“There is a fine line between fishing and standing on the shore like an idiot“
If I wanted to catch fish what would be the best way to go about it? I can pick a spot at random, let my line down with a cheap ol bait that I bought on special and then hope for the best.
Am I going to catch fish this way? Maybe. Is this a sound plan? Certainly not! Unless I’m a firm believer in luck this strategy often results in frustration than anything else.
I have worked with many business owners, executives, and entrepreneurs that didn’t go to business school yet they are extremely good at what they do. It almost seems like if they had gone to business school they would not have been any more successful than they are.
Here are some things that they don’t teach you in business school:
How to deal with real life challenges of running a business
When to trust your instinct
How to deal with failure
Imagine being able to increase your search rankings without having to solely rely on traditional SEO tactics. Social media marketing is really good at reaching masses of people quickly with the latest news and content.
As a marketer and business development consultant, I often help clients determine the value and impact of marketing initiatives. This often boils down to understanding numbers. And I don’t mean numbers in the sense that data scientists or accountants look at numbers.
As a business owner, entrepreneur, or marketer you have already plenty of things to do to move your business forward. So when you want to do more in less time how do you decide what productivity tools to use?
And after you decide which tools to use, you still need to learn how to use them in a way that make sense for your needs. It’s not unusual for some to decide that the learning curve is too steep and not worth the effort. Yet for others a particular tool can be an absolute must-have because it can help get more sales.
As marketers and business owners we often feel the only way to make a big impact in profitability is with breakthrough product or service. But in reality breakthroughs are rare and require a truly unique combination of factors to come together.
Value pricing is one of the most misunderstood among the different pricing strategies. Yet it can be one of the most practical. The central focus of this strategy is on calculating pricing for the differentiated product feature. Value pricing does not take into consideration the value of your brand. In industries where brand value influences pricing, this strategy may not be effective.
According to National Venture Capital Association, in the first 3 months of 2015, VCs invested more money than the full year totals for 17 years of the past 20 years. In the world of top VCs, finding entrepreneurs that want to change the world is what’s it’s all about because breakthrough ideas can bring in a lot of money. VCs are looking for innovators and visionaries with an infectious belief and enthusiasm in their new product even if the rest of the world doesn’t believe in them.
The pressures on marketers to show ROI can lead to pay low rates for ads. Low rates could mean less risk but the tradeoff can be lower quality traffic that is coming from fraudulent sources. So at the end of the day, you could lose money given your investment in resources and the expectations of your shareholders.
We all make mistakes. Some are costly and unfortunately can take a long time to recoup from yet others are minor. Whether it’s a major or minor setback is not as much of a factor, indeed how we handle a failure is what matters most.