- July 14, 2018
- Posted by: Chowdhury Shahid Uz Zaman
- Category: Business
Every entrepreneur commits mistakes, as evidenced by the fact that up to 90% of all startups are closed in a year of their existence. Many of these errors are due to the poor preparation of the founding entrepreneur (ignorance of the nuances of monetization, marketing, development and distribution of the product). But there are some gross errors that are made year after year, but which could easily be avoided.
We made the top 3 most common mistakes on the Internet, which start-up entrepreneurs allow, in order to help prevent possible troubles …
1. Long wait for monetization
Some entrepreneurs make the same common mistake when promoting their business on the Internet – they are trying too fast to acquire a large number of subscribers, regardless of the quality of these followers. Meanwhile, the quality of subscribers is too closely connected with the monetization of business: purchased uninterested followers will never do what the entrepreneur expects from them – they will not go to the site and buy a product or service.
Another problem is the lack of timeliness and inconsistency of marketing actions. Running the promotion before the work of the site is fine-tuned, and the resource will be filled with high-quality and useful information will lead to potentially interested users never becoming your customers, as they will make their opinion about your resource still bringing it into a decent appearance.
The third problem, arising from the previous one, is the anxiety of waiting and indecisiveness. Some entrepreneurs wait so long for the “right” moment to launch, that, in the end, they do not notice the favorable opportunities that have appeared, losing valuable time, for which it would be possible to spend to work with clients and make the first deals.
2. Bad business idea
Have you carefully checked the viability of your business idea before launching? If you are like most mountain entrepreneurs, then your answer to this question is no loud. And yet this is the most important condition for the survival and prosperity of business. Your business idea should be viable. And this means that it must solve the actual problems of customers and satisfy its current needs, while differing from others, probably existing, and similar offers of competitors.
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You must stand out – the original product or service, the features of the sales offer or service. What will happen in your particular case is up to you. This can be done on the basis of market research, interviewing its target users, identifying their interests and compiling a demographic profile. If you cannot distinguish yourself among millions of similar businesses, then your commercial enterprise will never bring a profit sufficient for the payback of business and increase your financial well-being.
3. Ignoring consumers
Your customers are the reason for your business. There will not be them – there will be no enterprise. The ability to communicate with customers and hear them is one of the main skills of a successful entrepreneur. And listen not only to those customers who regularly and with pleasure share information, impressions, opinions and advice, but first of all those who are silent.
The fact is that the constant participation in the life of the company of the same people makes your business focused on a narrower segment of customers, while for survival it is always necessary to look wider and be more flexible. In order not to fall into extremes, try to organize the case so that you receive feedback from all your users. There are several ways to do this …
- Post on the site information that you would like to receive feedback. It can be subject articles, regular polls in the form of mailing, voting, questioning, etc.
- Give people a platform for saying. It is necessary to facilitate the process of sending the feedback as much as possible: the ability to log in using profiles in social networks, a system of open comments in Facebook and other social media (with the obligatory prompt response of the manager to each entry), a guest book on the site, a SMS mailing with an offer to evaluate the service for free or quality of service, SMS or personal calls after each successful transaction.
- Flexible system of discounts and bonuses to current customers in exchange for feedback on the company or participation in the survey.
No business on the Internet is perfect, because the interests of users and technology are constantly changing. But to make this business good and profitable for everyone, if there is a willingness to constantly change, develop and improve.