Social media advertising is reigning supreme, and at the front of the pack is Facebook.
Reaching over 2.7 billion monthly active users in the second half of 2020, Facebook is still the number one social media platform on the planet. For some quick maths, that’s 28.5% of the world’s population on a social media platform.
In fact, if Facebook was a country, it would be larger than the most populated country of China (18.47%).
With a reach like that, it’s no surprise that advertising on Facebook is one of the best things you can do for your brand.
If you’re a fan of statistics and numbers, you’ll be ecstatic to know that from 2019-2020, Facebook reported a rough estimate of 2 million new companies advertising on their platform, a jump from 7 million to 9 million.
So, how do you jump on the Facebook ad train and make sure it works for you?
Well, like all marketing and advertising, there is an art to it. You can’t just promote a post and expect the customers to come knocking.
It’s absolutely essential that all marketers should have a deep understanding of how to make Facebook ads work for them. From small start-ups to global empires, it’s all the same advice: it’s not the ads that make you money, it’s how you use ads that does. Your strategy is what will you money.
So, what is the best way to do ads on Facebook?
To help you get an idea of what might work for your brand, we decided to ask TKTK successful Facebook ad users from all kinds of industries and niches for their advice and how they grew their business.
We asked them:
- What’s the number 1 thing that you wish you’d known about running ads successfully on Facebook?
- How have Facebook ads helped your business to grow?
- What advice would you have for others?
We hope you thoroughly enjoy their inspiring responses and nuggets of wisdom as much as we did, as each person gives their unique take on this elusive subject.
How Facebook Ads Can Power Up Your Business
Griffin Thall, CEO, and Co-Founder of Pura Vida Bracelets
I forgot the year, but we started using Facebook ads a few years after we started Pura Vida in 2010. In the beginning, setting up proper tracking and pixels was always difficult for us. But once we figured it out, Facebook ads have helped to skyrocketed our business, and even helped to get us acquired in 2019 for $130M.
My advice for budding entrepreneurs: do LOTS of testing and creative options.
Lauren Swidenbank, Founder & Advertising Expert of Cali Social
I began my journey with Facebook ads and launched Cali Social in 2018.
There are three areas to Facebook advertising success which I’ve learned and perfected: understanding your audience, creating and nurturing them through a funnel, and interpreting data to make your next big move.
Understanding your audience is crucial when running Facebook ads, getting into their head and really understanding what makes them tick, how they spend, interact and purchase – by defining, refining, and targeting you’ll be able to convert the right people and have success advertising online.
Secondly, creating a funnel to nurture your audience through the entire journey, not just the outcome, but the experience they go through will add more value to not just your campaigns, but also your audience, providing value at each touchpoint and nurturing them through the journey. Focus on the experience, not just the destination.
Thirdly, and my personal favorite, being able to understand and interpret the data behind your campaigns is imperative to your success, to plan your next move, and to ensure you’re getting the best result and return on your ad spend.
Through Facebook ads, I’ve not only executed and generated significant sales results for my clients but successfully scaled and impacted their business in a big way. Online advertising is absolutely crucial for business growth in 2020 and beyond.
The biggest challenge in Facebook advertising is knowing when to scale and by how much. Even as an advertising expert, there is still an element of trust and risk that goes into these decisions, monitoring the data closely and understanding the conversions and interpreting the data (which will guide us towards these decisions, helping us to determine what’s next). You’ll learn to feel confident in your decision and understand your campaigns enough to know when to take them up a notch. This is something that comes with practice and will become easier over time.
If you’re an E-commerce brand and new to advertising on Facebook, unsure of where to start, I’d suggest a collection campaign that opens up to an ‘instant experience.’ This means you can showcase all your products together to give the user more choice, a lightning-fast loading time, an enhanced brand experience that quickly captures their interest and engagement to inspire action.
Gabrielle Pickens, Founder of Mindful Military
I started using Facebook ads in 2018. Facebook ads helped me to increase my social media presence as far as impressions and reach, as well as increased my sales!
