Business Mistakes Other People Make – How To Learn From Them

Undoing the damage caused by business mistakes is often difficult, which is why it’s best to avoid them in the first place. It’s hard to generalize, of course, as it depends on your business and the mistake you’ve made. It’s always painful, though, to have to clean up a mess that you realize could have been avoided. Even a fatal mistake is a learning experience that can help you if you ever decide to start over again. As long as you have the right attitude, you can always try again with some extra knowledge under your belt. With internet businesses, you can almost always rebuild them, as this doesn’t even require any capital. If you’re smart, you will start off by studying the kind of mistakes other businesses have made and learn the lesson painlessly.

If your work habits are sub-standard, nothing else you do in your business is going to be able to compensate for this. In saying that, there are an abundant amount of ways to display poor work customs such as lack of discipline, for instance. The leading step is to ethically look at how you devote your work day and realize what you are really achieving. Also, you can create a schedule such as working for 60 minutes without disruption and breaking for ten minutes. Don’t just assume your work habits are good, as the only thing that matters is what you’re really doing with your time. This is really the most fundamental part of building a business, though many courses and books don’t cover it much. Self-improvement is one of the most popular categories of product.

There are endless videos, books, magazines and so forth. Yet, many of the biggest customers for these products still feel that some piece of the puzzle is missing. Many of the people who order these products don’t implement what they’ve learned. There’s also the issue of consistency, as many people don’t stick with a method long enough to see lasting results. Another common thing is people know they can improve, but they’re too lazy and don’t want to make the effort – or it’s not instant enough. To make lasting changes, you have to be ready to commit yourself to the self-improvement process for the long haul. No matter if you feel like you’re regressing certain days, just make sure to achieve better results tomorrow.

So many people actually believe they have the skills necessary to do certain business and marketing activities, when in reality commonsense is not enough to handle what needs to be done. Here’s a classic example of this that’s been repeated by countless numbers of IM marketers. Someone hears about article marketing, and they think it’s easy. All they have to do, they think, is submit articles to a directory after writing them. Obviously, there is much more to article marketing, something that most people are aware of if they have any experience.

There are good and horrible ways to write articles. Effective headline writing is something that you should focus on in order to get the maximum amount of views. Despite being familiar with this type of marketing, you can always learn something new, so keep that in mind. When you first set up an online business, you will almost certainly make a few mistakes. Do your best to find trustworthy resources where you can learn the basics. Some quality internet marketing books or courses are a worthwhile investment. Then get started and be small about it and build on it. Any mistakes can be considered part of your education, and you’ll never have to make them again.

How to Turn Your Internet Business Mistakes to Your Advantage

Most if not all entrepreneurs make mistakes on their path to online business success. A difference of attitude is what separates a successful online entrepreneur and one who fails. A successful entrepreneur turns his mistakes into stepping stones that help him get where he wants to go. The other turns his mistakes into stumbling blocks that prevent him from getting anywhere at all. One entrepreneur reacts to mistakes with frustration and defeat, and the other responds with a desire to learn, improve, and move on.

How should you handle it when you make a mistake with your online business? Here is a 5-step approach:

1. Recognize that you have made a mistake, but do not brand yourself as a failure. You probably know all about mistakes as an internet entrepreneur. They are very easy to make! This is especially true if you started your online business as a complete newbie. There are some people who give up after making just one or two mistakes. Do not be one of them!

2. Consider your mistake as an opportunity to learn from it. As soon as you can admit your mistake without letting it get the best of you, you will be able to learn and benefit from it.

3. Study where you went wrong. What was the nature of the mistake? Was your mistake due to your carelessness, lack of research, or was the trouble caused by something beyond your control?

4. Figure out a solution to your problem, or start again from scratch. What can you do to fix the mistake or prevent it from happening again?

5. Teach others how to avoid the mistake. Once you get it right, use the experience as part of your team training. This will strengthen your impact as a trainer and strengthen your team. Use the lessons you learn from your mistakes as material for e-books, videos, lectures and courses, and build up a following among other online entrepreneurs.

The key to handling mistakes is to adopt the attitude of “live and learn.” Maintain a positive attitude through the inevitable setbacks and remember what Napoleon Hill wrote:

“Every failure brings with it the seed of an equivalent advantage.”

If you can learn from your internet marketing business mistakes and keenly seek out the “equivalent advantage,” you will find that your online business will continue to move forward and grow stronger.

