Did you know 1 business closes in America every single minute?
By the time you finish this introduction, 2-3 more businesses just like yours will close their doors forever and 80% of new businesses will fail by the end of their first year.While there are a variety of reasons small businesses fail, there are some common marketing pitfalls you can avoid to drastically improve your chances of long-term success.
Top Reasons Businesses Fail
Not A Big Enough Market – Very often, businesses are based on good ideas that lack the market to support them. The best way to avoid making this mistake is to ask yourself what problem your product or service solves. If it doesn’t solve a problem, it probably won’t generate enough customers to succeed.
Not Being Flexible – A high percentage of entrepreneurs are used to having full control over things and fail to make the appropriate changes at the right time. Let loose of any stubbornness and perfectionism as they only lead to dangerously slow reaction times.
Not Listening To Customers – Your customers are what keep you in business, listen to them as much as possible. Be proactive in uncovering the things your customers find most important and then simply give it to them. Their feedback is the foundation of your future.
Not Consistently Marketing – Marketing is the ultimate financial leverage in any business, and yours is no exception. The only three ways to grow your business are to get more customers, get customers to buy more and get customers to buy more often. The only way to improve these numbers is through marketing.
Not Tracking Your Marketing – One reason marketing and advertising get a bad reputation is because business owners fail to track their efforts and waste money on underperforming tactics that actually lose money. Marketing and measuring need to go hand-in-hand.
By completing this course, you’ll not only eliminate these marketing threats in the future, you’ll also have the tools and mindset to put your small business on a growth path for many years to come.
All you need to do is keep in mind that your business is not different.
Take the action steps outlined throughout this course and you will succeed.
To your success!
Business only has two functions—marketing and innovation.Peter Drucker