The biggest challenge I faced at the start was learning the robust system and all of its intricacies. There are many ways to deliver an ad–you have to understand what’s the best way for your company or brand.
My advice for budding entrepreneurs would be to take your time!
This is a process. Contrary to popular belief, learning the skill of Facebook Ads is a time-consuming endeavor (if you want to be great at it!) and one that requires consistency. Testing is the only way to find success with ads! Test, test, test!
Nick Shackelford, Co-Founder and Managing Partner of Structured
In 2016 I began buying clicks on Facebook.
As a Facebook-specific company, Facebook is everything to us. It has provided us the opportunity to help over 100 brands in a short period of time.
The one thing I wish I’d known before starting was that I wish I understood the importance of content rotation and various campaign structures within Facebook’s Ads Manager. Facebook is only as good as the user. It is a tool used to acquire new customers and it is up to the brands or business owners to understand the reasons why a consumer will purchase or opt-in.
Understanding the message we are trying to convey is almost as important as the buttons and levers you can play within Facebook.
Jordana Edwards, CEO and CO-Founder, Clean Tea & The Breastfeeding Tea Co.
At the beginning of our Facebook ads, it was challenging to find training in more complex areas like lookalike audiences and retargeting with catalogs.
Due to a boosted post in 2015, we saw a 2283% increase in sales that changed our business forever. We have doubled our sales year on year for 5 years now, all with the use of Facebook ads, resulting in over $2.4 Million in sales accredited to Facebook.
Knowing what solution you are solving for your customer within the ads, not just throwing money at ads and hoping someone will purchase.
Facebook ads are amazing at searching out potential customers, but the content of your ad is king.
My advice for others is that it’s not a matter of creating ads and hoping people will click. It is about using content valuable to the potential customer, what solution can you solve for them?
Then creating an easy path to purchase, advertising a specific item, and sending the consumer directly to the product always performs better for us than broad brand ads with a home page link. Be specific to the consumer’s needs.
Rob Ward, Co-Founder of Quad Lock
We started using Facebook ads in 2010, and have been testing and learning on the channel for almost 10 years. From day one we built a lot of our business around our Facebook ad strategy. We were trying to build a category rather than sell into an existing one.
Facebook is the perfect platform for this as people don’t need to be looking for your product or service to be sold to.
My advice would be to use new tools as soon as they are available and you’ll get better results than most.
Nicole Story, Senior Vice President, Creative & Marketing, Poo~Pourri
The number one thing I wish I’d known about running ads is the importance of testing. Test, test, test, and then scale. Don’t place all of your bets in a single piece of creative. Test a variety of ads with small budgets to see what’s working, optimize to find top performers, then scale the budget accordingly. We test things like different video intros, product images vs. images of our spokesperson, CTAs (Buy Now vs. Shop Now), messaging (natural vs. how it works), etc.
As a growing startup brand that didn’t have huge budgets for big, traditional ad buys, paid social has been instrumental in allowing for efficient, targeted ad spending.
For us, running our own paid social put control and access to information in our own hands. It has allowed us to grow our business in both direct sales, social following, and brand awareness.
When we first started running Facebook ads, the market was less crowded. It wasn’t nearly as hard to stand out. Consumers weren’t inundated and trained to pass by ads the way they are now.
Today, our biggest challenge is standing out among the noise, and within milliseconds. Our tactics have had to shift and change as consumer scroll behavior, algorithms, and platform technology has changed. For example, creative that may have converted in 2014 no longer works today because it wasn’t captioned, and consumers no longer have sound on when scrolling.
It’s incredibly important that we bob and weave to the nuances of Facebook consumer behavior, so we’re meeting consumers in ways that the message is noticed and received.
My advice for others is to open with a shocking, scroll-stopping visual. People most likely won’t have their sound on, so it’s important to visually get their attention. And tell them what you want them to do. A strong, early CTA is also important.
