It’s a great start to a new month and I’m pretty excited about what’s in store.
Let’s talk about why some businesses fail and others succeed.
Thousands of new businesses are introduced each year yet a significant number of them fail? Statistics puts the estimated figure somewhere between 30 – 50%.
However, this doesn’t have to be the case.
One of the most common reasons for this is not being able to match offerings to the needs of customers.
Another reason is that branding and communication is ineffective or inconsistent.
Good communication is like the oil in an engine. It keeps the engine running or the engine will break down when there isn’t any or a wrong kind of oil in it.
Below are four ingredients that contribute to the success of a business:
Matching your offering to a significant or perceivable benefit for customers that they are willing to pay for is the first step. Now top that with other advantages like more features, ease, and you’re in for the win.
Customers buy based on promises of satisfaction. Ensure that customers get the basic functional (tangible or intangible) benefits expected of your offering. Keep your word. Do what you say you will. It might sound cliché but it is a huge deal to the customer who buys, to those he’ll tell about his experience and for the health of the business.
Be visible and accessible. Many business owners think once they have a website up, that’s all they need, but that is not so. Use social media, blogs, articles, interact with customers and prospects, participate in conferences and events. The more you’re out there, the more you remain top of mind.
Successful businesses, whether offering a product or service, cannot do without effectively communicating. It is only by doing this that the customer understands what your offering is about and how that matches with his needs. If a business offers a great service or product that no one knows about, it will adversely affect that business.
So, there you have it.