How to Create a $10 Million Company
Start with a $45 million dollar company and make a lot of bad decisions. Ba-ding! I’ll be here all week. Try the veal!
Start with a $45 million dollar company and make a lot of bad decisions. Ba-ding!
I’ll be here all week. Try the veal!
But seriously, folks, your entire business survives based on the quality of your decisions. This seems obvious to me but for some reason when it comes to marketing, a lot of companies engage in what I call “Let’s do somethin’ and see if it sticks” which is a linguistic cousin to “Here, hold my beer and watch this…”
You can joke about it, but this sort of approach costs real money and is a gamble of the worst kind. But the best part is that these companyies write off their failure, not to a poor decision making process, but because “marketing doesn’t work in our business.”
I recently worked with a company that was in this exact position – declining revenues and pursuing the “See What Sticks” (SWS) approach. Or, as I like to call it the “Lord Help Us, Let’s Just Get Out There and Try Anything. ANYTHING!” (LHULJGEOTTAA) approach.
It’s like building a factory and skipping the blueprint. I’m sure you are thinking to yourself “Who could be that stupid?” But I’m talking about seasoned, intelligent business people who are doing the marketing equivalent of this all the time.
It is easy to perceive the activities under the banner are “marketing”. Or they think of “marketing’ as a web site, brainstorming or other project. Not because they are dumb – they don’t have experience with actually doing marketing.
Which is a bummer because the fix is pretty simple. All they really need is a better decision making process.
The key part of the quote above is “… infinite amount of time” and even then, I’m seriously doubting that hypothesis. I predict you would have a lot of typewriters fouled with monkey poop.
The SWS method works against you because it is, by nature, informed guesswork. I’m not saying you don’t have a plan. I’m saying, if you have a spreadsheet that is mostly numbers or the plan is in your head, you don’t have a plan. Failing to consider the variables that make you succeed or fail in an organized and disciplined makes for bad decisions.
Another issue is the sheer number variables with which you must contend in today’s complex marketplace. Decisions like:
- Should we be doing Pay Per Click?
- How do we get in front of more high quality buyers?
- How do we best segment our offerings?
- How do we speak to multiple audiences?
- What is the most efficient way to bring our product/service to the market?
- What makes us different?
- What are the crucial factors our customers use to choose companies/solutions like us?
- What is our customer cost of acquisition?
- How can we shorten the sales cycle?
- How do we best enable and support our sales organizations?
- What would we invest in these activities?
- and hundreds more…
Each requiring a decision and each decision interconnected in terms of contributing to the company’s success or failure to thrive.
I’ve found that the reason company’s don’t approach this problem is that they don’t have a good framework in place to manage the decision making – so they just wing it, going with the path of least resistance.
You need a system to make good marketing decisions for your business to tame the complexity, see hidden connections and execute deliberately.
Over the course of working with hundreds of clients I had to develop a system to quickly sort out all the variables for each client and execute.
My framework, the Marketing Action Planning System (MAPS™) allows for better decision making, faster.
Because I’ve facilitated hundreds of companies over thousands of assignments, MAPS quickly brings order to decision making and results in a clear path to meeting your objectives.
Or, you could just keep doing stuff.
Contact me and I can show you how MAPS™ works and what we’ve done for other clients.