READ MORE: How to Build a Profitable Marketing Strategy
Jordan Wilkes, Founder of Stride
For Stride, I started using Facebook ads in June 2019.
When it comes to Facebook ads, make sure you are only testing one aspect per campaign. For example, don’t test the copy and the creative in the same campaign. It is impossible to know which aspect made the ad perform better, so keep it simple and only test one thing at a time. Otherwise, you are guessing at the causation.
Facebook has particularly helped me grow in building my funnel, as well as retargeting. Most visitors don’t buy the first time they visit a website, so it’s important that you retarget them in order to build a relationship so that they can trust you, thus returning to buy
The biggest challenge I faced at the beginning was not properly understanding the Ads Manager interface and all of its capabilities. It can be quite tough to navigate for a newbie.
My advice for budding entrepreneurs is to be agnostic. Test all of your campaigns to find out which ones work, even if you think the other campaigns are better. Let the results dictate your direction; not your bias.
Marissa Payne, Digital Strategist of Workit Spaces
Our lead generation campaigns on Facebook resulted in triple the number of new clients in the last few months compared to the beginning of the year pre-Covid. During the second half of May, Workit received more than ten times the number of inquiries as it had in the first half. These results led to the coworking space reaching full capacity despite a global pandemic.
The number one thing I wish I’d known is the importance of account simplification.
For example, I try to keep things at max 15 active ad sets, and I do this so broader audiences become more effective with enough budget, more people convert on any given day and the algorithm has enough signals in place. The ad set delivery becomes stable faster, and it’s easier to understand what is driving the most ROAS and being able to scale those by reducing audience overlap.
If you have great Facebook ads but a terrible website, the ads won’t convert nearly as well. Make sure your whole digital experience is top-notch!
Teigan Margetts, Co-Founder of Ethicool Books
We started using Facebook ads at the start of 2020 and quickly realized that the formula that works for everyone else might not work for us.
We’re a new brand and our target market is the older generations (grandparents and great-grandparents), so Facebook has honestly been our everything. It’s an amazing way to get our product in front of our audience and also to share general brand love.
The biggest challenge we’ve faced, and still face, is understanding why, after a period of time, certain ads just stop working. We find we need to refresh the creative and targeting very regularly to maintain a high ROAS.
My advice to others is that as a business owner, you know your business best. Make sure you design ads that speak to your core USPs and don’t adopt a cookie-cutter approach just because an agency says it will work or you read about it working for someone else.
Rich Burns, CEO of ROAS Media
In the early days of using FB ads around 2012, the biggest challenge was simply getting profitable results. It wasn’t the same Facebook then as it is today and I believe there is a big hangover effect holding brands back that were burnt in the past from trying it again recently.
Over the last 5 years and the next few years to come, I believe we’ll look back at these years of the FB ads heyday where everything was so underpriced compared to what it is in the future.
We use FB ads for our own lead gen and it’s been incredible. Our clicks to inquiry rate are sitting at 10% and of the leads we filter for ideal clients, our close rates are 60-70%.
What I didn’t realize until running ads for our own clients was that most people’s ideas of how to scale are inaccurate. The commonly held thought that you should only scale ad sets 20% max per day is holding a lot of people back from scaling. After running the ads myself before hiring a team, I was scaling and launching ad sets every few hours, 18 hours a day, and seeing the results from this I built a team around a 24×7 service model to clients to replicate this (in a more sustainable manner). If more brands were to treat their data/approach in the same way wall street might capitalize on trading/scaling on good days and building off of this momentum, they would see a much higher growth rate.
Most brands are missing out on huge opportunities because of a lack of investment in creative. You just have to look at Facebook Ad Library at some of the top eCom brands out there to see just how many new ads and variations they’re launching and testing each week (this is also a pro-tip for some competitor intel to see which variations are active and have been running a long time and which variations keep being released that are similar to previous variations so you get a sense of what’s working well).
