According to Emmelie De La Cruz, Digital Strategist, 4 Ways To Increase Profits For Any Small Business
Statistics from 2020 show that women-owned businesses are currently fueling the economy and skin-colored women are currently dominating start-up development, in greater numbers than ever before. These statistics are motivating factors for all business professionals as they indicate that the current work climate is optimal for learning how to do it and for generating additional streams of income. Establish yourself as yoursown bossHas the potential to be realized now more than ever. However, starting a business is only one aspect of the multifaceted realm of entrepreneurship. Entrepreneurship itself rests largely on the ability to build a brand by building customer loyalty and ensuring consistent and profitable growth.
Digital marketing entrepreneur and strategist Emmelie De La Cruz is the behind-the-scenes management consultant for multi-million dollar brands. Founders trust their expertise to build sustainable success through growth marketing. De La Cruz is currently the Digital Marketing Manager for The Lip Bar and a private advisor to numerous clients. His zone of genius is advising business owners on how to grow their sales, maximize ad spend and multiply ROI and improve their marketing metrics. “My problem is customer acquisition and sales funnels,” she told Forbes. “I work every day to help my customers answer the question of how we can find new customers at the lowest possible cost.”
Looking back on her experience, De La Cruz has found that there are a number of reasons new business owners struggle to generate income. Here she shares four principles to shape your future in entrepreneurship.
Know your “why” beyond escaping a 9-5
With a growing global network of people using the digital landscape to bring new services, startups and e-commerce brands to market, the barrier to entry for business owners is low. That being said, some may have romanticized visions of what it really takes to run a profitable business. “I’ve always found that 80 percent of people want to become entrepreneurs, especially through coaching and advice, because they hate their job – not because they solve a problem,” explains De La Cruz. Escape a situation instead of finding a solution. “That mindset is what it calls the first red flag signaling that entrepreneurship may not be for you. “Successful companies recognize a gap in the market and set about closing that gap. The entrepreneurs I work for like Melissa Butler from The Lip Bar and Ada Rojas from Botanika Beauty are very obsessed with their customers and how they can make their lives easier or better with their products, ”she says. “You have to look at what you can do and what problems you can solve and focus on that,” she advises. “I believe in using the skills you have demonstrated in your job and turning them into a hype. “
Reverse engineer your goals
De La Cruz admits it took her a long time to learn how to set specific goals. “When I first started my company and tried to grow between 2012 and 2017, I never achieved the success I wanted because I had to work on two things: my mindset and my goals,” she says. With the roller coaster ride of entrepreneurship and other lifestyle pressures like breakup and broken friendships, it was therapy that helped her determine exactly what was driving her. “My therapist actually let me do this exercise, which was about love,” says De La Cruz. “I had to write down all the things I want from a man and then list on the other side why I want those things. When she listed that she wanted someone taller than her, the point was to realize that it was protection that she ultimately wanted to feel, not a size requirement. “I started doing this for my company,” says De La Cruz. “At first I wanted to do six-digit numbers because I wanted to know that my bills were covered. I wanted a passive income model because I wanted to be able to run a side business while still an employee and use those pay slips to invest in real estate. “She is now working on buying her third property in less than 12 months. De La Cruz points out that goal setting is all about math and projections. First, calculate how much revenue needs to be generated and divide that by 12. Now you know how much needs to be earned per month. For her: “Based on past performance, I can use the conversion rate and past earnings to project some numbers: how much traffic do I need to drive, how much do I have to spend on ads, and how much of each type of product or service needs to be sold to meet my financial goals. “
Optics don’t make a successful brand
“I find most entrepreneurs are obsessed with vanity metrics. You are obsessed with followers. They are obsessed with likes and comments, email subscribers and sales, “says De La Cruz.” They want to be obsessed with the cost of customer acquisition. Lifetime customer benefit, conversion rate, profit margin and abandonment rate are the things to think about as these numbers are the numbers that will fuel your business. “De La Cruz advises customers to convert eyeballs into dollars by measuring their marketing efforts to determine where they are wrong and where to invest more time and resources. She points out that if the customer acquisition rate is too high, it means that the channel and amount of money spent to get a customer are not optimized or are not working to the best of their ability. “You are concerned about growing your followers when you are concerned about improving your lifelong customer value. Ask yourself, “How can I get more money from the same people instead of spending money to get new customers?” De La Cruz continues, “If you’ve already paid $ 5 to get the customer, figure out how to sell them something else after they’re in your funnel or on your email list instead to spend another five dollars To find someone new, you need to convince them to buy from you. “
Get your money mindset right
“Earning six, seven, and eight numbers requires a well-oiled, seamless and capital-powered marketing machine,” says De La Cruz. Be the Best Marketer and Gain Market Share. Capital is required. There are so many great companies out there that not enough people know about because they don’t have the capital to invest in the marketing, advertising, or the team to bring these campaigns and strategies to life. “A common problem entrepreneurs face is being both the business owner and the marketer and then falling short due to lack of time, information, or implementation. De La Cruz believes that communities and family dynamics , where many entrepreneurs grew up teaching them to fear debt, credit, and aggressive approaches to business building. “If I still had the same attitude that my well-meaning Hispanic family raised me, I would never be an old age of over a quarter of a million dollars for real estate approaching or serving a CEO and client I love, ”explains De La Cruz.“ They’ve given me security and assimilation in a country where I’m less than because I have an accent and a brown Skin taught scarcity. They always joked that I had to get married rich instead of encouraging me to be rich. But boy, did d as changed? My mother is waiting for me to call and say that she can retire. “