10 Marketing Related Reasons Why Businesses Fail
CBI Insights Lists the Top 20 Reasons Why Startups Fail. 10 of the reasons are related to poor marketing strategy.
This is the 4th in a series of articles which focus on each of the 10 marketing related reasons why start-ups fail and how these might be avoidable.
Don’t ignore what a user wants and needs.
Before you market your product or service test it out on a group of potential customers. Make sure that the benefits are clear and believable.
Research answers to the following questions. Does your product or service solve a problem or fill a need for your potential customer? Is the price sensible in relation to value? Would the customer (definitely, maybe, maybe not, definitely not) buy the product or service? Who would use this product and how often would it be used?
The goal of a product or service should be to provide a good user experience.
About the Author
Dr Colleen Bass, Managing Director, Connect203
With 20+ years senior-level strategic marketing experience, Colleen is a Chartered Marketer and Fellow of the Chartered Institute of Marketing and a Fellow of the Chartered Institute of Personnel and Development. Colleen recently completed a management practice-led Doctorate in Business Administration (DBA).
Colleen spent the first half of her career working in human resource management before transitioning into marketing and has worked with start-up companies, non-profit organisations, professional bodies and blue-chip corporations.
Her experience has spanned a variety of industries, for instance, automotive, aerospace, construction, engineering, marine, professional services and higher education for brands such as Dowty Aerospace, Dowty Precision-Handling Systems, Laing Construction, Tarmac, TI Group, Wagon Industries, Aston Business School and Birmingham City Business School.