The “law of averages” means that any outcome has a defined probability of happening.
Here’s the Merriam-Webster dictionary definition:
The commonsense observation that probability influences everyday life so that over the long term the possible outcomes of a repeated event occur with specific frequencies.
The classic example is flipping a coin. The probability of the coin landing and showing heads is 50% long term. But in the short term, you may get much less or more than 50% heads.
You can make the law of averages work in your favor to increase the probability of achieving any outcome you desire, like oh, growing a business beyond your wildest dreams.
That’s where sayings like “you get out of it what you put into it” come from.
The way to make the law of averages work for your business is by doing more of the things that generate business, such as promotion and lead generation. The more advertising and promotion activity you employ, the more business you will gain.
Similarly, the more advertising sources you use consistently, the more business you will gain.
The vast majority of business owners that contact me are using far too few methods of generating business. In most professional services or home services markets, it’s usually these two:
- Getting a trickle of referrals through “word of mouth”, which happens totally randomly and with no production system
- Buying shitty leads produced by generic marketing with a pathetic pitch, such as, “get 4 quotes, complete the form”
You don’t have a prayer building a successful business that way.
The first thing to do is just try alternatives to what you’re currently doing to produce new business.
It can be anything else…
Just trying new things will get you into the “trial and error/testing” mindset of a marketer and business owner who “gets it”.
After all, growing your business is really all about continually testing new ways to get more business and failing forward.
Most things you try will fail.
But the process of “testing” more and more ways to build your business is using the law of averages in your favor.
The more ways you try, the more you will discover that actually works.
So in closing to this short article, let me ask you a question…
What are you doing in your business to make the law of averages work in your favor to reach your revenue goals?