Who should work with an agency and what are the two major factors why you don't grow as a business?
Tim Kilroy is back again! The 5th episode was such a success that we decided to bring him again in the 6th episode. In this episode we explored:
✔️ Which are the most common issues regarding business and personal growth
✔️ Measuring the understanding your customer metric
✔️ Which companies should work with an agency and which not
✔️ The stuff you know how to do doesn't work anymore, and this happens
The Internet makes it look so easy
According to Tim, if you follow the x system you will hit 9 figures or whatever. It looks like starting a business is clicking in the right place and everything will magically come true.
That's not true. Building a business is hard. Success is not inevitable. Success is something you have to be in the purpose of and understand that it happens despite you, not because of you.
The mindset of the earliest day entrepreneur is that, if I have the right system, it will work. And this is not true.
You need to have the right team and know how to deal with your customers and potential customers.
Systems are an engine. You have to put something in place for that system to work. It is not a great vision that creates great companies.
The product/service market fit
If you are not having success, there are two main scenarios: you've got the right audience, but you are selling the wrong product/service. Or you've got the right service/product, and you are selling to the wrong audience.
And the other scenario, you don't have the right product or the right audience.
What makes sense is understanding your customer. How do you measure the return on understanding?
If you can think about ways to increase your level of understanding the needs/desires of your customers, that will bring the most significant return you have ever made.
Does an agency fit your business?
There aren't external signs to show you that your business needs an agency. It is more like your ability/availability to source/train and invest on in-house talents versus hiring an expert.
Most ecommerce companies hire agencies because they either don't have the staff or the ability to manage a staff that performs the desired activity.
If you can't manage the top-performing professionals in your team, that's a sign an agency might be the best way to achieve the best results.
Not everybody can manage everything. And money-driven decisions are not well done as well, most of the time. You need to work with an agency because they are better, not because they are cheaper.
Working with an agency also makes you avoid failure to learn, because agencies already face issues and failures, which prevents you to lose sales because of your own mistakes that you didn't learn before because you didn't make it.
It doesn't work anymore
Sometimes things you are doing are going really well. And all of a sudden, it all goes really bad. This happens. The first thing you should do is think about the last time you thought "oh, everything is working well" and about what you were doing.
Likely you were doing something different. And now you are a little bit bigger. You need to go back to the last thing that worked and reevaluate it. You need to check what you are putting and what you are getting from it.
So, revert back to the last thing that worked. And reevaluate the consequences you did not consider.
Books talked about during the podcast:
The Road Less Stupid: Advice from the Chairman of the Board
The Consulting Bible: Everything You Need to Know to Create and Expand a Seven-Figure Consulting Practice
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