020: “Biggest Problem Strategy- Decision Making On Steroids” (Part 2)

Have you ever clung to the common wisdom that a business must spend a certain percentage of sales on marketing only to see mediocre results? Strap in as we shatter that myth and demonstrate how tailoring your strategy to your business’s needs can unlock unprecedented growth. In this episode, we dive into the concept of a ‘Biggest Problem Strategy’ with a focus on an auto repair business case study. We’ll unravel why a blanket 3% spend on advertising might be completely off the mark for you. It’s a masterclass in making strategic business decisions that resonate with where your business truly stands.

Then, we dive into a second case study of a shed-selling company that metamorphosed from a small operation into a $6 million powerhouse thanks to a smart, nimble investment in its digital presence. We’re talking about a venture that scaled its online marketing investment flexibly, relying on its order backlog as a guide. 

For entrepreneurs hungry to learn from real-world examples and eager to apply these insights, this episode is your playbook for success.

In this episode, you will hear about:

  • Challenging the norm by tailoring business strategies instead of adhering to arbitrary industry averages.
  • Using diagnostic methods inspired by Einstein to deeply understand business problems before finding solutions.
  • Critical examination of financial metrics like margins, billable hours, and customer value for informed decision-making.
  • Success story of a shed-selling business that grew to a $6 million enterprise through strategic online marketing and website investment.
  • Dynamic adjustment of marketing budgets based on order backlogs to maximize profitability.
  • Importance of a ‘biggest problem strategy’ to focus resources effectively and drive business growth.

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Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com. Let them know we sent you.