Why 99% of business owners fail and what you can do to make sure you’re not one of those statistics. Click here to know more about it.
Becoming an entrepreneur and starting your own business is one of the more difficult and dangerous experiences one can embark on. To be successful, you must maintain focus, make sensible investments, and have faith in yourself and your product.
You can, however, have all the enthusiasm and drive in the world and still burn out or fail.
Why 99% Of Business Owners Fail?
The most common problem that I see with business owners is they’re not willing to learn marketing. Many business owners are scared of marketing and all the challenges associated with it. With the rapid technology changes, marketing concept adoptions marketing can be quite frightening to the average entrepreneur.
Marketing is a type of advertising. When you start a business or labor for a long period of time. How can you sell your products or services if you don’t market them? New companies and people add in business on daily basis. Most of have the same service as you have so it’s impossible to grow up without marketing.
Reasons Why You Need Marketing To Succeed:
Marketing is at the heart of your company’s success. The success of your firm is dependent on successful marketing. Advertising, public relations, promotions, and sales are all included under the marketing umbrella.
Here are reasons why you need marketing in your business:
1. Getting Word Out, Get Recognized
Unless your company is well-known in the community and you have easy access to your clients, you will need to use marketing methods to raise product or service awareness. Without marketing, your potential clients may be unaware of your company’s services, and your company may be denied the opportunity to grow and thrive.
Using marketing to promote your product, service and company provides your business with a chance of being discovered by prospective customers.
2. More sales
As awareness grows, new consumers begin to spread the word, informing their friends and family about this fantastic new product they discovered. As news spreads, your sales will steadily rise. These sales may not have occurred if marketing methods had not been used; without sales, a company cannot succeed.
3. Healthy competition
In contrast to corporations that have a monopoly on a product or service and may charge nearly any price, marketing helps a business keep its pricing competitive in order to win over customers before its rivals. Without competition, well-known companies would continue to sell, while lesser-known or new enterprises would have little chance of success. Marketing promotes healthy competition, which allows small and new firms to successfully enter and flourish in the marketplace.
OVERALL
The success of a company often rests on a solid reputation. Marketing helps a company’s brand name recognition or product recall. As your company’s reputation develops, so will its revenues.
The motivation to conquer your fear and learn about marketing your small business, or let a trusted marketing agency take the reins.
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