Happy New Year!
There is no such thing as “founder magic” - but if there was - I think it would come in the form of fairy dust that could be spread all over a business to make it grow. So many of us are diligently working on plans right now that will hopefully make our businesses even more successful in 2024 than they were in 2023. And while I can’t sprinkle any “founder magic” on your company today, I can share a little bit about how I am thinking about growth in this environment.
Here’s my playbook for 2024 growth:
- Start investing in new products now. The attention economy demands news. News must be… well, new. If it’s been a while since your company invested in a new product, time to get to work. What is a natural extension of your current line? What bundling have you considered but waited on? What low cost additions could every shopper easily add to their cart? New products drive new attention not just to the brand new product, but to the rest of your store. If you don’t have plans yet for a new product, I would start thinking about how and when you can launch something new this year.
- What’s the video story you have always wanted to tell? Video has been having a MOMENT since… well a while now. But the cost of producing great videos is going down every single year. If you have a big story you have been wanting to tell about your product’s ingredients, your founder story or even a customer testimonial, this is the year to invest. Remember to make your video adaptable to ALL the channels to get the maximum bang for your buck and improve your distribution across the web. And bonus points if you consider getting into connected TV to find new customer avenues like our friends at Pepper Bras.
- Remember, quality products and experiences matter more than ever. Sometimes growth comes from customers simply talking about you, loving you and therefore returning and spending more money. I may have said in 2023: “Customer retention is the new acquisition.” Well, in 2024, I am declaring: “Customer experience is the new customer acquisition.” Invest in all the details in your business this year! From packaging to shipping to customer support, there are boundless ways to make the customer feel special up and down the experience chain.
I know that making big investments in your business can be scary. It’s impossible to precisely predict the ROI. But, there is no such thing as growth through stagnation. So whether you take just 10% of these recommendations or the full lot of them, know that you are taking steps toward SOME progress this year. And! I’ll be spreading “founder magic” over your business in my heart and mind.
Love,
Liz
Happy New Year!
There is no such thing as “founder magic” - but if there was - I think it would come in the form of fairy dust that could be spread all over a business to make it grow. So many of us are diligently working on plans right now that will hopefully make our businesses even more successful in 2024 than they were in 2023. And while I can’t sprinkle any “founder magic” on your company today, I can share a little bit about how I am thinking about growth in this environment.
Here’s my playbook for 2024 growth:
- Start investing in new products now. The attention economy demands news. News must be… well, new. If it’s been a while since your company invested in a new product, time to get to work. What is a natural extension of your current line? What bundling have you considered but waited on? What low cost additions could every shopper easily add to their cart? New products drive new attention not just to the brand new product, but to the rest of your store. If you don’t have plans yet for a new product, I would start thinking about how and when you can launch something new this year.
- What’s the video story you have always wanted to tell? Video has been having a MOMENT since… well a while now. But the cost of producing great videos is going down every single year. If you have a big story you have been wanting to tell about your product’s ingredients, your founder story or even a customer testimonial, this is the year to invest. Remember to make your video adaptable to ALL the channels to get the maximum bang for your buck and improve your distribution across the web. And bonus points if you consider getting into connected TV to find new customer avenues like our friends at Pepper Bras.
- Remember, quality products and experiences matter more than ever. Sometimes growth comes from customers simply talking about you, loving you and therefore returning and spending more money. I may have said in 2023: “Customer retention is the new acquisition.” Well, in 2024, I am declaring: “Customer experience is the new customer acquisition.” Invest in all the details in your business this year! From packaging to shipping to customer support, there are boundless ways to make the customer feel special up and down the experience chain.
I know that making big investments in your business can be scary. It’s impossible to precisely predict the ROI. But, there is no such thing as growth through stagnation. So whether you take just 10% of these recommendations or the full lot of them, know that you are taking steps toward SOME progress this year. And! I’ll be spreading “founder magic” over your business in my heart and mind.
Love,
Liz
