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By Mike Michalowicz
On the day I launched my first book , “ The Toilet Paper Entrepreneur ,” no one bought it — not even my own mother . Feeling defeated , I had two choices : Learn how to market effectively or abandon my dream .
I knew it was a good book . I knew it could help other entrepreneurs succeed . This led me to an epiphany that has resonated with me every day for my entire career : I have a responsibility to market .
The lack of good , effective marketing is the reason for small-business mediocrity and stunted growth . It cannot be overstated enough : You have a responsibility to market effectively . It ’ s that simple . You became a business owner because you saw the impact you could have on the world with your offering , and you thought it could serve better than the rest . With the numerous responsibilities that come with business ownership , your main focus should land on marketing your offering in a way that makes you shine among your competition so you can serve your community of customers .
It ’ s natural for fear and adversity to arise when running a business .
It ’ s a strange time , to say the least . The idea of getting back to “ normal ” is obscure for some . Others may realize that “ normal ” wasn ’ t that great . Added to that , many of us are wondering what ’ s going to happen next in the current economy , which leads to trepidation when developing business strategies . The one strategy that is paramount to the survival of your business is in marketing .
There will always be a reason ( I like to call these excuses ) not to market . You may think now isn ’ t the time . Perhaps you ’ re revamping your product . Maybe you ’ re an introvert . Maybe a health crisis , politics , or social justice issues are creating a sensitive time in the world ( in which case , yes , time your messaging accordingly ). Whatever the reason , you must find a way to get over the fear of failure and market your offering so it cuts through the static and gets noticed . Your business and your livelihood , and those of your family and employees , depend on it .
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Mike mi-KAL-o-wits is the author of “ Profit First ,” “ Clockwork ,” “ Surge ,” “ The Pumpkin Plan ,” and his newest release “ Fix This Next .” By his 35th birthday , Mike had founded and sold two companies — one to private equity and another to a Fortune 500 . Today he is running his third multi-million dollar venture , Profit First Professionals .
Mike is a former small-business columnist for The Wall Street Journal and the former business makeover specialist on MSNBC . Over the years , Mike has traveled the globe speaking with thousands of entrepreneurs and is here today to share the best of what he has learned .
1 Reimagine Your Business
Is it pivoting right for you ? We know the pandemic changed the way many small businesses survive . We never heard the word “ pivot ” so much since Ross tried to get a couch up the stairs with Chandler and Rachel on “ Friends .” When COVID-19 resulted in global shutdowns , small-business owners , especially those with storefronts , were left with two options : Wait it out and hope for better days , or create better days .
If you want to create better days ( because I know you ’ re not going to just sit there , right ?), you need to reimagine your business . You ’ ll have to reassess your offers , how you market , what your customer base is , and what those customers need from you now . As business owners , we need to recognize that sometimes , no amount of marketing is enough . Your business should always be evolving because the rest of the world is . But is pivoting your offering right for you ? Chapter 10 of “ Get Different ” provides you with a blueprint to reimagine your business for emergencies and for plain old revamps . Don ’ t worry , you won ’ t have to start from scratch .
Here are a few simple steps to start : Look at what you already have in place , know your customer profile that you ’ re offering to , and know if your product truly solves the problem or serves the needs your prospective customers have .
Jacob Limmer of Cottonwood Coffee found that pivoting his business was the only thing that was going to save it . When the shutdown occurred , people weren ’ t exactly running out to their local coffee shops . Most storefront owners were forced to temporarily close , which left them wondering , “ What do we do now ? And for how long ? Is this the end of my business ?”
What did people need in that moment of a global health crisis that Jacob could provide ? He decided to send a survey out to his mailing list . The survey said Cottonwood knew it must serve their customers in a new way and asked what would be the most beneficial thing Cottonwood could do for them . The resounding answer was “ Immunity .” The Immune Booster Cold Brew was born . Infused with high quality D3 , customers could still enjoy their coffee ritual while getting the added benefit of a healthy supplement . Online sales of the brew soared , and customers saw that Cottonwood cared enough about them to create something new that they needed .
As for Limmer , he says , “ I feel more in control of my business than I ever have before . I know now that I don ’ t have to sacrifice my life for my business ever again . I can adapt to whatever happens and whatever I will need by reimagining it .” Isn ’ t that what we all want ? 2 Differentiate And Get Uncomfortable Because Very Little Is Created Via Comfort Zones
Let ’ s cut to the chase . Do not rely on word of mouth for marketing . That ’ s just lazy . By doing that , you are forgoing your marketing methods