail. Now, I actually push on the gas a bit harder during those slow months. We give our best offers in July and August for new customers. We dig deep and work a bit harder. As a result, we see increased sales in the slow months, as well as in September and October.
2. Change or Die
It is easy to get set in your ways. It is even easier when things are going well because that’s when many entrepreneurs get lazy. They have so much business and revenue coming in that they can afford to take some extra time off or miss out on a few sales here and there. What happens when things aren’t so good, though? When it feels like money is flowing uphill, it’s time to double down, dig deep, and push harder. Ramp up and take that market share from your competitors because times won’t always be good. But if you put in the grind when they are, it sure does make those hard times easier.
3. Nurturing Leads and Customers = Maximum Profits
Somewhere along the line, most entrepreneurs have been taught that the solution to all of their problems is getting more leads. With a 95%-plus failure rate for most small businesses, that solution clearly isn’t working. The truth is that most of us have enough new leads coming in each month, plus a bunch more that never converted into clients.
It’s a losing game. Leads are expensive, but they need to be wined and dined and shown why you’re the right one for them. Unless you spend a little time getting to know them, educating them, and helping them, you’ll find most of your leads won’t turn into relationships — no matter how many more you buy.
Once your lead has become a client, you can’t take them for granted. You need to deliver on what you promised—but for maximum revenue and profits, you need to continue to educate and entertain. If all you do is send ads, you’ll never nurture the client relationship, and they’ll quickly become disinterested.
I can guarantee that these three lessons will help any business grow and become more profitable. So, why isn’t everyone following them? The funny thing is that the world’s most successful businesses do, and those who don’t stay small.
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