According to LendingTree.com, the number one reason why businesses fail is lack of demand for the product or service. Below is the statistic explained in more detail:
“Almost half — 42% — of startup businesses fail because people don’t actually need or want what they’re selling, according to research firm CB Insights. This means that assessing the potential market is essential to ensure success.
Figuring out if there’s a market for your product or service requires talking to potential customers to understand their problems and needs. It’s a mistake to assume you know what their pain points are or that your product will be attractive simply because it’s an advancement in your field.”
As you are fine tuning your revenue goals for the first quarter of the year, develop and implement a strong marketing plan that you can measure against. Bliss Virtual Services suggests including the following:
Make sure your mission (or purpose) is clear. If someone is confused about what you offer, they will quickly move on to the next “clearly defined” opportunity.
Identify who your “person” is. This would be your future raving fan because you’ve heard their cry and come to the rescue just in time to solve their problem. No detail about who they are is too nuanced. Where do they like to dine? What podcasts do they listen to? What technology do they heavily rely on?
Determine your position in the marketplace. A SWOT Analysis will enable you to feel more confident as you approach your market. Sometimes the analysis will cause you to pivot but please know that this is perfectly normal for most industries.
Collect feedback periodically. Market demand can be volatile so staying ahead of what your ideal clients want and need will also keep you top-of-mind as they consider new and continual investments.
In closing, we encourage you to make it a habit, in the coming year, to analyze your marketing plan and strategy frequently so that you can catch opportunities and potential threats early on.
By N. Renee McFadden
Chief Bliss Officer
Bliss Virtual Services