Being in the ecommerce space for a while I’ve observed the patterns of rapidly-growing successful brands and the patterns of brands that are struggling to grow.
I’ve discovered some non-strategic mistakes most brand owners are making which are really stopping their growth.
1. Doing everything yourself is very expensive
It’s much cheaper to ask for help.
It’s not just about money it’s also about your time and energy which are the most valuable resources.
Just think about it: to learn how to run FB ads requires a few months of theory learning, a few years of practical experience and a few dozens of thousands of dollars spent.
It’s much cheaper to ask for help for a few grands and have the result in a few months.
This is not something only I figured out.
Ray Dalio who is the billionaire says: “Search for Who not How”.
2. Being behind the scene in your business will keep you away from success
Of course, the CEOs of big companies can be behind the scene in their business and being successful.
But it will not work for small, just-stated brands.
It means that we shouldn’t outsource everything.
In the previous post, I’ve been talking about the price of doing everything yourself.
But here I just want to share that it doesn’t mean that we should outsource everything.
We should have a balance between delegation and execution.
This is because with the brands that don’t have such a strong awareness like Apple-kind giants people more care about the purpose of the brand rather than its products.
And the best way to show the purpose is through the brand owner and his/her story.
People are buying from unaware brands because of the owner’s purpose not just because of the product itself.
4. Why doing what others doing is the most insidious pitfall on your way to success?
Because we usually see just a tiny piece of the reason why others behave in a certain way.
So let’s say we want to figure out which type of FB ad and funnel we should create for our brand.
So we’re seeing the ads Nike is running, we seeing the funnel Nike has and doing the same for our brand.
And… It doesn’t work…
And this is because we don’t know the context under which Nike is running this ad.
Is it cold traffic or retargeting?
Is it a long-term product awareness strategy or a short-term profit?
Furthermore, Nike is a highly aware giant for whom it’s going to be enough to show the discounts and people will buy which will not work for small brands.
So don’t blindly follow what others doing.
Observe others, take inspiration from them, but formulate your own opinion based on proven facts.
5. Our wrong believes are keeping us away from success
Observing the most successful people in the world — we can see that they are doing something that nobody else thought will succeed, but they are succeeding with it.
One of the biggest mistakes that stopping ecommerce owners to grow is being obsessed with their own beliefs.
It’s nothing wrong to be confident in your belief, but it’s crucial to being open-minded that you don’t know something.
What indicates the truthfulness of our belief is the practical proof made by a scientific experiment.
And most of our beliefs has been formulated based on some theoretical assumptions or some information we’ve got from a news article.
Sometimes we might have a belief based on negative practical experience.
Let’s say we found that FB ads don’t work for our biz.
We’ve run the ads and didn’t get a return.
And the problem is that the way we ran the ads was random — without the presence of some scientific experiment.
So the key is to always be open-minded and question everything you thought was wrong by giving it another chance in a different context.
Most people think the more you do the better
It means it’s better if you run the FB Ads and Google Ads and Youtube Ads and Twitter Ads.
But the truth is contradictory.
The image shows what happens with those who are doing things that way.
They become overloaded and can succeed in none of these.
So the secret is in doing less.
By doing less you can allocate more energy, more time and resources to the thing you do and you’ll be doing it successfully.
So don’t try to run all the ads at the beginning.
Focus just on one platform and make it profitable.
Only when you’ve reached that you can start looking for other things.
In any case — the less you do the better.
Recall all the mentioned above in this video: