SHOCKINGLY…8/10 Start-up businesses fail…!!! Here’s what you should do to avoid that pitfall

Aug 21, 2014

pitfalls

There could be nothing as exciting as starting your own business as you are going to own your own business, which is a dream come true for any aspiring businessman. However, this dream can anytime turn into a nightmare if you could not consider certain things that need to be paid attention before you start your business and take actions to generate revenue for your business. There are a few blunders that you must avoid while starting your business, some of which when on the one hand can hold up the chance for success others on the other hand can really prove to be fatal for your business.

Anyway, here in this article we are going to talk about how you can cope up with it and avoid the pitfall of your business getting failed. So, let’s start the journey.

Do proper marketing research

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Doing market research via offline means would consume more time, it’s expensive and does not offer accurate results. Doing marketing research over the Internet will be much more cost effective.


Switch to inbound marketing

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Adapt to the emerging trends of the world and its inhabitants. Go online and get visible! Last five- seven years have seen a great change in the way people work and live and that you being marketers also need to adapt with it. Now when, inbound marketing has made marketing much consumer-driven, interactive, well-timed, content-rich and solution based, consumers seldom entertain those interruptive messages that you push out while doing outbound marketing of your product or service.

Hence, instead of pushing out interruptive messages try connecting with consumers in the places and on devices they prefer. People love inbound marketing because it never tries to distract them or interrupt them while they are busy with something else; it however gives them the control to engage with brands on their own whims in terms of time, place, device they use and so many other factors.

So, stop selling, let the consumers buy themselves. Just try to integrate context with content and give users a more affluent, relevant, and personalized experience.

Build a website

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A website is a window to your business in the online world. It is available in front of your prospect customers 365*24*7. In this digital era when your customers have become sophisticated than ever running business without a website shatters your existence as if you don’t exist in the virtual world as on date then you don’t exist at all. You have to have an online visibility, an online presence. Otherwise, it’s just like working on dial-up connection speeds in the age of super fast broadband connections!

Your customers are already online. They are posting reviews, hunting for information, making a purchase online, talking about you and your business and so on. It is of course a good signal for you but then to join the conversation you need to have an online presence.

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Generate leads via online marketing

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Lead generation is not a big deal if you have all your tools at the right place and have the courage to experiment new things based on marketing metrics. Large organizations spend millions on advertising for customer acquisition and building their brands. However small businesses have a limited budget and usually can’t spend millions on advertising although the need to attract customer remains same or even more. This is why SMBs need to rely on innovative & cost effective ways of lead generation on a shoe string budget. With online marketing, you can generate 1000’s of leads every hour and that too potential business leads.

Read our article here to know how online lead generation can benefit your business!


Add an extra outlet for sales

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It is no harm in practicing traditional marketing if capital is not a big concern for you but then you need to reach your target audience at the right place, on the right time and of course the right platform. Do you know 67% of the people in rural areas access internet via their mobile devices, India is growing rapidly in terms of internet usage with an expected 245 million internet subscribers by the end of 2014.

They say smart work is better than hard work, so identify with the right platform, figure out where your customers are and reach them there instead of wasting time and money on traditional marketing. Remember, ROI never means a high investment but that returns must be big!

Analyze your performance regularly

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You are putting in all your effort and money to make your business boom high still for want of the right measurability you end up wasting a large amount of money as cannot prioritize your work efficiently. The conventional media of course allows you to calculate the ROI but that too only through reader ship and footfall. However, when it comes to digital marketing it offers you with an amazing tool called web analytics through which you can measure your performance at every level. It helps you make adjustment in your plan during the process is going on and save a lot of time, effort and money. As a result you can optimize every part of your marketing venture through analytics.

Switch to cheaper modes of advertising if you are a startup

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“Digital Marketing can reduce up to 61% of your advertising expenses!”

Customer acquisition is something that happens to be the main goal of any and every business no matter whether you are selling product, service or features. However, at the same time you need to take care of your budget as well. You can’t just spend blindly and that there has to be some guidelines to follow while acquiring each new customer. There has to be a budget for customer acquisition as well, for there are a lot of other expenses that you need to bear. Read how you can acquire new customers at a lower advertising cost through digital marketing in our article here!

Read our article here to know in detail as to how digital advertising help you boost your business at relatively very low cost.


Prepare a marketing strategy and a marketing budget

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It is something that you must be aware being a sincere marketer. Still, just to dust off we need to emphasize once again that without making a marketing blueprint and planning the budget things can never be on the track and there can be a lot of mismanagement.

Every form of advertising will not yield results

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Practice well renowned forms of advertising where success rate is very high. To know in detail as to how various online advertising channels help you gain maximum ROI read our article here!


The sun does not shine everyday

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Business is all about taking risks! If your business does not perform up to your expectations for a particular month, don’t lose hope! Perhaps its time to make some changes in your marketing strategy! That is it!

DSIM was established in 2011 with an aim to train working professionals, corporates and entrepreneurs. Till date, DSIM has trained over 1860 professionals, helped many startups achieve their goals and increase their business revenue. DSIM can be contacted for a free consultation at 8447736668 or info@dsim.in

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