Website optimization needs to be a bigger investment from most brands. If they truly understood how moving the needle plus 0.3% – +0.7% or greater on their overall conversion rate would affect their return on ad spend they could save a lot of money on their overall ad spend and have much more room to scale on higher ROAS thanks to the improved website.
Gretta van Riel, Founder of SkinnyMe Tea
We started using Facebook ads in 2013.
What I’ve learned is that your creative is 80% of the equation — direct response, benefit led video ads were a game-changer for us.
Facebook ads have provided a consistent and scaleable revenue stream for our business. We had traditionally relied on Instagram, Google ads, and influencers for acquisition but adding Facebook ads into the equation has moved the needle the most in recent years for us.
READ MORE: How to Start a Podcast on a Budget
Lindsay Silcox, Co-Founder of Gin Lane
In the beginning, we struggled with some of the technical aspects of running ads at the time. The ad offering has become more accessible and user friendly for small business owners over the past few years. It felt clunky to use when we started 4 years ago.
When it comes to using Facebook ads, you need to consider what approach gives the best bang for your buck as a new business, i.e. broader audience vs more targeted.
Running Facebook ads actually helped us realize the importance of not relying on one channel if we wanted to broaden our customer base. It’s a little cliched but proved true that we had to look elsewhere to attract slightly older demographics. Facebook definitely boosted our sales and profile with customers aged 18 – 45.
My advice is to spend the money to outsource audience development at the start. It will ensure you waste less money shooting in the dark.
Stephanie Wyant, Co-Founder of Hudson Valley Kinders Farm
We launched our Yoga+Goats events last year and had very little time to publicize.
We ran ads for 4 weeks prior to the big day and the results were mind-blowing. We had people from Boston (about a 3-hour drive from the farm), NYC, and the whole tri-state area sees our ads and attend the event.
The number 1 thing that I wish I’d known about running ads successfully on Facebook is the importance of doing a/b split tests. I’ll have different results with the same copy but different photos and vice versa. Stock images aren’t always the best choice – sometimes candid photos of people enjoying our products/services get far better results than a posed photo of a family or animal.
Testing what works best for your company will save you a lot of money in the long run and you’ll have a better idea of what your target audience responds to.
Don’t give up. If your ads aren’t performing the way you want them to, try a different approach. Use Google Trends or keyword search tools to find buzz words for your ads.
Chloë Bisson, CEO, and Founder of The Automation Queen
I properly started investing in FB ads in Jan 2020
The number 1 thing I wish I’d known about ads successfully on Facebook is knowing how to analyze the results! I mean, of course, getting leads and sales were amazing but I was in the dark about whether the results were as good as they could be. As they say, what gets measured gets improved and so when you are getting started in FB ads, work out what you are aiming for. What is your target cost per click? What is your target cost per sale or cost per lead? Is it $5? $10? $20?
And here’s a tip – The lowest isn’t always the best! Sometimes you need to pay more to get a better lead. When you know what you’re aiming for and you know how to analyze your results, you can tweak your ads quickly, optimize your budget, and the whole game changes!
Facebook ads have completely transformed my business! Specifically in the last 10 months, even despite the global pandemic, our database of leads doubled, our sales went up by 4X to 5X on last year, we’ve been able to help even more female entrepreneurs on a global scale and we launched new online products to teach others how to run their own online businesses so they could be “stay at home mums” whilst generating more income than their working partner – It’s been a win-win!
The biggest challenge I faced when using Facebook ads was overcoming the fear of wasting money. Whilst it’s not a technical challenge, it was a HUGE mindset challenge that many business owners face. “What if I spend all of this money and don’t make sales?”, “What if I invest in these ads but I get nothing back?” and “What if it doesn’t work?”. I had heard a lot of horror stories of businesses using FB ads and getting nothing back, like pouring water into a leaky bucket. But here’s the thing, the bigger the risk, the bigger reward. In my first 4 weeks of using FB ads during COVID, I invested £12,000 in a new FB ad strategy and I was pretty nervous but by the end of the 4 weeks, I had generated £61,000 in new sales all driven from the FB ad. The biggest tip I would share here is to just get started! Start with a small budget and test it, when it works, keep adding more budget. If you knew you could put $1 in and get $100 out, it becomes a case of how many $1’s do you want to put back in the machine! But you have to turn the ad ON in order to start generating the income!
