My e-commerce sales dropped 50% in a month because of these two issues.
And they might be a problem for you.
Learn from my mistakes.
When we launched our e-commerce brand in the middle of Covid, it took off like a rocket.
Within 9 months, we hit our biggest sales month with a 50k month. I thought I was a frickin superstar and was happy to take the credit.
And then sales dropped in half.
It’s super easy for me to blame the influx of new competitors, the post-COVID decline in demand or a million other factors.
But if I do some self-reflection, the leading cause of the decline was me and these two issues.
Complacency – I got lazy and complacent. I believed the momentum would take this baby to 100k a month and beyond. I took my eyes off the competitors and my foot off the accelerator, stopped investing in link building and content development and stopped doubling down on developing new sales channels.
Lack of Focus – I also got bored. Easy initial success made me think this was a walk in the park, and so I started opportunity hopping. Looking at new markets, researching opportunities, imagining how baller I’d be with 5 e-commerce brands, each doing 100k a month.
Alex Hormozi published a YouTube video this week where he said opportunity hopping is one of the biggest reasons people don’t achieve the big success in their businesses.
And I get it. I’ve learned this personally.
Today’s lesson, which you have probably heard before but didn’t internalise.
- Don’t let success go to your head. Don’t believe your own press. What looks like luck is the result of constant effort.
- Stop looking at the green grass of other opportunities. If you are passionate about your business, take it to the max.
Got any war stories of your own to share?
Edmund
