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The 4 main sins of businessmen. Why are the companies not successful?

The 4 main sins of businessmen. Why are the companies not successful?

The functioning of the company on the market is a component of many external and internal factors. When analyzing general trends and changing business trends, entrepreneurs should take a number of actions to achieve success. Abandoning important promotional and marketing issues may result in a rapid fall of business.

We present the most common mistakes that entrepreneurs make at the beginning of business.


Failure to thoroughly analyze the market

Before starting a business, the market should be thoroughly analyzed and the targeted promotional message should be specified. The main tasks of the company are to determine the characteristics, preferences of customers and habits and social factors that affect the target group. Lack of precise direction of the message may cause the company to make an incorrect choice of marketing tools, promotional campaigns will not fulfill its task, and the entrepreneur will squander funds for ineffective activities. The right strategy will allow you to win customers by analyzing market trends and observing the environment.


Ignoring competition and an offer that is duplicated

Market analysis should not be limited to determining the characteristics of potential customers. An important factor is also checking the competition and its impact on a specific business sector. The company should not ignore the activities and business importance of its counterparties in order to gain a market advantage in the future. The basic elements of the analysis should be: strengths and weaknesses, sales channels, target group and promotional activities.

The most important element of the analysis is to draw attention to products and services proposed by other companies. Many entrepreneurs bear a business failure trying to enter an offer on a saturated market. Then, products or services will not be noticed by potential customers, and the activity will experience image-related, promotional and financial failure.


Lack of wide promotional activities

An innovative product introduced into the market does not mean automatic success. Entrepreneurs should ensure that the company is active in marketing and visible on the market. The first contact should provide the prospect of establishing business cooperation, which is why customers must remember the company as a specialist in the industry. The best way to create positive associations is, for example, participation in trade fairs or activity in charity actions.

The basic carriers of information about the company are: name, advertising slogans and logos. Many entrepreneurs gained notoriety and position in the industry thanks to non-standard marketing campaigns and creative advertising slogans. The promotion should also include presence in the media and prestigious catalogs as well as activity on industry portals. A proven and effective solution is the purchase of promotional products that can be used in everyday contact with the client, during lofty events in the company's life and during trade fairs. We encourage you to familiarize yourself with the Magic Print offer.


Skipping the importance of social media

The internet is the main source of information for customers about the company. The basic communication channel are websites and social media. Most enterprises have profiles in social media, however, it is limited to providing information, marginalizing contact with the client (providing information, commercial offers, responses under posts). Meanwhile, the proper use of social media not only improves the image of the company, but allows the creation of free and effective marketing activities. Social media create great opportunities for communication with the client (live broadcast, comments, activation posts, contests, surveys and others). In addition, social media offers user reports, including detailed data, so that the company can specify the direction of promotional activities.

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