“The worst advice I’ve ever received was from an early mentor who told me, ‘You need to act, look and behave exactly like your competition because they already are successful… so why re-invent the wheel?’
After years of trying to be like someone else, I slowly discovered that being yourself and being authentic is the greatest advantage of all.”
– Derek Devore, Founder of Duvora.
Well, Derek…I disagree with you a bit, there. Yes – of course, you aren’t EXACTLY like your competition so there are going to be some things you do differently. Be real. Be authentic. But… if you are selling the same product/service to the same type of clientele in the same market area, but your Colorado competitor is beating you in sales….they may have struck a gold marketing idea that you need to glom onto, as well.
I thought I would take a break from our business advice series to show you this awesome thing that Weld County hired us to create – the Thriving Weld promo video! But this video was slightly more challenging than we’re used to…
We're continuing on to #7 of 10 of our list of some of the worst pieces of business advice that a handful of CEOs have ever received, as reported by fundera.com :
“The worst advice I’ve received as a business owner was when someone told me that to beat our big-name competitors we need to ‘go all in.’ From that advice, we decided to invest a lot of money each month in Google advertising to try and increase awareness for our business over our competitors.
After a few months of doing things based on that person’s advice, we were deep in the red and struggling. Instead of closing our doors, we took things in our own hands and pulled those ads. To our delight, we saw we brought in just as much traffic organically through other marketing efforts. From then on, we took other people’s advice with a grain of salt and go with our gut instinct!”
– Nellie Akalp, CEO of CorpNet.
There’s probably nothing worse, as a Colorado small business owner, than spending money on advertising that doesn’t work for you. Anything you spend on advertising SHOULD repay you AND make you more money – that’s the whole point. Unfortunately, what works for one company might not be right for another.