It's Not Dead Until You Kill It
Marketers are notorious for declaring something dead. Don't buy into their attention seeking nonsense when making business decisions.
If I had a dollar for every time I have seen content declaring something in marketing dead, I would probably be sitting on a beach somewhere with a fruity drink in one hand and a book in the other.
Sure, for the person creating the content, the thing is probably dead. They killed it.
But for you? Not yet.
So many factors go into how, where, and why buyers make purchasing decisions.
Markets vary widely. Your business differs from the person's business who declared that some growth tactic is dead.
Something is dead only if:
You killed it by testing it.
The thing they’re declaring dead no longer exists.
Shift Focus from Dead Things to Your Business Reality
Are you watching your competition? Stop.
Are you making decisions after listening to gurus? Stop.
When making business growth decisions, trends, fads, and shiny objects are far outweighed by the best data that comes from your market.
What is your market?
Your buyers, past and present, are by far the cream of the crop for data to make decisions on. But your market is also comprised of leads and tire kickers asking questions.
Buyers are your goldmine of information. But you have to mine it.
If you hate surveys, love conversations.
Work questions into regular interactions with your buyers. Give them frictionless ways to let you know about their journey:
Frame questions around stages of a buyer journey:
Problem Unaware
What was life like way back in the good old days of ignorance being bliss?
Problem Aware
Holy moly, what did your buyer go through when their problem started burning?
Solution Aware
How did they discover a solution to their burning problem? Was it reviews, recommendations in a group, referrals, online search, your elite marketing prowess, etc.?
Product Aware
When they discovered your offer, what was their first impression? How did they take action?
But Charlie, I don't have any buyers yet.
This is when you need a mentor and/or model. But realize that once you get traction, you drift away, molded by the market feedback you eventually generate for yourself. So, set up listening mechanisms early on to minimize growth pains faster.
The Best Way to Avoid Growth Decisions Pitfalls
I recommend this in all areas of life, but especially in your business: focus on what you can control.
You're the boots on the ground with the five-foot view of your reality staring you in the face.
You see what outside influences cannot. It's evident in your metrics and bank account.
A way to avoid business misinformation's pitfalls is to maintain control of what you know does and doesn't work by PROVING IT OUT YOURSELF.
Have a Documented Sales Process
Your sales systems should inform you where your buyers are coming from.
For example, an empty sales system tells you and your bank account many things.
All businesses need a sales process involving intake, qualifying, transacting, and collecting buyer data. I don't care if you are selling digital checklist templates.
How to Validate Business Growth Strategies
Are You Unwilling to Take Business Risks?
The dream of every business owner is to collect without spending.
It’s not possible. Money, time, energy, or a combination will be due.
You can’t omit the “I” in ROI.
A safe budgeting framework for marketing operations is the 70/20/10 rule:
70% for proven tactics
For example, Perhaps your monthly in-person workshops are driving sales. Leave it be.
20% for innovative strategies
For example, You've been told, "Hey, you should take this paid workshop online." Now it’s time to dabble.
10% for experimental initiatives
For example, You've never spent a dime on advertising, but you know from interactions with your buyers they are very active on LinkedIn. Perhaps some budget testing is due?
*Note that when I say budget here, it could be money or the time and energy of you or your team.
Yet, not all, but most business owners I have come across want to play the 100% proven tactics game. To hell with the rest.
Don't allow the rug you have built your business on to be swept out from beneath you without warning. By being in business, you know diversifying revenue streams is both offensive and defensive.
The investments going out to capture more business should also be diversified.
The Only Constant is Change
I am not asking you to go all President Business Kragle crazy here.
Sure, you may not even be using what [INSERT YOUT GURU FLAVOR] is dead yet, but don't write it off completely, especially if your business hits a sales brick wall and you are seeking new methods of revenue growth.
Remember, sometimes, what was old becomes new again. Send that snail mail, get on that radio show or your local news channel.
By the way, you're reading this on Substack. Wasn't email marketing dead a decade ago now?