Did you know, about 20% of U.S. small businesses fail within the first year? By the end of their fifth year, that number jumps to nearly 50%! The most common reasons small businesses fail include:
- Lack of capital or funding
- Inadequate team management
- Poor business model
- Unsuccessful marketing initiatives
In this blog, we'll focus on the fourth bullet point "unsuccessful marketing initiatives" and delve into four common marketing downfalls that contribute to the demise of small businesses.
1. Hiring an Inexperienced Marking Team
Can you guess the number one reason why a company would hire an inexperienced marketing team? If you guessed, "they offer cheaper prices than the competition" you'd be correct! These companies tend to overpromise and underdeliver. Meaning, they say they'll provide the same services as an experienced, knowledgeable company for half the price or less, but they don't complete the job correctly or don't even attempt it at all!
We'd like to say these marketing companies don't notice the minute details that an experienced company would, but oftentimes, they miss extremely obvious errors that can set your marketing efforts back weeks, months, or even years... depending on the severity of their errors.
Take time to research local marketing teams, do your due diligence, and surround yourself with an experienced staff, even if it means investing a little more money.
2. Investing in a Bad Website
Would you knowingly invest in lazy employees, poor equipment, or run-down office space? Of course not, right? Your website is the centerpiece of a successful digital marketing strategy. Just like hiring a lazy employee, a bad website can be a detriment to your business. It's important to view a website from the perspective of a potential consumer. Consider things such as:
- Is it user-friendly on all devices?
- Is your message clear and concise?
- Are the services easy to find?
- Do all of the links take you to the right destination?
- Is the content grammatically correct?
- Does the website add or detract credibility from your business?
Of course, there are countless other things to consider, but hiring a reputable digital marketing agency will help your business elude a woeful website nightmare!
3. Lack of a Strategy
Lack of a marketing strategy ties in with hiring an inexperienced team. Every social media post, blog, advertisement, etc. must have purpose and work together in unison. If there's a product or service you want to promote, meet with your marketing team and develop a plan. The voice of the business owner is an extremely powerful marketing tool. Whether they're relaying a message to the marketing team or doing a video shoot to enhance brand credibility, the strategy will flourish with excellent communication, a detailed plan, and a motivated business owner at the helm.
4. Small Budget
A "small budget" means something different to everyone. In digital marketing terms, having a $200-$300 monthly budget and expecting a $1.5 million investment return simply isn't going to happen. If a company tells you they can make it happen with a budget that small, they are without a doubt, 100% going to underdeliver.
We take pride in being upfront with our clients, and most of the time, they appreciate the honesty we provide them. If what a marketing company tells you sounds too good to be true, most likely, it is. It's important to invest in your company and allocate an appropriate budget in the right places towards its success.
Master Website Planners
Investing in the right resources will help your business be successful. Surrounding yourself with a knowledgeable marketing team, investing in a quality website, being an essential part of a thought-out strategy, and allocating sufficient funds toward your marketing efforts will help your small business thrive in a competitive industry!
If you want to work with an experienced and knowledgeable marketing team who always has your business' best interest at heart, contact Master Website Planners and schedule a consultation with our team of digital marketing experts!
Sources: investopedia, lendingtree