This episode offers an unvarnished look at the inherent risks in ecommerce, as the host shares how unforeseen market shifts in mid-2018 forced a major strategic pivot, including halting new product development and missing a $9.7 million revenue goal. Ecommerce operators will gain actionable insights into identifying and responding to critical business vulnerabilities and adapting their strategies in a dynamic market.
Key takeaways
Be prepared to pivot your strategy when market conditions change, even if it means adjusting ambitious revenue goals or product roadmaps.
Regularly assess external factors and market variables that could impact your business, such as economic trends, regulatory changes, or technological advancements.
Understand that successful ecommerce requires adaptability; don't be afraid to make difficult decisions, like pausing new product development, if it aligns with the updated market reality.
Focus on core strengths and existing products if market volatility makes new ventures too risky.
Recognize that even well-established businesses face unexpected challenges, and transparency about these challenges can build trust with your audience or customers.
I just came back from ECF Live in New Orleans, and one of the topics people kept bringing up to me was the changes I've been making in my business for the past year. For a bit of a backstory, we started 2018 with a list of goals, one of which is to hit a revenue of $9.7 million. At that point, that number was perfectly reasonable and achievable and we started the first few months confident and on a strong footing. But then, some things happened in mid 2018 that changed that. These things and other factors led us to deliberately stop developing new products, which is another one of our goals. This, in turn, affected our revenue numbers, and we ultimately did not reach $9.7 million. What these things are--factors which, in a way, made us intentionally drop our revenue goal--is what people is wondering about. This episode addresses that. EcomCrew Premium is open for a limited time! Now that Dave and I are back from ECF Live, we can focus our undivided attention on Premium. We are only opening enrolment a couple of times a year and the next reopening might not be until April. Join Premium and get one-on-one email coaching with me and Dave, twice monthly private webinars, access to our Facebook group, and a chance to be on the podcast. Check out other EcomCrew Premium benefits here. Thanks for listening to this episode! Until the next one, happy selling.
What does this episode say about founder & leadership?
Be prepared to pivot your strategy when market conditions change, even if it means adjusting ambitious revenue goals or product roadmaps.
What does this episode say about dtc strategy?
Regularly assess external factors and market variables that could impact your business, such as economic trends, regulatory changes, or technological advancements.
What does this episode say about supply chain & operations?
Understand that successful ecommerce requires adaptability; don't be afraid to make difficult decisions, like pausing new product development, if it aligns with the updated market reality.
What does this episode say about founder & leadership?
Focus on core strengths and existing products if market volatility makes new ventures too risky.
What does this episode say about founder & leadership?
Recognize that even well-established businesses face unexpected challenges, and transparency about these challenges can build trust with your audience or customers.
