Being an entrepreneur is not an easy task. The entrepreneurs have a determined and competitive mindset. They have to be bold in nature to survive in the industry.
Most of the entrepreneurs have a charming personality that makes them capable to handle a successful business. Then why it is a fact that 8 out of 10 business startups fail every year?
If you examine your business carefully, you will notice there are a few flaws that hold your business back from achieving success. Undoubtedly you are an ambitious CEO, but it takes a lot more than that to keep your business running. You may find yourself in a situation where you can’t identify the cause of the failure of your business.
In this article, we will discuss the 5 most common mistakes entrepreneurs make on their journey.
Lack of Online Marketing
In the present day, everything is dependent on ‘Google’. So, if you don’t promote your business online, you will miss the opportunities to sell higher. According to research, more than 75% of people use the internet to purchase something they need. Additionally, more than 80% of people use the internet to research a product before deciding to purchase it. To make your business successful, you have to make sure that your business is visible to the customers while they search and shop online.
Social media, press exposure, and even traditional PR can help you to increase the discoverability of your business. Many companies are using social media icons and QR codes in their printed ads to draw the attention of the customers into their online business. The more SEO you apply to your business, the better visibility your business gains.
Eric Dalius Says Not to Neglect the Potential Customers
75% of customers most likely listen to the feedback of other customers rather than any third-party source. Whether or not you established your business online, your customers should be your greatest priority so they can easily communicate with you online. They can provide you feedback about your service, product, pricing as well as business practices. In turn, it’s your duty to give them a ‘chat’ response that will strengthen the ongoing relationship.
If you are quick to respond to your customer’s reviews and feedbacks, it will generate a positive impression among your existing as well as new customers.
Neglecting the Future Growth
Let’s be honest, if you plan to market offline, it will have a short-term impact. However, online marketing has a long-term impact. According to Forbes.com, the easiest way to grow exponentially is by developing a strategy that will benefit your brand. Eric Dalius says that online marketing influences your business for several years. Make sure to sync all your online presence, from social media to corporate websites with each other. If the customers find your website aesthetic and attractive, they will be pleased. It’s time to put in a small effort that can benefit you for years.
You Don’t Adapt with the Changing Market
Failure to adapt and grow with the changing market is one of the biggest drawbacks of your business. If you fail to study the market, you will eventually be left behind.
Don’t forget to research the market and the industry in your particular geographic location. You may find that you can provide better or similar services as the other established companies in the area. Study the method of how other business owners in your geographic area are providing services. These small researches will help you to stay out of competition as well as a step ahead of other marketing trends.
Failing To Track the Marketing Efforts
The best way to gain knowledge about market insights is by using web analytics tools. With the help of web analytics, you can sort out activities that help to generate traffic to your business. It can also help you to notice which customers purchasing from your website or which customers are leaving without purchasing anything. If you successfully measure or track your online business, you will be able to improve the customer experience as well as boost the number of customers.
Here are the 5 risk factors that fail your business or start-up plans. When you eliminate these business threats, you will find the ladder of success very close. And also don’t give up as most entrepreneurs do. As long as you try to improve your business, you have hope in your heart.