I’ve helped countless entrepreneurs build their business from the $2-4 million level to the $15-25 million level over the past 30 years. There are certain traits these people have in common. The more of these you can develop, the more certain your success will be.
#1. Build a line of related products to get repeat sales from your customers.
You don’t grow a business over the long term on one successful promotion, or one product. You should switch your thinking to bringing on new customers and making them very happy, then, instead of selling them one product and that’s it, selling them the same product over and over again and also selling them 10 more related products over the next few years. That is what I work with my clients on developing.
#2. Get other companies to sell your products also.
Hardly anyone knows a key to Amazon.com’s early rapid growth was their affiliate program where they had thousands of other businesses selling their books for them and getting a small commission. But here’s the key – Amazon got that customer! You too can have dozens, hundreds or thousands of other websites selling your product or service by setting up a proper affiliate program. I can show you how.
#3. Direct market frequently to your customers. The riches in business come from repeat sales and sales of other related products to your customers that trust you. But less than 5% of businesses send consistent and frequent marketing messages and offers to their past prospects and customers. Make sure you are not in this group.
#4. Use Multiple Marketing Channel To Get New Customers. if you rely on only one marketing channel for your new customer acquisition, you are just one “Facebook change” or “Google slap” away from business disaster. Don’t be a one-legged kickboxer.
That is not a position you want to be in because I’ve seen many otherwise smart entrepreneurs go out of business because they made this mistake. Test other marketing channels. Sure some won’t work, some will be less profitable, but some will most likely be more profitable than your current one. But most importantly, you will have diversity and a long-term business that cannot be seriously damaged by a marketing channels change that is out of your control.
#5. Hire the best and don’t be a cheapskate. When starting out, we all have to pinch pennies. But to grow you need to hire top talent, and top talent costs more. Switch your thinking from “only the lowest cost” to “return on investment”. It is not smart to pay $1,000 for something and it makes you $1,500, when you can pay $5,000 for that same thing and it makes you $50,000. That is what entrepreneurs that grow do.
The surest sign I am dealing with a business owner who won’t grow is “but Mike, I can hire a copywriter for a lower fee than yours”. Well, sure you can. And I can hire a cheap doctor, cpa, and business consultant – but I don’t want to die young, end up in IRS hell or have a bankrupt business either!
#6. Learn to delegate. You can’t grow into a larger, more profitable business and still do everything yourself. You need to learn to hire excellent talent and let them perform, and they won’t necessarily do things the way you would. Focus on results, not on style. Monitor results but don’t be a control freak which will only keep them from performing their best and drive you crazy.
#7. Watch your stress level and your health. You don’t want to be the richest person in the graveyard, and I speak from first-hand experience. I owned a business that was a start-up, but ramping up in the second year to $6 million in annual sales. It was chaotic and stressful. And to no great surprise looking back on it, it gave me a heart attack and nearly killed me! At that time, I smoked, drank too much, didn’t watch what I ate and had no exercise routine. Please learn from my stupidity.
I hope these real-life pearls of wisdom are helpful to you. They are the common traits and learnable techniques that make it much easier and faster to turn your business from the “small fry” level to the “big kahuna” business. I’ve seen these principles as I’ve helped many direct marketers do just that over 30 years and $418 million in sales from my copywriting. If I can help you in any way with consultation or copywriting, my website is www.mikepavlish.com or you can email me at mike@mikepavlish.com or phone (330) 963-0330.