May 28, 2022

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REASONS WHY SMALL BUSINESSES FAIL–MARKETING

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REASONS WHY SMALL BUSINESSES FAIL–MARKETING

Forbes published in 1 January, 2015 that 90% of start ups businesses fails in a year. Another reports shows that 50% of business start ups fail in five years.
There are many reasons that may cause failures have been discussed in previous articles. However, a major reasons of failure is marketing. Why so?

Most small businesses in Africa do not have budget for marketing. They established their businesses and sit down waiting for customers to come by. Will such business able to withstand competition? Hardly!

Marketing is the life wire of a business. Without it, the business will fail in no time.
Marketing is defined as a form of communication between you and your customers with the goal of selling your product or service to them.

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Marketing is not just about buying and selling as layman will see it. It involves more. It involves creating awareness, referrers, segmenting and so on.

One important aspect of marketing is advertising which is the creation of awareness of a product. Creating awareness enables actual customers and potential ones to always have in mind that a product is out there waiting for you to buy.

This is very important and I encourage small businesses to key into it. Let us take an example of two competitive brand coke and Pepsi.

Coke and Pepsi has been in existence for a long time, but presently and in the future they will continue to spend money on advertisement. Not because they are losing popularity, but because they wants there product to remain in peoples mind and hearts.

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Everyday you watch your T.V set, radio or the Internet, these brands are always advertising. These images will have mental picture in your mind that your next purchase will be there product.

With everyone wanting to go on the Internet to get one information or the order, you can use the opportunity to market your product and business through this medium.

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