Why We Only Work With 1 Out of 17 Leads We Get — Selection Principle and Having a Clear Vision in Business.
This Memo will be a bit different.
It will cover our own experience in business development and a critical lesson that every entrepreneur should implement in their day to day decision-making process.
So, yesterday I was reviewing our 2019 lead numbers and comparing it with the number of new partners we have had in 2019th.
We took on about 1 in 17 leads we got.
Now, I'm thinking it's funny how selective we are.
But we believe it's a key to who we're.
When looking for a new partner, we're looking for a partner for life and not to make a quick buck.
I'm finding that often business owners get swamped by so many new opportunities, shiny objects, possibility of making money that they forget to focus on the long-term vision.
Even eCommerce owners often get this syndrome.
I often hear this…
"What if we would just launch this additional brand, this new product, try this new emerging channel?.."
And it's not wrong to do it.
But you have to have a plan and a business vision in mind before taking any action.
Because just running from one thing to another will not get to where you want to get.
The first step is you have to get the clarity where you want to end up with your business.
For us, it's our vision of being the first-choice partner for eCommerce entrepreneurs who strive to challenge the status quo and conquer their biggest dreams.
This means we're not interested in clients without any ambitions.
Without a desire to grow, improve themselves, and challenge the world.
Why do we care so much about it?
Because to reach this vision, we have a goal within AdKings to build a A-level team made out of the top 1% of the industry talent that can drive next-level results for our clients.
And to attract people like that, we need a great team culture that is all about growth and challenging ourselves every single day.
Without it, it would simply not be interesting for people we're looking for.
And work is not just about money, especially when you're at the top.
Now, let's say we would start accepting all the beginner clients or people who are "ok" about being in a limbo state with their businesses.
Our team would be bored to death without looking for "the next big breakthrough."
We would simply not be able to maintain the top 1% of the talent we have been working so hard to acquire, and our final vision would crumble.
This is what it means to be concise with where you want to go!
Now we layer all of this with other vital aspects that we look in our potential partners like:
- Proper general eCommerce mindset and business development expertise. If not, they should have at least a willingness to listen.
- People who value long-term relationships and want a partner who cares about their profitable business growth and not looking for just "a service vendor".
- Understanding that as business growth, they as owners will have to evolve and grow even more. They will have to learn a lot of new things, get COO's, allocate a big part of their business to trustworthy people, and learn to let go.
- Proven product x market fit, and stores that are generating from 50k up to 1MM+ a month in revenue to cover our costs, have a month to month stability and financial ability to scale.
- A clear vision where they want to be going & a generally good product.
- People who understand investment principles.
Now, this should make it much more apparent why we work only with 1 out of 17 leads we get.
I highly suggest for everybody to find their why's and where's with their personal life and business.
There is a power in that.
This is how you attract a great team around you and leverage them to take your ship to your destination.
I hope it was useful!
- Darius Kunca, Co-founder of AdKings