So, adopt a positive attitude towards your mistakes when they inevitably occur. Do not make excuses or seek to avoid responsibility. Step up to the plate and find out what you can learn from whatever business mistake it is that has been made and seek out the “equivalent advantage” that the business mistake brings with it.

7 Ways a Marketing Strategy Will Grow Your Business

“What is the best money I can spend in marketing to grow my business?” Without a doubt, this is the question I’m most frequently asked by small business owners. It may seem like a question that is promptly followed by an “it depends” type of answer, however, it’s actually quite easy to pinpoint one tool that is relatively inexpensive, delivers a high ROI and, sadly, is not commonly found in a small businesses’ toolbox. It’s a marketing strategy.

Why is a marketing strategy the most powerful tool for growing business? The straight-forward answer is that a solid marketing strategy will address current challenges and map out paths by which a business can grow in the future. It will audit a business’s brand and message, but isn’t limited to branding alone. Rather, a marketing strategy is a combination of big picture and detail analysis that incorporates a wide range of marketing channels tailored for that business’s industry, market, and budget. The majority of marketing strategies I write for small businesses include a high number of items that can be performed for free by current in-house staff, resulting in a plan that won’t lead to a fortune spent. In fact, a good marketing strategy is an investment in saving money because it targets a business’s efforts and helps avoid waste.

At this point I need to qualify my earlier statement; the best money spent in marketing is a smart marketing strategy written by an experienced marketer on behalf of a specific business, not something sketched out by a rep at a service shop (think printer or web firm) or from a generic, ‘small business strategy’ check list. For a marketing strategy to be truly effective, it needs to be a customized effort involving research, analysis and a careful matching of opportunities with the business’s resources and budget. This can never be a quick or off the shelf effort – a smart marketing strategy takes some time to develop properly. My own typically take less than a month and are generally under $2,000.

It’s important to keep in mind that while a smart marketing strategy won’t force a business beyond its means, it will present a mix of opportunities that meet immediate goals and show paths for growth. A marketing strategy’s advantage is that it paints a picture of a business, highlights who that business is targeting, focuses its marketing budget, and develops a schedule for reaching out to buyers. It accomplishes this in 7 key ways:

1. Develops Brand & Message

A brand is simply a business’s public look and message. Businesses all have the beginning of a brand – an official name – and some have taken steps to identify a logo, tagline, and possibly a general color scheme or style guide. In small businesses, these are often a reflection of the owner’s personal taste rather than an evaluation of the market and targeted buyers (years ago I had a client who chose her corporation’s color scheme from her kitchen wall’s paint chip). They may be a result of a family brainstorming effort or an owner’s flash of inspiration. Sometimes they are geographically influenced or an attempt at gimmickry. The point is that while it’s rare to find a small business that developed its name, logo, and message as the result of true market research, it’s a universal rule that, for good or bad, small businesses will refer to these items as their business’s brand.

And this is where a marketing strategy steps in. A smart marketing strategy will thoroughly evaluate a business’s brand through experienced and unbiased eyes. The marketer is not (hopefully) a member of the family and most likely hasn’t seen the kitchen’s walls. Instead, an experienced marketer will audit the brand as both a buyer and a marketer, and evaluate its ability to quickly convey the business’s story, whether or not it targets the appropriate buyer, and if it is unique enough within the marketplace to set the business apart from the competition. The marketing strategy will highlight any brand challenges, inconsistencies, or weaknesses before suggesting modifications and improvements.

Unfortunately, ‘brand’ seems to be a point at which many small businesses abandon their strategic efforts. A business’s brand is essential and well worth a hefty effort, but ‘branding’ isn’t enough of an action item to grow a business and isn’t where a smart strategy ends…

2. Audits Current Program

Which segues nicely into the next stage of a strategy: auditing the current marketing program. This stage goes beyond branding to review all of the business’s marketing efforts and is an essential component to any smart strategy. It’s at this stage that wasted money or effort is discovered, missed opportunities highlighted, or where I find that a client had started down a positive path in the past but either abandoned it too early or was off in its message. Has the business’s marketing program been well thought out or has it been a shotgun approach through a series of one-off efforts spread over time? This is where we find out.
My audits look for strengths as well as holes and weaknesses in a business’s marketing program by dissecting the marketing channel mix, promotional locations (both online and traditional), frequency, and more, then matching the entire program to the targeted buyer profile. I spend quite a bit of time looking through the business’s marketing tools such as its web site, brochures, newsletters, and social media and evaluate the business’s staff resources, factoring any strengths into the final evaluation.

