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 5th 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.
The process of planning and formulating a business model provides a clear representation of how a business owner/manager will realise their vision.
Every business should develop an approach to going to market and how the product or service will create value for customers.
A business model includes information about target customers, the market, organisation strengths, weaknesses, opportunities and threats, essential elements of the product or services and how it will be sold.
Components of the model include customer pain points, solutions to meet customer needs, key resources, customer segments, unique value proposition, competitive landscape, competitive advantage, sales channels, revenue streams, revenue model, key partners, cost structure, key metrics.
The aim is to lay out a strong and strategic vision that will assess what is possible and what challenges may be faced.
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.