Want to build a successful small business? Figure out where you should focus your attention. As for how to do that, today we offer a simple rule shared with us by Robert Baldino of Balitello Performance Dress Socks. After six months of following the wrong priorities, he and co-founder Mickey Abbatiello decided that they would be guided by one question and one question alone: “Before we did any task we would ask ourselves, ‘How will this bring in money?’”[Tweet “Ready to boost you #smallbiz? Prioritize #ROI and see the difference. @BalGenius shares how.”]
Six months prior, Robert and Mickey, both experienced entrepreneurs, got an idea to enhance traditional dress socks, a product that really hasn’t changed much in 100 years and is plagued by problems like stretching, sliding, wearing out, fading, and an overall lack of comfort. They decided to create the ultimate dress sock that would solve all of these problems. Balitello Performance Dress Socks have an elastic band to prevent sliding, extra padding on the heel and toe for more comfort when walking, and are made with non-color fading material that is breathable and odor resistant.
As the company got started, Robert says that their biggest problem was prioritizing and understanding what was actually going to make money and what wasn’t. They were perfectionists and wanted to create an image of glitz, glam, and luxury with their products and website. However, this meant they were over thinking, worrying about unnecessary details, and ultimately not getting their name out quickly enough.
This realization led to a mindset change where they began prioritizing ROI, or return on investment, for every project within the company. They shifted their focus to marketing, with a goal of getting people to the website and then converting those visitors into customers. And they created a Sock of the Month subscription service so they could have a guaranteed set of revenue and orders each month.
The result? After one year in business, they have increased customers and revenue every month, and are counting on a strong performance in 2017 too.
You can listen to Robert’s story in the interview below, including his tips for ROI and leveraging contacts to grow your business.