Well, I’m back after a whirlwind August. I didn’t mean to stay away from here quite so long, but these things happen. To make up for it, I’ll be sharing lots of the lessons I’ve learned and the thoughts I’ve had while tackling two trade shows this month, the New York International Gift Fair and the Buyer’s Market of American Craft.
Today I want to talk about a concept that’s been on my mind a lot lately: the idea of building momentum for your business.
Many of us dream of that one momentous occasion where our business just breaks through. Perhaps it’s that one killer product, an amazing piece of press, or even an incredibly successful trade show.
But it rarely happens this way.
Successful businesses develop through lots of consistent effort and exposure over time. Jim Collins calls this idea pushing the flywheel. (And he feels it’s so important that he devotes an entire chapter to the concept in Good to Great
One of the secrets to combat frustration and disappointment in your business is to embrace the idea that you are pushing the flywheel. There’s that old adage that says a customer needs to seen your product or company seven times before they make a purchase. (And depending on who you talk to that number might be as high as 9 or 11 times.). Yet many of us our quick to dismiss a show, an ad spot, or even an entire product line if it doesn’t immediate make us millionaires.
Now, don’t get me wrong. This doesn’t mean you should abandon big product launches, or that you won’t sometimes have a truly amazing show.
What it means is that you need to approach the way you market and promote your business with consistency. And you need to understand that it takes more than one big event to build a successful business.
Instead of writing a show off after the first go ’round, why not make a commitment to do it another time or two so that buyers get comfortable with you and your product. Instead of canceling that ad after the first month, leave it up a few more to see if you can’t build some brand awareness. (Better yet, commit up front. Many blogs offer discounted ad rates when you purchase multiple months at once.)
Even businesses that appear to be overnight successes often aren’t. Sure, some businesses break through faster than others. But generally, the ones that break through fastest are the ones that put in a consistent effort in one direction. They chart a path for their business and don’t give up if the initial result isn’t 100% world domination. They keep pushing the flywheel into it has enough momentum to roll on its own.
So the next time you decide to tackle a new path or marketing effort for your business, make a commitment for the long haul. Decide in advance that you’re going to try something more than once, and stick to it for more than a month. Commit to the idea that you’re pushing the flywheel, and instead of worrying about why you aren’t an overnight success, you’ll start to see your business grow in a slow, steady fashion that can continue well into the future.
Welcome back Megan. This is just what I needed to read this morning. I am on a big push this week to relaunch my website on Labor Day. However I know this is just one step in a long process, and that the money tree will not rain on me next week. I have monthly goals set for the coming year that will build on my labor day launch. I am “pushing the flywheel”! thanks for putting it into words for me.
How long do you stick with these shows? I know people that just did the NY International Gift Fair, their splashy new “handmade” section” and that was put all the way in the back. Not much traffic for the immensity of such a show. I feel for these artists! The disappointment of knocking themselves out, coming up with new collections and spending the money to show there, to come away feeling like, “Rip off!”, it seems the only people making a killing at these shows are the promoters who sell booth spaces. I think that shows of this caliper are waning due to the advent of excellent internet services. The younger buyers can look at your product lines on-line and one or two sample pieces and decide to go for it bypassing walking a million miles of a gift show. Old school still like the stroll of these gift shows and “window” shopping but these days, isn’t most of it done via the internet?
For the money of not traveling, buying a booth, staying in a hotel, eating ramen noodles in the room, just concentrate on putting the best product out there by way of photographs, line sheets and samples. Find the direct contact info of the buyers you want to target and keep mailing your designs to them. You still wouldn’t be spending the beaucoup bucks you did at NYIGF. Concentrate on your signature pieces, hone it and try different angles to promote it is much easier to do at your home base. Constantly research buyers and reps for all the stores you want be be in. Follow up with phone calls after you have given them your full presentation via e-mail or mail. Get feedback from them, what are they looking for next season? Definitely keep at it.
Retail shows seem to fair better as you get to directly interact with the actual buyer. It’s a good way to try out new styles and to experiment. Ask some of you fans what they think of something new that you’ve done.
Good post! I hear the wrath of so many jewelry designers about these shows. I get tongue tied as to what to say to them. They put so much time, sweat and passion into their love of creating. I always tell them to hang in there! Persevere, someone out there will love your creations.
It’s hard for some to realize that most businesses are built on a lot of effort and continuous commitment. I think some people want to believe that their “big shot” could be right around the next corner, because it instills hope. But, if you give up too soon due to this belief, you could be giving up a really good thing.
Thanks for this post, and I’m glad you’re back!
Truly excellent advice! We live in a society of instant everything and many people hope for the gamble of being discovered. But being out there and consistent is SO important! Thanks for posting this!
I totally needed this today, Megan! Some days (like today) it just feels like everything I do is so small and I need a reminder that if I just get those million small things done, it will surely add up to a big deal 🙂 Thanks for the encouragement 🙂
Welcome back!
And great post! When a business suddenly becomes really successful, it’s easy for an outsider to assume that it just happened out of the blue, when in reality there was usually a lot of time and effort behind it. It should be reason to get discouraged if our own business hasn’t done the same, it should be motivation to keep pushing the proverbial flywheel. 🙂
Thank you Megan for the excellent advice and insight!
I’ve just started as a crafts person full time and I’ve not yet had many sales. I’m trying different things and learning on the fly and although it does get a bit disheartening at times I know I just have to keep plugging away. I look at my sales now in terms of percentages and if I sell 10% of a line each month then I’m happy. Then it just comes down to making sure I have lots more products to sell!!! The advice helps, I’ll just keep “pushing the flywheel”!
I just stumbled upon your blog a couple of weeks ago and have enjoyed reading some of your older posts.The post today was perfect for these last dog days of summer. There are times when you wonder if it’s all worth it. Your post today is a reminder that it truly is – but it’s definitely hard work and a commitment. Thank you for the little push today.
Thanks for your sharing! I’ve started my online shop a couple days ago, i didn’t promote it a lot or share with my friend, because i am thinking i don’t have enough inventory to support. Actually, i have a plan to make my biz few hours a day and do my freelance a few hours too. Sometimes, it couldn’t work with it when i am being staying at home mom. I am not sure my thought is wrong or not. Consistently to work with or post your product it is absolutely right. But, i am thinking how could i make the time to do it, it is most important. Is it probably not a right time to do my biz until the kids is growing up?? But, i don’t want to waste my time, life is too short, i just want to keep my biz and family at the same time. Sigh….
Hi Megan,
It was such a pleasure to meet you in Baltimore. I have been following your blog for a while, but it was so great to meet you in person! I will be in touch with you about Craftland soon. I hope you are settling down nicely and easily..
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Great point about consistency! I definitely needed to hear that! I was just about to cancel some on-line marketing after 1 month but after reading this article I decided to give it at least 3 full months. It’s easy, but probably not too smart, to try out some new promotional or marketing effort, not see any immediate result & move on to the next “great” thing.
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