Why your small business isn’t growing: Five common mistakes made by 90% new business owners
Author: Nimrita Joanne
Date: 30 June 2022
In this era of technology and social media, many small business owners struggle to keep their businesses afloat. New business owners face even bigger problems in growing their business as the economy has increasingly decreased due to the recent Covid-19 pandemic. However, sometimes, their business can be failing due to some crucial mistakes that are commonly made by these small business owners. If they can avoid these mistakes, I can guarantee that their business can flourish despite the obstacles caused by the declining economy of the country. Here are the five common mistakes made by 90% new business owners.
1. Lack of a Proper Marketing Plan
Do people know of your brand? Does your brand name ring a bell among people when spoken of? One of the most important elements to take into consideration when planning to start a new business is to come up with a proper marketing plan. It is very crucial that you aim to get the maximum number of people in your targeted market to know the name and value of your brand or business. If your client doesn’t know you, then it shows a huge problem with your current marketing strategy. In this situation, the most simple solution that you can come up with is to tune your marketing idea to focus on getting the brand/business name out there. Another method new business owners can do is to try incorporating online marketing into your business plan in order to focus more on your online PR to expand your business to the maximum.
2. Reluctance To Take Risks In The Industry
The most important thing that all new business owners have to understand is that every decision you make comes with risks of its own. However, this shouldn’t be an obstacle when it comes to growing your business. Business owners have to be prepared to overcome the risks that come with starting a new business/brand. In this industry, taking risks is one of the fastest ways of growing your business. If you’re feeling scared or worried about making a wrong decision, you can always look into methods of marketing that can get your brand name out there. For example, if you wish to succeed in your business, you can delve into digital/online marketing, which is a more recent method of marketing. Through this method, you will be able to promote your business to a larger audience, as people are more inclined to use social media these days.
3. Not Using Current Trends To Expand Your Ideas
One of the biggest mistakes that you can make is using old methods of marketing to promote your business. In this generation where social media has become the main platform of communication and entertainment, old methods such as flyers, posters and newspapers are no longer relevant. If you wish to grow your business, you have to be able to adapt to the current times. Business owners should modify their marketing strategies and use more digital video marketing trends to attract more customers. Examples of current digital marketing are short DIY videos, and audience targeted content. Through this, the word of your business will be able to gain more attention from the consumers who use social media on a daily basis.
4. Insufficient Research Before Making Big Decisions
Starting a business is a huge investment. That is why doing proper research before starting a business is extremely important. When starting a business, business owners must always conduct proper research to analyse their target market. This is one way business owners can figure out what their target market is and they can figure out how to promote and sell their products/services to them. Through this, business owners can also make business strategies and plans based on the demographic of their business. Business owners can then use various ways of digital marketing to appeal their products and services to their targeted audience with ease.
5. Not Focusing On Their Targeted Client/Customers
In this current time, business owners cannot generalise and assume that your products or services can attract customers from all demographics. The current marketplace in most of the industries have become too differentiated, proving that generalising is no longer going to work when starting a business. Business owners have to keep in mind that in any industry that when wanting to start a business in, always find out who your targeted client/customers are. In that way, you will be able to tune your marketing strategy to fit your target market. In order to identify your customer segments, you can use digital media to find out the age, gender, lifestyle and technological advancements of potential customers/clients. When you use digital media, you can easily identify your market by observing the kind of people who respond to your content.
Of course, starting a business is not easy, especially in this generation. However, you should not let that intimidate you. You can always look for digital media agencies that can help you in your journey to promote and advertise your business. Always do your research and pick an agency that you believe can be the most beneficial to your business/brand! If you’re looking for a great digital marketing agency, I highly recommend Bold Media!
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