…when you go from having fifty million in the bank down to having over a hundred bucks, you know you’ve done something wrong.
That’s where James Altucher found himself a few years back.
Cashing in a website building business, when no one knew how to build one, he got out before everyone else found out how easy it was to build one.
When the money was gone, he knew that he only had part of the equation down. – He knew how to make money. Keeping it, and growing it, were a different story.
Thankfully for him, he sorted out his problems. (Do a Google or Amazon Kindle search for the full story. His books are well worth reading)
Anyhoo, putting James’ story aside for a moment, I’d add that writers, bloggers, and self-publishers have the same learning curve they need to go through.
“You’ve got to to earn readers, you’ve got to keep them, and you’ve got to learn how to grow them.”
Most people only do the first part and never consider the second two. They race off buying Facebook ads, Bookbub promotions, or doing the churn and burn – looking for reader after reader without giving any thought to keeping them.
Whereas, if they tossed those folks emails into an autoresponder, sent the odd email, and ‘Bob’s your uncle’ you’ve got a business that’s got some growth to it.
PS – That’s a valuable lesson all those in the Internet marketing haven’t copped onto.