Luck: The key to success or the road to failure?
Does luck exist?
People will always have different opinions on ‘luck’, but as someone who’s seen a lot of different businesses, I can confidently say that in the business world, ‘luck’ doesn’t exist. It just doesn’t work like that. There are no naturally ‘lucky’ people, or naturally ‘unlucky’ ones. The success of a business doesn’t depend on the luck that supposedly follows some people through life.
The reality is that running a successful business is not about luck at all – it’s all about working hard and working smart. While it might be true that some people find themselves in a good situation or ‘the right place at the right time’ this is nothing but sheer coincidence. If a business is relying on this type of coincidence to be successful, I’m afraid to say that it’s probably not going to happen, and if it does, it is likely to be short-lasting.
What really makes a business successful?
If we take a realistic look at how most businesses operate, we can see that the successful ones will regularly set business objectives and performance targets. Setting these goals is one thing, however if you are relying on luck alone to attempt to achieve these goals then you are surely setting yourself up for failure, rather than growth and success.
Let’s now take a moment to think about what luck means in a purely business setting, the things lots of business do that they might not realise are relying on luck!
Lots of businesses rely on the misguided practice of sending out cold contact proposals. Reaching out to someone who has never engaged with your business before is obviously poor lead, and you already know that it’s unlikely to result in a sale.
Of course, I can understand the mentality behind this. After all, you never know when a cold lead may actually turn into a sale. But chances are, you’re just going to just annoy the lead with a torrent of information and your attempts to persuade them into buying from you. Facebook advertising is one thing, but directly seeking someone out and contacting them to tell them they need your services is too much too soon.
Other businesses rely on the practice of networking to grow. Networking can be a powerful tool when used appropriately, but many ill-advised businesses will use networking in a similar way to how they utilise the cold contact proposals – by bombarding contacts who have not previously engaged and are unfamiliar with the business model.
Again, this is a clear case of marketing in a way that does not reflect the lead’s tailored needs and desires. They may be interested in your product, but at this point you should only be communicating with clear, concise and short pieces of information.
3. Referral leads
The third ‘lucky’ tactic that is often used incorrectly by businesses, is relying on referral leads from you existing contacts. Again, referrals can be great in the right context, but there is a fine line between coming across as confident with a strong belief in your company’s abilities, and being pushy, which can isolate both the company and the referee. You can end up losing a lot more than just a good business contact.
Look at it this way: if the lead isn’t impressed with the initial information you’ve presented, your referee may be hesitant to continue to refer you to other leads. Use your references sparingly and wisely, and don’t give a referred lead more information than they can handle. These initial contacts can make or break a potentially great relationship. You want to be nurturing solid, loyal advocates for your business to truly succeed.
What should you do instead?
As a business leader, you might find that the above three tactics are actually working for you. Maybe you’re reading this and thinking “I do all these things -and I’ve never had any problems!”. You might even find that your business is thriving and seems to be heading towards gaining a healthy profit.
The problem is, that relying on luck for business growth is all short-term gain for long-term pain. Things might look rosy to begin with, but you may as well bet everything you have in Vegas, as the luck you’re relying on is about to run out. If you really want solid long-term business growth with no sign of slowing down in the foreseeable future, you need a method that’s sustainable and guaranteed to succeed.
So what method can a smart, switched-on business use to succeed?
The answer is an online marketing funnel.
Online marketing funnels are consumer focussed – they work by directly funnelling customers towards the purchase of a product. A customer’s journey towards purchasing, which is also the businesses road to success, is a certain indication of long term growth.
Forget the pushy and ill-fitting referrals, networking and proposals that have doomed businesses in the past – marketing funnels focus on the customer’s specific needs, desires and ultimate purchases. They consider the fact that each lead is at a different stage in the purchasing process and possesses a unique mindset.
The right marketing funnel is the key, as marketing correctly and smartly will ensure that your business doesn’t fail due to a lack of customers. Satisfied and nurtured customers equal success, and so therefore the marketing funnel equals success.
The smallest part of the funnel represents the committed customers, which are of course a huge part of the marketing funnel’s strategy. However, the largest part of the funnel represents potential customers, and so here is where the business growth lies. By managing the efforts of the business accordingly, you can ensure your cashflow remains strong without the ebbs and flows that have plagued businesses of the past.
Are you ready to completely revolutionise your business? Are you tired of relying on luck that doesn’t exist? We have established that ill-advised luck tactics do not work for a sustainable business, and that the vital element of any successful business is a marketing funnel that is tailored to the specific needs of your customers. Get ready to give up the feasts and famines that are the downfall of unsuccessful businesses, and see your business grow exponentially as a result.