Why Businesses Fail

It is not necessary for a business to market its products in the similar way as all businesses do. The traditional way of marketing has changed to the digitalization and now everything unique capture mind of the customers. The attention of the customer can be grabbed with the help of newly designed strategies. It is not like you see a successful business, start following its marketing practices and get success on your ways. The new trend of Customer Social Responsibility (to get involved with people and planet to obtain profitability) has emerged to provide a different trend for the marketing of product or service. With the help of this trend, people are also getting attracted towards products or services and lead the business towards success. If you adopt any strategy for any other business that is successful then do you suppose that your business would similarly rise?

It is the uniqueness of the product or service that attracts customers. Everyone wants to get new features of the product or service he/she use. It is so because people get bored using one product constantly. For example, you can take the example of the liquid bath soap. Earlier soaps were used to wash the body, different fragrances have added to these soaps. However, blue ocean strategy of the liquid bath soap has taken almost entire market when it introduced the differentiated product in the market. Similarly, different kinds of smartphones were competing in the industry before 2009. Before the arrival of the iPhone it was Nokia, the market leader with the highest market share in 2007. Slowly its business gets into losses due to its leadership problem. The reason was non-strategic movement by CEO of Nokia to sustain in the market.  Samsung and Apple hence took over the market.

Hence, the uniqueness of the product is another reason for the business to get success or failure in the industry.

Hence, the success of a business hugely depends on the right decision making at the right time. Strategic decision making is one of the personality characteristics that develop businesses, its plans and strategic implementation of the plans. The word strategic implementation involves amendments in the planning that has decided prior. The planning may require amendment in between implementation. Thus, it requires a strategic decision to tackle the situation without delaying the process. Hence, the role of leadership is very important in establishing a business and fetching it towards success.

Either you intend to adopt strategies from the business of the same industry, you would have to analyse the situation of your business to implement any strategy. It is not necessary that your strategic fit is as similar to any other’s business. The rules of successful leadership are not so high; the leader should follow some critical elements of the business:

Leverage your community

The leader has to see around for his business. It is really not necessary that you adopt any kind of strategies (Sales, Marketing, Finance, Human Resource, IT etc.) as your competitors make it. You have to think out of the box. The out of box thinking does not come from space it is around you. You gather ideas from your surroundings to grab your customers’ attention.

Network

Networking is common through social media. It is widely used to collaborate with the people who are unknown to you. It takes a lot of time, however; give a positive response from the people who get good services from your business. People also give some feedbacks that are useful to improve your product.

Marketing and Elevator Pitch

Marketing strategy is the wider tool of your business. You have to use this tool strategically. As you see around you, purchases are done according to the need of customers. You also get attracted by any product or service if you find attracting elevator pitch in the advertisement. According to a research, elevator pitch grabs customer’s attention within six to seven seconds. Hence, your speech should be attractive and very unique for customers.

Establishing rapport

It is necessary for a business to build a relationship with its stakeholders. These stakeholders can be your customers, employees, suppliers, government etc. It is utmost important that you hold on with your existing customer rather than creating a new one. You should be linked with your customers by sending them greeting messages. You may also ask for feedbacks of the order through e-mail. This practice of the business provides sustainability to the business-customer relationship. You should be linked with your supplier in your daily life and try to check the availability of innovation of the product using your raw materials.

Offering Discount

Discount offers in the businesses are common nowadays. It creates value towards customers that you are valuing your customers and giving discounts on your product or service. For instance, you may give coupons of your business for the future discount to your customer. It will definitely bring your customers back to your product or service.

What strategy differ you form your competitors? Do you use the same strategy as your competitors do? Do you conduct your business by offering uniqueness in your product? Analyse the competitors move and identify the better positioning of your competitors than you. You can become the market leader if you keep an eye on every move of your competitors. Providing better and strong value positioning in the market may lead your business towards success.

Gabriella White

Professional coffee lover. Entrepreneur. Lifelong troublemaker. Bacon expert. Zombie maven. Web junkie.

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