Be extremely specific with your targeting for your audience! If you try to market to everyone, you will sell to no one! The most specific your targeting, the more likely your Facebook ad will really resonate with them and the more likely you are to convert them. I hear many people say that the more specific your targeting, the more expensive your Facebook ad is to run, which is often very true. But here’s the thing, would you prefer to spend $10 on a lead that’s unlikely to buy something or $100 on a lead that purchases your top-level product, whether that’s $500, $1500, or more? The more specific you are with your targeting, the better quality leads, and clients you’ll get from it!
The Power of Facebook Ads
Facebook ads are a killer method to power up your business, and the above examples are just the tip of the iceberg on how far you can climb. What are you waiting for? Strike while the iron is hot, and start leveraging ads on Facebook!
Got a question about Facebook ads you’ve always wanted to be answered? Comment below and one of our expert team members will help you out!
The biggest problem founders and small business owners have is that they’re experts in their field and novices in what it really takes to effectively run a business. That’s what usually trips them up, sooner or later.
Don’t let that happen to you. Admit that you don’t know what you don’t know about business, starting with these 15 tips guaranteed to help keep you and your company out of hot water. Some are straightforward, others are counterintuitive, but they’re all true. And some day they’ll save your butt.
Always make sure there is and will be enough cash in the bank. Period. The most common business-failure mode, hands down, is running out of cash. If you know you’ve got a cash flow or liquidity problem coming up, fix it now. You can’t fire bad employees fast enough. You just can’t. Just make sure you know they’re the problem, not you ( see next tip ).
The problem is probably you. When I was a young manager, my company sent us all to a week of quality training where the most important concept we learned was that 90 percent of all problems are management problems. When things aren’t going well, the first place to look for answers is in the mirror.
Take care of your stars. This goes for every company, big and small. The cost of losing a star employee is enormous, yet business précurseurs rarely take the time to ensure their top performers are properly motivated, challenged, and compensated. Your people are not your kids, your personal assistants, or your shrink. If you use and abuse them that way, you will come to regret it. Capiche ?
Learn to say ' yes ' and ' no ' a lot. The two most important words business owners and founders have at their disposal are “yes” and “no. ” Learn to say them a lot. And that means being decisive. The most important reason to focus – to be clear on what your company does – is to be clear on all the things it doesn’t do.
It boggles my mind how little most entrepreneurs value their customers when, not only are their feedback and input among the most critical information they will ever learn, but their repeat is the easiest business to get. Learn two words : meritocracy and nepotism. The first is how you run an organization – by recognizing, rewarding, and compensating based solely on ability and achievement. The deuxième is how you don’t run an organization – by playing préférés and being biased.
Know when and when not to be transparent. Transparency is as detrimental at some times as it is beneficial at others. There are times to share openly and times to zip it. You need to know when and with whom to do one versus the other. It comes with experience.
Trust your gut. This phrase is often repeated but rarely understood. It means that your own instincts are an extremely valuable decision-making tool. Too often we end up saying in retrospect and with regret, “Damn, I knew that was a bad idea. ” But the key is to know how to access your instincts. Just sit, be quiet, and listen to yourself.
Protect and defend your intellectual property. Most of you don’t know the difference between a copyright, trademark, trade secret, and patent. That’s not acceptable. If you don’t protect and defend your IP, you will lose your only competitive advantage.
Learn to read and write effective agreements. You know the expression “good fences make good neighbors ? ” It’s the same in business. The more effective your agreements are, the better your relationships will be.
