What is the BIG MISTAKE Made
by EVERY New Business?
It Never Ceases to Amaze Me…
According to the Census Bureau, an average of 4.4 million businesses are started in the U.S. yearly. Everything from financial advisors to falafel stands, from law firms to ladder manufacturers, many of them started by entrepreneurs with high levels of education, experience, and expertise. Yet, somehow, they all make the same mistake.
They know to consult a lawyer, hire an accountant, open a bank account, acquire the appropriate licenses, order furniture, and buy business cards and a coffee maker. But still, they overlook this critical business function.
Here’s a hint: It’s the only thing designed to drive revenue.
The BIG mistake most New Businesses make is NOT spending enough attention or money on branding/marketing/advertising their business and fully understanding their target customers, competitors, and the industry they are entering.
In other words, they fail to ask themselves, “Will anybody buy what I am selling?” “Who are these anybodies?” And, “Will those anybodies buy from me, or somebody else? This results in creating products or services that don’t meet customer demand or entering an overly competitive market without a clear advantage.
I have had otherwise savvy entrepreneurs tell me they get all their business through Word-of-Mouth and don’t need the extra expense of paying for branding, marketing, or adverting beyond putting their logo on a coffee mug. Ironically, they will never be aware of the business they are NOT getting by not taking advantage of the most significant Word-of-Mouth engine ever invented—THE INTERNET!
They Need to know you befor they need you
Without an effective marketing plan, they are “faceless” and invisible to new customers, making themselves prisoners of their Word-of-Mouth referrals. Regardless of the nature of the new business, it’s quality or innovation, growth and success will be impossible, or a long time coming, without a plan to stand out from the competition, and focus on a target audience.
They will lose business to lesser quality but better known competitors. I like to advise my clients that potential customers need to know you before that need you. That is even more true for start up companies, with little or no reputation, or track record to build on. Many new enterprizes fail simply because no one knows they’re even there.
To make matters worse, many of them try to do it themselves, like watching a Dentist working on their teeth. If they DO hire someone, they invariably go with the lowest bid or, worst yet, call on an out-of-work buddy or young freelancer whose only qualification is some experience with Photoshop.
Ironically, they waste money, not to mention time, as they effectively reinvent the wheel, learning lessons that the rest of their field knows well.
Hiring a Professional to create your branding/marketing might initially cost more than planned, but the returns are far greater.
Think of it as an investments with the following benefits:
- Expertise: Marketing professionals have the knowledge, experience, and skills to develop effective campaigns and strategies.
- Objectivity: An outside professional can provide a fresh perspective and bring a new level of objectivity to your marketing efforts.
- Efficiency: Professionals can complete projects more quickly and efficiently than an internal team, freeing up time for other essential tasks.
- Cost savings: While hiring a professional may involve an upfront cost, it can save you money in the long run by avoiding mistakes and increasing the effectiveness of your marketing efforts.
- Access to the latest trends and technology: Marketing professionals stay current on the latest trends and technologies, which can give you an advantage over competitors.
Set yourself up for success by making Branding/Marketing your business the crucial first step in developing your business rather than an afterthought or something you never to. You’ll save time and money and start miles ahead of your competition.
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