It is a disappointing fact but nearly 80% of businesses fail within the first five years. Of course the reasons for these failures vary but the majority of the time the reason is simple, insufficient profit.
So how can these new businesses avoid flopping? Well, some businesses suffer from lack of consumer demand or simply a flawed business plan, but a lot of these cases can be boiled down to bad marketing and sales.
So how can you change this?
Look at your target market and ask yourself three questions:
- Who are the people I want to sell my product to and why should they buy it from me over everybody else?
- How do I get my message across to sell my products or services?
- How do I get them to keep coming back to me?
Marketing is at the core of everything you do. Take a few moments to sit down and go over the following questions:
- What ways am I or could I be attracting consumers?
- What additional products or services could I be offering?
- How and how often am I following up with potential clients after they first make contact with me?
- Am I doing enough to begin a relationship with users who arrive at my website?
- What marketing (if any) have I got implemented at the moment and could I be doing anything else in addition to this?
New businesses should remember that in term of a target market, smaller can be better. It allows tighter and more focused marketing. Some new business owners assume that the more people they can get their marketing message in front of the better. The problem with this theory is that the wants and needs from different people vary tremendously. Wouldn’t it be more beneficial to get your marketing out to a smaller market who may actually be interested in what you have to offer instead of throwing your marketing at anyone who will listen?
Take the time out to decide who you ideal client or consumer is. This will you give some idea of who you want your target market to be. Even if your target market is smaller, your market share could prove higher. You can take the time out to perfect your marketing strategies so you get the message out to a specific group of consumers.
It is a common saying that there is ‘riches in niches’ so if you’re a new or small business take the time out to look at your marketing plans today and get thinking of ways you can communicate with who you want to have
