Risk taking is just part of the process
What kept us up at night as we created content for one of the largest growth hacking courses on the Internet? It has nothing to do with the fast-growth marketing strategies that we integrated into the videos for the course.
The issues we really faced is getting our community to develop an entrepreneurial mindset; to develop a mindset where you are open to risk taking and know that, if you fail, it is part of the process. The importance of being willing to take risks as an entrepreneur is not just an opinion.
Successful entrepreneurs aren’t risk averse and there are numbers to prove it
Gallup performed a poll of 2,500 entrepreneurs and they found that the common trait these successful entrepreneurs had was risk taking. People who are comfortable with risk are three times more likely to create a successful organization, four times more likely to employ people, four times more likely to create and exceed profit targets, and four times more likely to exceed sales targets.
It’s all about your mindset. That mindset that you are willing to take a little risk and if you fail, learn from your failure and move to the next step. Make improvements and changes based on what you learn about what does not work.
What’s a risk that you can take today?
Next time you want to spread your message –like promote a blog post or something else you created– invest a small bit of money into a social ad platform like Twitter, Pinterest, Facebook, or YouTube, depending on what kind of content you have and what your market is. Just see what happens when you put five or ten dollars into testing your target market and the effectiveness of your content.
You probably won’t have great results with your first ad tests (no one is an expert as something they try for the first time), but you will come away with something valuable. You’ll have a greater understanding of how the particular ad platform that you’ve chosen works, you’ll know whether you were able to convert the particular target you chose, and you’ll probably have a list of things to do differently for your next set of ads.
Remember to track your results on something like an Excel sheet or in a spreadsheet on Google Drive. This and the charts and graphs tools within those programs will enable you to see, visually, your progress with ads placement. Combining your willingness to take risks with tracking and interpreting the resulting data will serve you well.
When you come to the point where you are seeing conversion rates, click through rates, and cost per conversion that is favorable, you can put more of a budget into those ads that are working. We recommend increasing your ad spending incrementally. See what happens when you put $20 additional dollars into an ad that seems to be getting you the results you want. Then, $50, $100, or even $200 if you have the budget to work with.
If you fail; if nobody clicks, it’s fine because you want to be a person of action. Somebody who says, “You know what? I’m just going to go and do that.” We hope that this will help you develop that risk mindset and be comfortable with risk taking because you’re going to be just fine, even if you fail, after taking a little bit of risk.
Comments or questions about our Facebook Ad Testing process? Leave us a note below or join our Marketing Mastermind Group to start a conversation!
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