When you first started your business, you probably didn’t realize how thankful you would be for things that you hadn’t really thought about before. As you know, running a business and managing employees is hard work, and not everyone is cut out for it. Sometimes things come up that may seem miniscule, or even negative, but they end up being really beneficial to your business. As a business owner, it’s important to try to stay focused on the positive as much as possible. In honor of Thanksgiving, we’ve compiled a list of 3 things you never thought you’d be thankful for when you started your business:
Repeat Business
Repeat business is a big deal, and you know that now. When you first started your business, you probably thought it was all about obtaining new customers, and you aren’t alone. In fact, most business owners think that acquiring new customers is where they see the most revenue. In fact, repeat customers are likely to spend anywhere from 4-10 times more with each purchase, than one time customers will. While others have been so worried about obtaining new customers (not that it’s a bad idea to get some new people coming through your door), you’ve likely learned that the real money comes from the repeat business. Because of this, we’ve determined repeat business as the number one thing you never thought you’d be thankful for when you started a business!
Bad Reviews
“Statistics suggest that when customers complain, business owners and managers ought to get excited about it. The complaining customer represents a huge opportunity for more business.” -Zig Ziglar
Wait, what? It’s true! Business owners don’t always pay attention to the conversations that are being had online until they receive a bad review. Bad reviews give you room to grow. They help you step back and look at your business through the eyes of your customers, and determine what needs to be fixed or changed. Bad reviews are often a first step for business owners in paying attention to their online presence, and working harder to obtain those, ever so necessary, 5-star reviews. While bad reviews are annoying, and frustrating, they are also something small business owners should be thankful for every now and then. These bad reviews help you to push yourself harder, and clean up any messes within your company. Don’t let bad reviews bring you down! Instead, see them as an opportunity for growth, and let them drive you to push for more positive reviews.
Data
Data isn’t something anyone is thankful for from the get-go, right? Because it’s often overwhelming, confusing and intimidating. It isn’t until you realize that data is telling a story about your business- a story you need to hear- that you become thankful for it. Knowing your data leads to better marketing, better understanding of your target audience, and more revenue growth. While data and analytics can seem a bit scary, it’s important that you realize just how much they are actually helping you and your business out, simply by tracking and understanding.
There are lots of things small business owners have to be thankful for. Most of them are apparent: doing what you love, flexibility in hours, etc. However, owning a small business is also accompanied by a lot of sacrifice and hardwork. Because of this, it’s also important to pay attention to the more subtle things that small business owners have to be thankful for.
Happy Thanksgiving!
For more insights on marketing strategy that actually works for small business, subscribe to the FreshLime Newsletter here. Connect with Jay Bean, Founder of FreshLime and Small Business Marketing Expert on LinkedIn and Twitter. And last of all, if any of these tips have helped you or if you have anything to add please comment below. We’d love to hear from you!