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 and planning.
This is the 1st 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.
A successful business needs to attract, keep and sell to customers.
Before you can sell to customers you need to carry out market research to identify whether a market exists for your product or service.
As a startup founder, you may shy away from this stage as you are convinced that your product or service is already perfect and doesn’t need to be modified. This can be termed a solution looking for a problem.
Investing time and effort in carrying out market research could help resolve and avoid this marketing related problem and ensure the future success of your business.
Your research could be based on the Lean Startup methodology espoused by Eric Ries – build – measure – learn cycle. Build the product or service, measure your customers’ reactions and learn whether your idea has been validated or whether you need to adapt. Keep repeating the cycle until you receive clear signals from your customers that your product or service fits their need.
The data collected will form the foundation of a solid marketing strategy and plan.
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.