I am proud to admit that no business owner is perfect. One of the best things you can do as a business owner is to take a hard look at your failures and learn from them.
Nonetheless, nearly none of us actually do this…
In honour of the seventh year in business for C J Investiment, I’d like to share three of the most important lessons I’ve learnt over the past seven years (and what I would have done differently).
This week, I’m going to talk about the three largest challenges I had as a business owner, beginning with marketing….
Diversity is king in the marketing world.
Having multiple distribution points protects you from the loss of any one of them.
Although that may seem like common sense, it’s easy to become stuck in a rut and stick with the same marketing strategies that have always brought in revenue for your company. I’m the first to admit that I’ve been there, and trust me when I say that it always ends badly.
In the years leading up to COVID-19, C J Investiments made great use of in-person networking events. That served its purpose admirably for an extended period, and it probably would have continued to do so if not for the sudden shift in circumstances.
Instantaneously, we had to alter our tactics as face-to-face meetings were placed on hold.
Although it was a trying time, I learned something from it: Spreading your message across multiple channels and drawing customers in is essential to a successful marketing strategy.
It’s the most effective strategy for swaying a sizable crowd. As we’ve seen, a ban from any site may be issued to anyone at any moment, whether they’re a regular Joe, a former president, or the richest guy in the world.
So, use a variety of channels to get the word out. In case something goes wrong, you should always have many backups ready.
Second, implement a customer relationship management (CRM) system and fill it with all your information.
Do you still have the customer information I told you to collect?
Obviously, it isn’t sufficient to simply collect client information. You should gather this information and store it in an affordable customer relationship management system. Then, you should keep referring back to it as a regular part of the closing and upselling process.
I didn’t always have the extra cash to take advantage of every software that could have benefited my firm when I started as an entrepreneur. Therefore, trust me when I say a CRM should be funded, even if it means cutting back on some luxuries.
In the year 2023, I do not want to see you utilising an Excel spreadsheet. If you’re collecting data, don’t use a spreadsheet unless you want to lose everything and/or have a jumbled mess. It’s not a pretty place, and I’ve seen it myself.
The best way to make your clients and potential clients happy is to provide them with something of value.
When I was first starting in business, I had a hard time identifying what exactly provided an “added value.” My real estate was relatively straightforward, and it wasn’t immediately clear how I could improve my customers’ experiences.
To cut a long tale short, I spent a lot of time trying to think of something to sell before I stumbled into a fantastic approach to deliver fresh perspectives and engaging content to my clientele reliably.
I’ll give you a hint: I founded an entire business around it…
There are countless opportunities to add value inside and outside your primary business, and I could easily devote an entire piece to the topic. My current recommendation is to improve the sign-up procedure for your product or service. You can charge more for this item upfront if you like, but ensure the shipping is cheap, so it brings in money for you regularly.