This Is Killing Your Startup: Quick Fix!
Every company suffers from revenue FOMO at some point. There’s often intense pressure to prove that your concept is profitable, and that can drive tech startups to grasp at every potential source of income that comes their way.
Spoiler alert: This strategy is where startups go to die. However, there are ways to avoid it.
What Is Revenue FOMO?
The FOMO of revenue is the overwhelming fear that, by ignoring certain leads or not chasing down every single prospect, you’re missing out on (often tiny or incremental) sources of revenue.
Problems with going after every potential income source include:
Targeting multiple audiences simultaneously is expensive and time-consuming
Spreading your time across numerous leads means you can’t dedicate the time needed to build meaningful client relationships
Focusing on low-value clients can cause you to miss out on higher-value opportunities
When you fail to serve clients because your attention is unfocused, your brand reputation takes a hit
Investors fund companies that understand their audience and how to engage with them
How do you train yourself to recognize and avoid revenue FOMO and refocus your marketing efforts?
Fighting The Fear
Many drivers contribute to revenue FOMO. Worrying that competitors are getting ahead, market fluctuations, or dips in revenue after an exciting initial sign-up period can all make founders feel like they’re doing something wrong. It’s no wonder it’s tempting to jump on every lead, hoping it will convert.
Try and keep these factors in mind:
Targeting clients whose pain points don’t match your solutions will lead to disappointment on both sides
Focusing on clients who have a genuine interest in your tech solutions generates more buzz and word-of-mouth when they do convert
Maintaining this focused strategy helps create a network of “brand fans” that can extend to industry peers, influencers, and even competitors that all spread the word about your services
Create your ideal customer profile, build target audiences and buyer personas based on meaningful research, and you’ll engage clients that are delighted with your brand.
Final Word
Remember when Susan Jeffers coined the phrase, “Feel the fear and do it anyway”? That’s how you have to deal with your revenue FOMO. Feel that fear, let it go, and make sound, long-term businesses focused on consistent and sustainable growth. You don’t have to go it alone: Book a 15-minute introductory call with the team here at Arch Collective and get matched up with the right marketing solution for your tech startup.
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