- The Lead Magnet
- Posts
- 𧲠Oops, don't make this (deadly) mistake
𧲠Oops, don't make this (deadly) mistake
How to avoid mistakes that kill sales and businesses
In sales, making mistakes is normal.
But not all mistakes are equal. Some are deadlyâand they will put you out of business fast.
In particular, pay attention to:
The Timing Trap
The Single-Channel Addiction
The Lottery Fallacy
With these, you canât say, âOops, I made a mistakeâŚâ
You have to prevent them. At. All. Costs.
1. The Timing Trap
Doing the âright thingâ at the wrong time is common but still deadly.
Internet gurus thrive on creating confusion over priorities.
If you do X, they say you should do Y. If you focus on Y, they remind you of Z.
And itâs normal to fall for it. They seem way more experienced than you.
On top of that, people get results in a variety of ways. Imagine seeing a tweet like this:
Small details make big difference.
When I wrote the Thankbox case study I suggested to improve the CTAs.
@ValCanBuild added a simple line of text and conversion clicks went from 9% to 10.5% (+16.5%)!
â Andrea Bosoni (@theandreboso)
10:06 AM ⢠Jun 17, 2021
Increasing conversions is good. Should you start A/B testing all your CTAs?
Probably not.
Most A/B tests are useless if you do them at the wrong time.
Marketing tip:
If you don't have 10k+ visitors /month on your website don't change small things and go too deep into "conversion optimization".
Change big things. That's the only tactic that will move the needle enough to see impact.
â Yannick Veys - Marketing & Growth (@Yannick_Veys)
11:16 AM ⢠Nov 8, 2022
You have limited resources to make things work. You canât afford to waste your time, energy, or money on minor optimizations.
Customers (and competitors) wonât wait around for you!
When it comes to sales, focus on your biggest hypotheses first.
Start by answering foundational questions:
Are we targeting a real problem?
Are we talking to the right people?
Are we offering something unique?
Are we reaching customers at the right time?
When defining your next priority, use the Impact Rule: focus on the change with the biggest impact in the shortest time.
The Lead Magnet is supported by Inboxs.io
Turn Instagram DMs into your CRM with Inboxs.
It will help you generate more sales on Instagram by:
Nurturing leads
Managing projects
Building quality relationships
Tracking important conversations
Following up with your prospects
2. The Single-Channel Addiction
If you have a unique offer and target the right problem, youâll get traction.
Not everywhere, and not at the same rate.
Some channels will work better than othersâitâs inevitable. And yes, doubling down on the best one will boost sales in the short run.
But itâll also make you vulnerable.
During the COVID pandemic, many startups and founders focused on Twitterâit was an effective channel with a lot of buzz.
Then, almost out of the blue, the Twitter API Hammer came down.
Twitter Tool Makers are going to have a day from hell.
The Twitter API Hammer is coming down today.
New API plans will be introduced.
Super useful if you're building a weather bot. For all other things, not so much.
Everyone not on their Enterprise API plan will basically be⌠x.com/i/web/status/1âŚ
â Yannick Veys - Marketing & Growth (@Yannick_Veys)
5:29 PM ⢠Mar 29, 2023
Hypefury always relied on the Twitter API, and that change hit us hard, too. But we werenât fully tied to the platform. It was a rough time, but we made it through.
Not everyone did. Many founders had to shut down or sell their apps in a buyerâs market.
If you rely on a single channel for traffic, leads, or conversions, youâre vulnerable. And you never know when that vulnerability will come back to bite you.
You canât fix this issue in a day, but the sooner you start, the better. Thatâs why Iâm a huge proponent of repurposing and cross-posting content.
Need help with this? Check out this ChatGPT Prompt for Adaptive Cross Postingâit tweaks your posts to match the vibe and audience of different platforms.
3. The Lottery Fallacy
People love stories of overnight success. A founder lands a huge deal, a creator goes viral, or a cold email brings in a six-figure contract.
Itâs easy to believe that one big win is the key to growth.
For example, many people have the assumption that you need a large following to make money. Instead, đ
3) You need a large following to make money.
I built my agency to $10k/month at 3k followers.
I know people making $50k/mo+ with under 1k followers.
You can have a small following and still make money from Twitter.
â Marcos (@itsmarcosruiz)
12:32 PM ⢠Feb 27, 2023
If youâre chasing jackpots, youâre gamblingânot building.
Businesses donât scale on flukesâthey grow by maximizing customer value over time.
Instead of chasing the next big win, ask:
How can I increase the lifetime value of each customer?
How can I turn one-time buyers into repeat buyers?
How can I create a system that brings in consistent sales?
Selling isnât about how often you go viral. Instead, focus on delivering valueâagain and again.
What do you think of this issue?Your feedback helps me understand how I can improve this newsletter. |
Thatâs it for now, everyone! Weâll meet again next week to discuss some more of this!
Feel free to reply to this email. It goes directly to me.
Cheers,
Yannick