Why Should You Reassess Your Small Business
In the world of connectivity and globalization competition gets more and more fierce every day. A few years ago you could have come up with a social network and you would have offered one of very few. Now there are thousands to compete against including some very big-name ones like Facebook, Twitter, LinkdIn, and many others. There are many business models and methods available to people and organizations looking to spread their businesses, but one thing most of them have in common is a marketing plan.
Marketing does not just involve getting information about a product or service to clients and potential clients. It also involves getting information from those clients about what they want, need, and are willing to purchase. This can be done using surveys, questionnaires, data mining, data analysis, and more. Once you have the information about what people want you can develop or perfect your product or service. Finally use various forms of advertising in order to let people know what your product or service does, and why people need to buy it.
There are many available methods for advertising. One of the most popular, cheapest, and effective means of advertising in the current era is online ads whether it be pay-per-click or pay-per-page-view. It can be beneficial to use one or both, though the exact methods used should be decided based on your business model.
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Many people will give up after only a few weeks or months. Though some businesses are never meant to get off the ground, quitting early because of lack of profitability is a mistake. Many businesses operate in the red for several years before becoming profitable. Two keys to success are persistence and agility. Not only is it important to keep going even when the going gets tough, but it is also important to make changes quickly and effectively when necessary. If you offer a product or service that people want and purchase, but suddenly they stop purchasing it, you must immediately assess as to whether there has been a shift in the market. If there has, adjust your product to meet new market standards, and implement the new plan immediately.
One example of a company that not only did not quit, but was innovative and agile when it counted is the real estate start up, CommonFloor, which hires BMWs and Mercedes cars to carry prospective house-buyers to potential purchase locations, solving the age-old “last mile” problem.
Travel agencies have faced major challenges in the last few years as people begun booking trips online rather than calling the agencies. Companies like Travelocity have adapted by setting up robust travel websites that allow people to book flights, hotels, and rental cars all in one place. Their advertising has worked very effectively to make sure a large percent of the population is aware of Travelocity and therefore more likely to go to their website when booking travel.
If you have a small business or a start up and you are thinking of quitting, don’t. Reassess. Gather information. Consider changing your marketing plan or business model. Do what needs to be done, but do not quit. Success comes for those who work hard, exercise patience, and think on their feet. Be successful and be the next great business tycoon.
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