I am sure a lot of business owners here feel some level of momentum especially during the last holiday season. Sporadic, we received bunch of orders, potential customer inquiries, possible partner deals, ...but most of time, it feels like in doldrums during the 1st year of business.
What I learned from my business is, most of these momentum are not random. They came from somewhere with a cause. Here are the lessons I learned on how to build more momentum upon the existing ones, or at least, ride on these horses as long as you can to make most of them, but not to kill them -
1. Pay attentions to your brand and Google search results. I used a Google tool (forget what it was after I set it up long time ago), so whenever someone mentions our brand or web site XoomBot.com, I will instantly receive a Google email notification. Once, one of our products - WiFi Drone with real time video smart phone streaming, was reviewed by a Spanish forum. Even though I could not read what exactly the review said, all of sudden, we received bunch of orders on that product.
2. If you are selling well, don't play with your prices. We had a product, which is a smart phone dock combined with quick chargers was sold frantically in January/February this year, which was quite unusual, right after the holiday season. We felt we might be able to increase the margin slightly by adjusting the price. Guess what, the order has instantly dropped over that weekend. Later on, we found out, there were competitors who prices their similar products right in the same price range. After we increased our price only by 30 cents, we effectively took ourselves out of the No. 1 seller in the market place. Now, we had to crawl back to that position slowly due to that mistake.
3. Don't let supply shortage to kill your momentum. Here is another lesson we learned in recent months. Due to our factory's long holiday break and the back orders at the oversea shipping companies, in February, we had shortage in another of our hot selling product - a USB quick charging station that can charge 7 phones/tablets/gadgets at the same time. Some of our orders took 8 days to ship out, causing agony among our customers. The order volume was definitely hurt since then. Right now, we still feel the pain from that experience.
4. Never stop building your brand. In our business, we had to compete with low cost oversea sellers with sub par quality products and services. The only way to stand out, is to continue building our brand, providing the best possible customer services, fast shipping, etc. We learned that a brand will drive more traffic and credibility from our customers, and partners. I think the same rule applies to other industry as well.
5. Leverage on existing momentums, to build your own momentum. After we set up drop-ship programs with Verizon Wireless, and All State reward programs, we started to reach out to more businesses to offer our drop-ship products. We received many positive feedbacks from those potential partners. One of them is a Dow-30 company, who is interested to use our product for their promotion events. Same ideas can be used when you received good momentums from other sources - positive feedbacks on your product videos posted at youtube, fan-mentioning of your products on an forum, product review by someone who loves your products...
Hope this is helpful to folks here. Thanks for any feedbacks or addition to this subject.