Far too many entrepreneurs run their business like an extension of their personal finances. Bad idea. Very bad idea. Construct the right entity and keep it separate from your personal life. Know your finances inside and out. If you don’t know your revenues, expenses, capital requirements, profits ( gross and net ), debt, cash flow, and effective tax rate – among other things – you’re asking for dysfonctionnement. Big dysfonctionnement.
You don’t know what you don’t know. Humility is a powerful trait for leaders, and that goes for new business owners, veteran CEOs of Fortune 500 companies, and everyone in between. More times than not, you will come to regret thinking you knew all the answers. Behind every failed company are dysfunctional, delusional, or incompetent précurseurs. The irony is, none of them had the slightest idea that was true at the time. Even sadder, most of them still don’t. Don’t end up like one of them.
For every success you have in growing your market share, another or other businesses will inevitably lose ground. Here are 11 quick and easy business tips to gain a competitive advantage over your rivals and insulate yourself from the threat of new entrants in the market.
Of course, we all want to spark growth and increase revenue. But the way you do this in a sustainable way is to focus instead on the building of a loyal database of avid fans. Content digital, paired with optimized website forms and éclairé fax automation follow-up is critical to business success. This approach builds trust by giving away free value before asking for someone’s hard-earned money. Not an spécialiste in creating optimized lead generation pages on a website ? No worries, use a trusted tool like Leadpages to make it happen.
Like it or not, folks out there aren’t searching for your brand, they’re just looking to solve a problem or find a particular type of product ( unless you run Starbucks or Adidas ! ) Don’t list all the benefits your product brings. Focus on the solutions. Explain to the customer in simple, straightforward terms how or why your product can help them or assist in the attainment of their goals. Consider FedEx’s iconic slogan : When it absolutely, positively has to be there overnight. This was a clear example of addressing widely-spread anxiety about the reliability of delivery services. Run through some market research to profile your target customer. How does your product or service – and your delivery and and price point – solve other people’s problems and make their lives easier or more pleasurable ?
Dropping prices doesn’t necessarily raise sales, for instance ( though it will definitely squeeze margins ). If you place yourself as a premium brand, then your customers aren’t necessarily value-driven in the first place, and cutting prices could even tarnish your brand. Consider this case study from Robert Cialdini’s seminal book ‘Influence : The Psychology of Persuasion’ : a jeweller sold out of turquoise jewelry after accidentally doubling, instead of halving, the price. The inflated price tag lent the product an unwarranted cachet ! If you are a premium brand, there are ways to optimize your pricing without lowering prices. For example, offer the quality-conscious customer an ‘exclusive’ benefit that your rivals do not or cannot provide. If you are at the value-driven end of the market, on the other hand, don’t assume slashing prices means incurring a loss. Low pricing can help you rapidly onboard a heap of new customers who may also buy other items in your shop and return again. Context also counts for a lot with pricing. The best way to sell a $5, 000 watch, for instance, could be by putting it next to a $10, 000 watch. Think strategically when it comes to deciding any price point.
Yes, it sounds obvious, but it’s so very important ! Whether consciously or not, people are more likely to buy a product if they like the sales assistant who’s attending to them. While the employee’s personality obviously has no bearing on the price or your product’s ability to serve their needs is irrelevant. Friendly customer-facing équipe will always attract more sales. Be rigorous in hiring people who are genuinely cheerful, friendly and outgoing. Make sure your training program teaches them to adopt a consistently friendly approach that puts customers at ease and feel like a priority.
Say you’re a bricks-and-mortar store and you’re getting a rush of customers as closing time approaches… why not close up an hour later ? While this may cause disgruntlement among staff, solve this provenant by getting creative with rosters. Monitor customer footfall throughout the day and week to identify your busiest periods, and staff people accordingly. You can also reduce headcount during quieter periods to offset the higher costs and longer working hours created by your extended opening hours. It’s a win-win !