3. Profiles Buyers & Marketplace

It may be hard to fathom but there are small businesses that face each year without knowing much about their own marketplace and the very buyers upon which their livelihoods depend. As a marketer, it baffles me how any business can hang its shingle without taking the time to first evaluate who it will sell to and from whom it will grab market share. Questions such as, “how many buyers are out there?”, “how do they like to be reached?” and, “who am I competing against?” are all fundamental to business success because it’s only through this knowledge that a company can adapt and grow. The only way to create this profile is through research!

I start by pulling information directly from my clients through a combination of interviews and surveys filled with carefully crafted questions. I’ll ask then re-ask until I’ve developed a complete profile from my client’s perspective. My work then turns to generating a buyer profile from a marketing perspective that stems from my client’s high level buyer description. I’ll dig and research until my profile is complete, then compare my profile with that of my client’s. Hopefully we’re in synch, but if not, I’ll point out where we differ and evaluate where my client can hone his or her efforts.

At this point I’ll also want to look at the marketplace from my buyer profile’s point of view, and will “shop” the competition. I’ll look at the business’s geographic reach and investigate both demographic data and local economic growth plans. All of this data will play into the final evaluation of whether my client should continue in its current market or branch out into an area that’s buyer-rich.

4. Evaluates Competition

“Who is my competition and how do we differ?” That’s a question every business owner should be able to answer at any given time! Business owners should be aware of who is snagging market share from them and how each competitor compares in services, quality, customer service, messaging, and overall marketing efforts. It’s wonderful to be the best service provider available, but that won’t mean anything if the competition is signing more buyers!

For this stage of a marketing strategy, I like to shop the competition from a buyer’s perspective before comparing my findings to my own “client shop”. Since I’m an outside consultant, it’s fairly easy for me to assume an unbiased buyer’s approach to most shopping efforts, be it B to B or B to C, and I look for easy shopping situations, who could satisfy my buyer needs, would entice me to make a purchase or conversely would turn me off as a buyer. I use these results to suggest ways my client could improve his or own business’s message and to…

5. Determine Marketing Mix

This stage of a marketing strategy is a game of, ‘find the buyers’. After all, what is marketing if it isn’t an effort to communicate with buyers and lure them to a business? To me, this is the truly strategic stage of a strategy, but one that could not exist without all the previous steps. It is at this point that the strategy should answer questions such as, “should a business adopt the latest trends or stick to more traditional methods?” or, “what will provide the biggest bang for a limited budget?”

It’s also the stage where experience really pays off as there are many, many ways to spend money in marketing and only so many options that will reach the right buyers. I enjoy this stage the most and spend time looking under rocks to discover new options and find cost effective solutions. No two strategies should be ever be the same at this stage, making this the most custom portion of the entire process. A good strategy will look beyond paid search and Facebook ads and find new ways to present the business – within budget.

This is also the most flexible portion of a smart marketing strategy. I like to include a variety of options that range from ‘incorporate immediately’ to more longer term efforts that make sense once the business has grown or has put other marketing tools in place. A good mix will pull in multiple marketing channels and allow a business to reach buyers on many levels.

6. Finds Internal & Low Cost Options

Many businesses have low cost and free marketing options already at their disposal and may not realize it. A good marketing strategy reviews a business’s internal options, evaluates the business as a whole, and discover resources that can be used in the marketing plan. I like to empower my clients and give them the chance to save their budget for bigger ticket items down the road.

7. Designs 1 – 5 Years Marketing Plan

I wrap up every marketing strategy with a 1 year, month by month, marketing plan. This marketing plan lists carefully selected marketing efforts determined in the strategy and provide a schedule for when they should be launched and evaluated. For smaller businesses, I try to stick to the low cost options that can be maintained internally with optional efforts that may cost more money or should happen after an early goal has been achieved. More expensive or involved opportunities are generally reserved for a 2-5 year plan and are contingent upon achieving goals.

By incorporating the above 7 stages into a thoroughly researched and carefully crafted strategy, a small business will have a map by which it can achieve its goals and grow its business. It’s money well spent and something a business really shouldn’t exist without!