Holding On A Little Longer
This week has been an interesting dive into the past few years of online business for us. We’ve started a number of projects over the past years. Some of them were successful – many were small experiments that didn’t seem worth the time and were abandoned early on.
If you’ve been paying attention to us then you know we are completely rebuilding and relaunching S&Z this month – from online sales to new content plans. Music is in the making. A podcast is being set up. It’s exciting…
As we’ve gone through all our data and begun making changes though it’s been interesting to see some things that were missed – and a very clear lesson that emerges from it. The clearest example comes from a project we have called Hermes. Hermes is a coaching, consulting, and mentorship program that still exists as a separate project from S&Z. Our original marketing was sent out to a small email list for testing – and bombed completely so we changed tactics.
Bombed… We thought at least. No one responded. Our opening rate was quite low, etc. We simply let it go.
This was a mistake we now realize. Why?
Going through our data for the 3 weeks after we stopped that means of marketing (as well as taking down a sales site that the emails led to) we discovered that not only were there MANY people who opened the email after we stopped marketing – but over 10 percent followed the link and attempted to make the purchase.
I kicked myself writing that number down. Sure we’ve had sales, run our businesses, made money, etc since then. But that is a significant chunk of change we missed out on.
That being said – we don’t believe in complaining or feeling like we are victims to circumstance. Instead we have learned to take as much as you can out of the experience and use that knowledge to make better decisions in the future. This applies to every area of life from parenting to spirituality – from personal finances to business plans.
So… What did we learn from this – and several other projects?
Simple: Don’t give up too early.
It is vitally important to recognize when something isn’t working and to stop pouring time, energy, money, or other resources into it. Whether it’s a personal relationship or a business endeavor – you need to know when to stop.
I don’t like losing money – and so I pride myself on knowing when to cut things off and stop taking risks with it if they aren’t working. BUT sometimes it is very clear that I was wrong – I should have gone farther, worked more, and been a little less precious about some things.
For some of us, that can take the form of being less lazy and more committed. For some we may need to reevaluate how much we want that thing to remind ourselves that it’s worth the wait. And for a few of us we may need to be willing to let things roll for longer and just be patient while we wait for it to grow.
But whether it is in business, family, hobbies, or other endeavors it often pays better to take the extra time and effort to really thoroughly evaluate the situation, make a decision, and keep moving forward, knowing that sometimes you’ve just got to hold on a little longer.