Even in the web age, some customers will always prefer to contact you by phone rather than fax or Facebook. While many online companies with tight margins eschew manned phone lines altogether, it’s worth giving customers the option of having a voice-to-voice conversation with your brand. By all means, slash the time and cost spent responding to queries by funnelling customers to standardized, pre-existing responses on your webpage ( i. e., FAQs ). But if their query isn’t listed in the drop-down menu of FAQs, then don’t make them click more than once more to find your phone number. Put it front and center on your digitale page, particularly if you’re a retail offering. ‘Live chat’ bots are an inexpensive way of offering real-time communication, too.
Why not give your happy customers a voucher with their purchase to redeem on your products and services ? If they love what you do already, they’re only going to love you more for this. It’s good for you because : It guarantees they will return to your store again. People hate to waste freebies ! When they return to your store to redeem their voucher, they may buy other items, too. If your operates online, then the freebie could be strategically timed to coincide with a special sale. Oh, and guess what ? Chances are customers who have received vouchers or freebies won’t stay quiet about it either, so you could enjoy some positive buzz on social media.
Local businesses can arguably connect with their unique communities with much greater authority than any global chain. A local retailer, hair mobilier or gardening company can sponsor a kid’s sports team and offer deep discounts for OAPs at the same time. Some cinemas feature special ‘sensory’ screenings where parents can bring kids with autism ( who would normally be overwhelmed by busy, noisy environments ) to enjoy a movie in a relaxed, stress-free atmosphere. This reflects well on them and also guarantees them a loyal customer niche. Whatever you choose to do to support your community, make sure it authentically fits with your brand offering and business journey to date.
Social media is a great medium through which to build a solid relationship with customers – just don’t forget what ‘social’ actually means ! Soul-less corporate shop-talk won’t work on Twitter. Try to give your brand some ‘personality’ when you write updates or posts. This can bring its own risks, of course. But if you get it right, the benefits can be immense. Develop a tone of voice that aligns well with your brand identity. Seek to inform, help, entertain or amuse. And most importantly – given the dire PR consequences – don’t patronize, try too hard to be funny, or tweet after a few alcoholic drinks !
Sometimes it’s better to be a master of one discipline than a jack of all trades. Admittedly, multiple revenue streams do spread your risk : if one falters, others can take up the slack. Nevertheless, consumers often associate ‘specialists’ with higher quality products or services than generalists. And with good reason, too : specialists typically invest all their resources into perfecting a single product or service. So what should you specialize in ? tera state the obvious, it should be something in which you excel. You could also pick something with rising or recession-proof demand which is resilient to technological change in which you possess a competitive advantage over your rivals or where there’s an obvious gap in your local market. Own it, whatever you do.
Don’t ever get too satisfied with your . You can always improve – and improve you must ! Don’t get me wrong : without the odd moment of smug satisfaction, what’s the point ? Do relish in the successful launch of a game-changing product or take pleasure in positive customer feedback. But don’t let your customers hear you banging on about it time after time ! Be alert to the common element that has led to the downfall of countless hitherto thriving brands : complacency. Imaginative, nimble and innovative start-ups often do better than big market leaders that just got lazy. You may be the disruptive innovator today, but tomorrow you could be the complacent market leader with a tired business model. So try to be humble and always strive to improve. Seek inspiration from other entrepreneurs, from books and from seminars. The moment you think ‘mission accomplished’ is the same moment you become vulnerable to being usurped.
There are lots of ways in which you can improve your , and not all of them are complicated ! Try out the above business tips or integrate them with your existing strategies, and let me know how you go in the comments below. Guest Author : Faye Ferris is responsible for the day-to-day management of the Dynamis APAC Pty Ltd offices in Sydney. She develops the DYNAMIS ne change pas of brands and their expansion into the Asia Pacific region as well as BusinessesForSale. com, FranchiseSales. com and PropertySales. com. If you have an interest in partnering up with Faye or advertising on any of these websites in the APAC territories, please do not hesitate to contact her on faye@businessesforsale. com.