By Mo Yusuff Although there are many reasons why businesses invest in promotional products (and it’s not all about...
11th July 2019
By Mo Yusuff
Avoid at all costs the number one.
It’s the worst number for any company.
Think about it.
If you have one customer, one supplier, one product or one way that generates business, you’re seriously at risk.
There’s been a lot of bad press about social media recently and a great example of the destructive power of one is this.
Last year the LittleThings, which started as a pet supplies e-commerce site and grew exponentially, topping 50 million users in three years by sharing inspirational stories on Facebook about people and animals doing heroic things.
They were able to target their ideal customer, middle-aged woman, by tapping into Facebook’s expertise at precision targeting.
Facebook needed publishers like LittleThings that drove engagement on the platform. As Facebook changed, emphasising video, so did LittleThings.
“As long as you constantly pivot within the Facebook ecosystem, you’ll be fine,” said CEO and founder Joe Speiser a couple of years ago.
When Facebook decided it wanted less publisher content in the news feed, LittleThings’ traffic and engagement plunged. At the end of February of 2018, Speiser announced to their 100 employees that after attempts to sell fell through, the company would close.
An interesting article online kinda sums it all up:
“The business model was intrinsically risky. LittleThings decided early on to ride a tiger, in its case Facebook, only to have the tiger turn around and eat it. LittleThings only grew as big as it did because of Facebook — but it couldn’t find that audience elsewhere when Facebook choked off its reach.”
The lesson here is, do not rely on a single method of generating business, and especially something you can’t control.
So if you do use social media to get people to engage with you and create interest in your products or services, get them off those platforms as fast as you can and onto your site.
And look at lots of different ways to market to them including offline. Direct mail for example is probably one of the most underrated ways to create interest and attract the kind of people you want to do business with.