One of the highlights of an entrepreneur’s journey is to be recognized by his or her industry. For professional authors, making or topping the New York Times bestseller list is one such recognition. Reaching the number 1 position or top 10 list on Amazon bestsellers’ list is another example.
Again, being noted in a popular magazine or leading startup publication as the “Startup to watch” or “next big thing” helps your new business gain traction, attention and perhaps patronage. However, these acclaims will do no good if your business is not making enough sales to grow or stay afloat in the worst case scenario.
Matthias Mazur, CEO of Zuramedia explains this remarkably. “Some CEOs spend more time thinking about the next award and how it will look in their office instead of focusing on improving their business. Nothing is more important than product quality, revenue, profits and happy customers who keep coming back.”
The Customer is the Ultimate Judge
Explaining further, the former pro athlete turned internet entrepreneur and investor emphasized the need to seek customer validation before industry recognition.
“Industry critics don’t get to buy enough products or services that will enable you stay in business and profitably so. In fact, the people who decide what entrepreneur gets nominated or awarded make up just a tiny fraction of your audience. Thankfully, they have very minimal purchasing power in the grand scheme of things. IMDb may rate a movie 6/10 and Rotten Tomatoes may rate the same movie 55%. But if fans loved that movie a lot; stormed the cinemas to see it; created a viral buzz about it on social media; and it generated hundreds of millions of dollars in total revenue for its producers; the only people who lost here are the critics”
His ideas are pragmatic and make a lot of sense. Other than industry experts and perhaps a minor percentage of other people outside of your industry, nobody gets to see and criticize every mistake you make in the production and/or distribution of your products and services. It may not be totally out of place to say that the customer’s happy, positive feedback is the biggest award recognition every business should strive for. They decide which companies stay in business and which ones that go out of business.
As a matter of fact, businesses should put themselves out there – in the eyes of as many potential customers as possible – for their lives literally depend on it. The big question is: how do you get the attention, patronage and validation of these people who matter the most?
Go Digital Big Time
In the wake of the coronavirus pandemic, businesses who have earlier invested in social media and digital marketing are glad they did. The ones who didn’t are getting ignored. The world has been “at home” for months now and no one knows how soon everything will return to normal. But then, you can do something that will help your business now and after the pandemic. Matthias Mazur still has solid input to make here.
“To reach the people whose opinions and money are most relevant to your business, you have to meet them in a place where they are most likely to be – the internet. At the moment, the world is locked down. There are more people on social media than there have been in a very long time”. “Learn, understand and master social media. Combined with some new tools and technologies, you have a great opportunity to effectively attract potential customers, for cheaper.”
An entrepreneur could maximize the internet in several ways for free or for a cost. For business owners who have a budget, social media advertisement is the way to go. Think Facebook ads. Think Instagram ads. Think LinkedIn’s InMails and all other forms of media buying. Those are direct ways of getting sales on demand using the internet and social media. But you do not have to spend money all the time.
For instance, Matthias Mazur – the entrepreneur whose journey and wisdom inspired this article – has over 116,000 followers on Facebook, some 6,000 followers and on Instagram and more across other platforms. The obvious yet positive implication of this is easy to understand: he has built a tribe of potential buyers by simply leveraging on the power of social media and the internet.
It may cost you some money to build a tribe for your business but it is always worth it. Owning a tribe on social media means you can generate sales for your business at any time. Only the internet makes that possible. And only brilliant entrepreneurs capitalize on the opportunity because they know that customers are more important than awards, medals, and the opinions of industry critics.
Email: [email protected]
Phone Number: +442035145650
Corporate Headquarters Address: Zuramedia Ltd,
3 Gower Street
London WC1E 6HA