3 Strategies That Helped This Family Business Earn 8 Figures in Revenue
In this interview at ClickFunnels’ annual Funnel Hacking Live conference, Emily Richett chats with Ryan Margolin, CEO of Professional Hair Labs, to learn about how the company scaled to eight figures in revenue using a people-first motto.
Margolin’s company started out as a small, family-owned business selling adhesive scalp treatment, shampoos, conditioners and wet lines for nonsurgical hair replacement. Since then, it has grown into an industry leader.
Here are the three main strategies Margolin credits with his company’s success:
1. Be a thought leader to end users.
Even though Professional Hair Labs makes most of its revenue in business-to-business (B2B) sales, the company spends a lot of resources educating consumers about how to safely use its products. Margolin says that this information is accessible to anyone who needs it because “ultimately it comes down to education first and people first for us. We don't sell our information, we don't exchange it for any type of benefit.”
Producing quality, accessible, informative content has caused competitors to try to copy Professional Hair Labs, but it has also turned the company into a thought leader in its industry. Margolin says, “Our aim is to make sure that when people are using these products, they're not only using something safe, but something that's reliable and they can have peace of mind that what they're putting on their scalp is going to perform for them.”
2. Create a movement.
Part of managing fast growth is being flexible and making changes when they’re needed. Margolin says, “Our messaging, our focus, our goals, everything we've planned for over the last 10 years has really got us to this point, but in order to get to that eight-figure mark … we saw that we'd have to make some big changes.”
The biggest change Margolin and his company needed to make was refocusing their story and brand identity. Instead of marketing Professional Hair Labs as a small, family operation, the company “created a movement” around the product.
“Within the space of 18 months after that, things just started to skyrocket. We built better relationships, we built better systems, which was probably the biggest key,” Margolin says.
3. Be ready to pivot.
One thing that should remain constant for a fast-growing, successful company, is that systems constantly need to be reevaluated.
“Just when you think you have the perfect system in place and it's producing results, it breaks again,” Margolin says. “When that happens, you have to pivot quite quickly. At the end of the day, we realize now that your business should feel broken at all stages, because if it doesn't feel broken, it's not moving forward.”