Had a conversation with a friend today. We were talking about how much his business has grown in the last 6 months from when he started with nothing until today when he was talking about not having enough time to help all of his clients. New purchases of capital equipment have been made, relationship building and networking is a constant part of his week, and his services are being used. All really great things…right? Except more money did not equal more time. In fact the two forces of time and money seem to have an inversion quality to each other where one goes up, the other inevitably seems to go down.
That’s when he dropped the bomb on me, I’m sure I looked like a fish with my mouth agape, when he said “I’m so busy right now I think I am going to stop marketing until things slow down.”
Wait…what was that?
Yes, he said he was going to stop. Thankfully I’ve had enough conversations not to react heavily, instead just started asking the questions. WHY would you do that?
Come to find out he is busy and it is hard to schedule life with work. I asked how much he’s charging his clients, and the response seemed low so I followed that as well discovering he wants to charge more, but doesn’t want to lose his current clients. That makes sense because there are all types of sayings about that fear like: “Never look a gift horse in the mouth” (unless you’re Troy being attacked by Greece, in which case you should poke the horse all over).
So here is the takeaway for everyone: NEVER STOP MARKETING. Once you stop the laws of physics come to play against you, and they are rather unforgiving. As humans we all understand physics at a rudimentary level by interacting with our world. There is gravity, trying to push a stalled car off to the side of the road, lifting a piano, judging your seesaw partner’s mass before they jump on and send you flying, or how to get the most air from the huge Blob Pillow thing at the lake.
The same theories of physics applied to the world can be theoretically applied to business. Take Newton’s Laws for example: Mass, Force, and Acceleration all interplay with each other. Starting a business, or coming in new to a business, uses a lot of emotional, mental, and time (force) to move the business (accelerate) to the goal and how much force depends on how big the business is (mass). The moment you stop applying force then the business slows. If it stops? Well get ready to start over again.
I encouraged my friend to continue marketing with a different analogy. If you want to catch bigger fish, use bigger bait. If I fish for Chinook Salmon I’m not going to use Trout Power Bait…at least not intentionally and while expecting successful results.
The problem wasn’t that he wasn’t catching fish. The issue was that he was catching too many small fish and wanted to start landing some bruisers that would fill the ice chest. So how was he supposed to change his lure and not dump his current catches?
Some of his goals were:
A. Earn over $250 average per project
B. Keep his current clients happy
C. Get some time back AND grow income
Here’s how I suggest he do that. Raise prices for new clients while maintaining current prices and MARKET that. Market to current clients that he values their business greatly, that he’s raising prices for everyone but them, and he’s excited to continue working with them. Market to potential new clients about all the work he is doing and show them the great way he’s doing it!
In reality he’s charging a better price for what he does, he’s allowing the market to determine speed of acquisition by agreeing to price, and starting to meet his goals. The tertiary benefit is that he is slowing down business to a manageable level by utilizing the Law of Supply and Demand. When supply wanes (his time) and demand increases (clients) then the price should follow suit.
Frankly, he had a problem that all businesses want to have. Thankfully we caught it early enough before he stopped his current marketing processes and habits which would cause him to lose momentum and put him back into rest. It’s always easier to keep the ball rolling than to start rolling it again.
Newton’s First Law of Motion:
An object at rest will remain at rest unless acted on by an unbalanced force. An object in motion continues in motion with the same speed and in the same direction unless acted upon by an unbalanced force.
NEVER STOP MARKETING – CHANGE YOUR MESSAGE INSTEAD