
3 BIGGEST MISTAKES I made last year scaling a $300M+ company (that cost us at least $400K):
1. Scaling paid ads from $40K to $120K a month with no change in pipeline
In 5 months, we TRIPLED our paid media spend and saw no change in pipeline.
It was a huge waste of money. A major screw up.
Since then, we scaled back spend dramatically and 3x'd our pipeline QoQ.
My takeaway: for paid media to work effectively, you need to support it with other initiatives. You need to have a solid outbound strategy, good SEO, good strategy on different paid channels to capture the demand, and you need to have a good presence overall to tell the same story repeatedly.
2. Over-obsessed about competitor lies
As our brand grew, we have been a victim of a lot of false information from competitors.
At first, we just ignored it. We ran a great sales process which led to 90%+ competitive wins against them in qualified opps.
So, why bother?
And then I kind of got into my head about it.
I obsessed over competitive docs and correcting all the BS comparison sheets that new customers sent me from their evaluation processes.
This led to us being less confident and sales cycles getting longer.
In the end, we got back to what mattered: Providing the best experience possible and investing heavily in product
Prospects can see BS - Don’t obsess about competitor misinformation.
3. Starting outbound too late
I should have hired our Head of Sales Development 6 months earlier.
Again, I got into my head and thought “everyone is saying outbound is dead, and our inbound is working so well. We can do it next quarter”
And then I said it again and again.
"We can do it next quarter".
Turns out, outbound is a game changer for us.
It still WORKS for many companies.
Don’t believe everything you see on LinkedIn :)
TAKEAWAY:
While everyone loves celebrating wins (myself included).
Remember, it’s okay to fail, get in your head, and make mistakes
No matter what level of the game your’e at.
Whether you’re a first-time founder or a 30 year executive.
You’re going to try new things and takes risks.
And sometimes those things don’t work out.
When that happens, don’t hide from it, don’t get discouraged.
Own it. Lean in. Learn. And just don’t make the same mistake again.
The losses make you even stronger than the wins.
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