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 6th 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.
An inability to market has been identified as a common failure especially among owner/managers who like to build a product or service but don’t relish the idea of marketing the product or service.
A strategic marketing plan documenting the process of how a business can best compete in the market is a must.
Your business should have a marketing strategy and plan that recognises where you are now, where you want to be, how you might get there, identifies which way is best and how to ensure arrival.
Take time to set your strategy and plans down on paper.
A good marketing strategy and plan consists of a vision, an audit of your strengths, weaknesses, opportunities and threats (SWOT), an analysis of your political, economic, social, technological, legal and environmental environment (PESTLE), competitors, customers, your value proposition, your brand and SMART business and marketing objectives.
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.