Starting any new business is something like a new life beginning, where people have to face many challenges that they don’t expect at the initial stages or don’t realise until things go out of control.
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By Luke Sharkey / Growth Marketing Manager
Every business begins with an idea – sometimes an idea alone with no other resources necessary for starting a business.
Many people make the mistake of underestimating things beyond their idea and take the planning and execution lightly. Or they think that their idea or their product can easily sell in the market and other contributing factors of a successful business can be neglected.
Are you confused? Let me explain this to you in a better way. Many product designers or engineers, who have a brilliant idea or product, make the mistake of not understanding the importance of marketing. Either they ignore marketing, try to do themselves, or hire inexperienced marketing professionals to run the campaign.
Ultimately, it leads to the failure of the product as it failed to be noticed in the market. Several stories prove how the lack of marketing or bad marketing didn’t allow some innovative products to get off the ground. One of the most recent examples to this is the launch of premium class Phaeton by Volkswagen in 2002.
The full-size luxury car failed because of bad marketing. The car maker couldn’t understand its product positioning and made a demographic miscalculation.
While this example depicts the product launch failure of a global car maker, it applies to small businesses as well.
Are you planning to launch your idea into the market in the near future, or do you have a plan to start a small business? Then consider the following things as they can contribute to or derail your success.
Imagination Vs. Reality
Making yourself ready for taking up any challenges is important in defining your business success. There are situations where you have to take three steps forward and two steps backwards when running the business.
Identify What Can Fuel You
Pay Attention To The Numbers
Adaptability Fits You On The Market
Regardless of the type of business or the industry, adaptability is an important factor that decides how you fit the requirements of the market. Note that any great idea takes many shape changes when it becomes a product, based on the needs of the market.
Listen to Eric Koester, the co-founder of Zaarly, an online peer marketplace. According to Eric, “you are going to run the company almost 10,000% differently than what your original idea or how you began with.” He continues that the best business owners and entrepreneurs are quick to adapt to the market conditions for getting their product rightly placed in the market.
Eric emphasises to business owners to expect the change in requirements and embrace it before others do. He also adds that how a business adapts to changes decides its success in the market.
Online Visibility: The Identity Of Your Business
Engage With Your Audience
Be Open To Mistakes
There is no business without any mistakes, and every successful business has several hundreds of mistakes and failure stories. Go through this article that describes the biggest product failures and mistakes of Google that wasted billions.
Similar to adaptability, the ability to be open to mistakes can also define the destiny of your business. It’s not the mistake, but what you learn from it and how you can overcome it is very important. Maybe you’re learning best from your mistakes.Creating a business culture that accepts mistakes is important in that journey. For that, you have to do a number of things.Always keep your ego at the doorstep before entering the company.Don’t be afraid of mistakes and failures.Analyse each mistake and find the actual reason for it. Be optimistic. Celebrate your successes.
Conclusion: You’re Not Good At Everything
As discussed before, you can’t be good in every area of your business, and you should choose experts in areas where you are not proficient. For instance, website development or digital marketing campaigns can be beyond your expertise.
Therefore, you need the assistance of a digital marketing expert or a reputed agency. When your business demands it, don’t wait, just go for it. Your competitors are there to serve the requirements of your potential customers. Be ahead of them.
Adaptify offers comprehensive website development and digital marketing services to various industries throughout Australia. With nearly a decade of reputed service, we can better interpret the needs of your customers and make yourself visible for them.
Get a free consultation from our digital marketing consultants and leverage the online ecosystem for your business growth. Call us on 1300 423 566 or have a chat with us online with your questions and requirements.