As the world gets smaller everyday – people overseas competing with you, more services and innovation coming ou, more distractions to your market, etc. – it becomes imperative to try many things .. smartly.
The definition of insanity is to keep doing the same things expecting different results but getting the same. One cure for insanity in business is to do smart experiments – to try or test different ideas without losing your house, farm, family and favorite pets.
Of course, I am not advocating taking foolish risks. You must weight the risks versus the potential returns in each experiment.
An example of an experiment is in marketing – e.g. testing out a new market, testing out a new new marketing funnel or webpage, hiring a marketing assistant, etc.
To do smart experiments in business marketing, I will coach you to do the following:
1. Establish a stop loss – i.e. how will you know by looking at numbers and specific events, that your experiment is a failure ?
2. The converse is true; how will you know it is a success? What will your ROI be i.e. return on investment?
3. Aim high but be realistic: What measures if achieved, will demonstrate outstanding success (breakthrough)?
(For more on ROI and Profit and stop losses, refer to this blog article: http://cahayamind.com/how-to-make-another-100k-in-your-business-with-more-focus-and-with-profit/.)
1. What smart experiments are you going to take on for the next 2 weeks?
2. What will your stop loss and measures of success be?
If you have questions or would like to schedule a short chat, email me at Sunil@CahayaMind.com
Executive Business Marketing Coach
San Jose, Santa Cruz, Capitola, CA