After watching Mark Cuban’s Masterclass lecture “Win Big in Business,” I gained fresh insights that hadn’t crossed my mind before. Over time, I’ll share more of what I’ve learned, but today, I want to talk about the tip that made the biggest impact on me. Mark strongly advises against paying for sales—in other words, pouring huge amounts into ads, hiring new talent, or outsourcing. He’s all about protecting margins and doing everything possible to maintain a highly profitable business.
I had been running Facebook ads for my healthy food products. In the first week, I spent N10,000 on ads and made exactly N10,000 in sales—essentially breaking even, which felt like a loss. The following week, I spent N7,000 and did make more, but the ads still ate into my margins.
Mark’s emphasis on protecting margins got me thinking. I had already been posting on WhatsApp and Instagram Stories, and while that brought in sales, it mostly came from the same circle of people. The benefit? My margins were untouched since I wasn’t spending extra beyond my regular data costs. However, I knew I needed to reach new people—strangers, really—who didn’t already know about my products.
So, I tried something different. At the gym, I introduced myself and my products to five women. Later, I approached three more during my walk around the estate and one in a supermarket parking lot. The results? All the women at the gym bought from me, as did the lady in the parking lot. The three I met on my walk shared their phone numbers, and I sent them my catalog afterward.
This new strategy of protecting my margins has also led me to turn down certain collaborations that would bring sales but no real profit. While there are times you might sacrifice margins for visibility, I’ve chosen to explore more creative, cost-effective ways to drive sales without losing profits.
For now, I’ll keep approaching new people in spaces where we share common interests—like the gym, my walks, or even supermarket parking lots and bank queues ☺️.
Who knows? I might just walk up to you next.
Stay tuned!
