Building a company from an idea or concept is no easy feat. The failure rate of startups is high. On average around 50% of all startup businesses in South Africa failing within 24 months. Several reasons apply but mostly due to the inability and inexperience of their owners.
So, what is the proverbial ‘low hanging fruit’ when it comes to building a business?
Building a business, not a brand
Building a product, service or offering in isolation is your first mistake.
The first job in building a business is the construction of a customer-facing brand. It must reflect key marketing fundamentals. This includes identifying and developing your target market, competitor set, etc. Cover what makes you different and special. Deal with your purpose, what you stand for, values and personality.
No clear marketing plan
A marketing plan is a critical document. It helps businesses connect their newly developed brand to their primary target audience. Deal with a “strategic shopping list” that details where best to spend your marketing budget to achieve your business objectives.
The marketing plan should be one of the first documents you compile for a new business. It can be critical in the process of securing investment in your business or placating your investors. It defines your focus and growth areas.
No website, no social media
A company website is the epicentre of all online activity for your customer base. Potential clients are almost always seeking additional information about a business. Let them get it from your website or via social media such as LinkedIn or Twitter.
A website and a social media presence offer much credibility to your business. It allows customers to get familiar with the company before they actually interface with the owner or team. It’s a critical resource for growth and something that’s often ignored.
Your role in the bigger picture
Small business and SMEs have the potential to drive the South African economy. It is essential to job creation and our country’s future but, receive little support, especially when it comes to marketing.
Itís hard to come by knowledgeable people for this subject, but you sound like you know what youíre talking about! Thanks
Id have to test with you here. Which is not one thing I often do! I enjoy reading a submit that may make individuals think. Additionally, thanks for allowing me to remark!