Starting and scaling a business is no easy feat. Mistakes are bound to happen, the key is to learn from them. In this article, we discuss three of the biggest mistakes we’ve made since starting our business and the lessons we’ve learned. We hope you can learn from our mistakes without having to experience them firsthand.
Mistake #1: Not consistently filling our pipeline with new leads
One of the biggest challenges we faced early on was consistently filling our pipeline with new leads. We found ourselves in a cycle of feast or famine, where we would either have too many clients or not enough. This inconsistency made it difficult to plan for the future and caused unnecessary stress.
Lesson #1: Diversify your sales channels
It’s crucial to constantly evaluate your business development and lead generation strategy to ensure that you’re reaching your target audience through multiple channels. We expanded our sales channels into LinkedIn direct messaging, Instagram direct messaging, job boards, and in-person networking events, building specific strategies and goals around each channel. All of these outlets allowed us to reach a wider audience and attract more of our ideal clients. By diversifying our sales channels, we were able to create a more sustainable and a consistent sales pipeline, which reduced stress and increased predictability (and revenue!) in our business.
Mistake #2: Ignoring Conversion Rate Optimization (CRO)
Another mistake we made was not implementing conversion rate optimization (CRO) strategies with our clients, which meant we didn’t understand the user experience and customer behavior. We were driving traffic to our clients website, but they weren’t converting into leads or clients. Without understanding what the traffic was actually doing on the websites, we weren’t able to make informed decisions based on real data.
Lesson #2: Utilize CRO to track traffic
In this case, it wasn’t about driving more traffic, it was about evaluating the user experience and behavior by applying an analytics tool (such as Hotjar) to websites. This allowed us to use data to make informed decisions, make our website more user-friendly and improve our conversion rates. This is an ongoing process, and we are consistently reviewing the data and making adjustments. If you are going to invest in a website and driving traffic, you should be tracking your CRO. This can equate to more leads, more clients, and ultimately, more revenue for your business.
Mistake #3: Not working with experts
The third mistake we made was not working with experts. In the early days of our business, we tried to do everything ourselves or utilized the cheapest option available to save money. While this may have seemed like a good idea at the time, it ultimately created more work and ended up costing us time and money.
Lesson #3: Assemble a Network of Experts
We started assembling a network of dedicated experts in each area we wanted to grow our own business and support our clients’ business. We vetted each person thoroughly and established standards to ensure that we were working with qualified professionals who could support our growing needs. By working with experts, we were able to save time and focus on what we do best, and knew we were doing what was best for us and our clients.
Starting and scaling a business is challenging, and mistakes will inevitably be made along the way. However, by learning from those mistakes and implementing the right solutions, you can overcome any obstacle. Whether you’re a small business just starting out or a CMO of an established company we hope to inspire you to learn from our experiences and achieve success on your own journey.
If you’d like to have a conversation about anything mentioned in this article, click here to schedule a chat with our team.