entrepreneurship

21 Reasons small businesses fail at marketing

21 Reasons You’ll Fail at Marketing

by Carolyn Higgins on January 24, 2012

I don’t know what it is about Marketing, but everyone on earth seems to think they can do it. And yet I see so many people NOT doing it or wasting thousands of dollars and not getting results. I see business owners try the same things over and over, wasting more money, more time, and more energy. If I had 1/10^th of what business owners waste on stuff that doesn’t work, I’d be the most successful marketing consultant on the planet. And yet, so many business owners would rather go it alone and try and fail and try again and fail again rather than reach out and get professional help. I don’t get it.

I know there are those out there who will always try to do it themselves so, so in the spirit of not getting it, here are the top 21 reasons why most small business owners fail at marketing:

Guessing – Great marketing isn’t an accident. It takes research, educated decisions, testing, tracking and measuring. Guesswork will leave you customer-less and broke.
Doing what everyone else is doing- Every business is different and your marketing mix should be too. Following the crowd isn’t going to help you stand out from the competition!
Listening to sales people Marketing is a long term strategy, not a special advertisement, publication, or website; but every sales rep you come in contact with will try to convince you otherwise. Marketing is a process – a long term strategy, there is no magic pill and don’t let a slick sales person try to tell you otherwise.
Not asking questions –Question EVERYTHING about your business and ask everyone you come into contact with as many questions as possible to learn, grow, and constantly improve.
Doing nothing – It’s simple, if you don’t Market your business, you will fail.
Putting all your eggs in one basket – Marketing is like investing, the more diversified your strategy, the better off you will be. Don’t invest all your time and resources in one medium or on one marketing tool – mix it up.
Not tracking results – How the heck are you going to know what works and what doesn’t if you don’t track the results? If you’re not tracking you’re guessing, and we covered that in #1!
Assuming you have all the answers – Yes, I know: you know your business better than anyone. But do you know marketing? I mean do you REALLY know how and where to reach potential customers and convince them to buy from you?
Not talking to your customers – No one knows your value – or faults – better than the people who actually buy from you. Talk to your customers – often. It’ll provide valuable insight and ideas.
Ignoring your competition- If you don’t know how you’re different from your competition how are potential customers supposed to? Knowing your competition’s strengths and weaknesses will help you differentiate.
Not setting goals –Goals keep us on track; they give us direction. Without them you’re wandering aimlessly and most likely wasting a lot of time and money.
Not building an email list – I don’t understand how anyone can market a business in today’s world without an email list! Email is the easiest and most inexpensive way to stay in touch with customers and prospects. If you aren’t building a list you’re missing out on huge opportunities.
Not having an opt in form – Emailing current and past customers is a great start, but what about the people who visit your website, Facebook, Twitter, or LinkedIn pages and then go away never to be heard from again? Wouldn’t’ it be nice to engage the serious window shoppers in some way? An opt-in form is the way to do it!
Selling all the time. We’ve all met the slick schmoozy salesy types, right? And how long does it take you to high-tail it in the opposite direction? Don’t be one of those. An effective marketing strategy eliminates the need to sell all the time… really!
Assuming because you have a great product or service you don’t need a marketing strategy – Sure, some products and services might market themselves, but that’s rare. Real marketing success takes strategy, planning, and work.
Assuming that just because you have a good product or service you don’t need a referral system- Again, there are some products and services that people just love to talk about, but building a successful business solely on organic referrals and “buzz” is rare. Getting solid referrals, consistently takes planning and solid execution. .
Assuming anyone with a pulse is your client- Repeat after me: “NOT everyone is a potential client for me”. Now look in the mirror and repeat that every day! Find your niche – that segment of the population you are born to serve and you will uncover a gold mine!
Not building relationships – I can’t stress enough how important this is. Hiding behind your computer screen, desk, or counter isn’t going to get you the level of success you want. You have to get out there – mingle, be helpful, connect people, and build relationships with the right people!
Spending all your time networking in the wrong places –Not every networking group is right for you. Find the ones that will help you get where you want to go and avoid the ones that won’t.
Ignoring the internet – Facebook and Twitter may not be right for your business, but chances are your target market is going somewhere on line for information about your product or service. Your job is to find out where they’re going and be there!
Not hiring a professional- If you want to build an addition onto your home would you do it yourself or hire a professional? I mean, you know your home better than anyone, right? So why not do it yourself? Ridiculous, right? So then why would you try to “add on” – or grow – your business yourself? Hire a professional who has the right tools and knows the ins and outs of growing a business.

So what do you think? I’d love to hear your thoughts!
Want to share?? Please do! Leave your comments here.

By the way, if you liked this post, I’d really appreciate your Retweet!!! Thank you.

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Succession Planning: Is it Necessary?

by Linda Finkle on November 22, 2011

Many of my clients are business owners and entrepreneurs, and we often discuss succession planning. If you don’t have a family member who is the obvious heir apparent, what do you do?

I think the question of succession planning isn’t just for entrepreneurs, though. It’s certainly a topic of discussion in board rooms and at meetings. Yet I don’t often see companies of any size with a real focus and plan in place.

It’s more than simply finding the next president or CEO. It’s more than just finding someone to take over your business or buy you out. Succession planning should be considered for every key position within your organization. It’s about how you develop and build managers and leaders. It’s about how you cross-train, develop new skills in your current staff and build bench strength within departments.

Whether you are a company of 20 people, 200 people or 2,000 or more, you cannot build a long-term successful organization if you continually have to replace your people. So what if, as part of your planning process, you included a plan for building new skills in your current staff? Imagine how much less time you would have to spend interviewing and hiring, training and handling performance problems, and determining how you get the workload covered if a person resigns. Of course, as your company grows you will need to bring on additional talent, and as part of the interview process you should consider what their potential is, both short- and long-term.

If you wait to consider succession planning when you are ready to retire, take on a new role, or when key people leave your company, it’s already too late.

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Employee Accountability: Is It a Lost Cause?

by Linda Finkle on November 15, 2011

Executives and business owners ask me about employee accountability all the time. They want to know how to make employees accountable.

I’d like to give you a resounding yes! Yes, you can improve employee accountability! But unfortunately I can’t tell you that.

I don’t believe employee accountability is a lost cause, but so many factors have an impact on the problem that there is not a simple solution. For example: Were the employees raised to accept responsibility and be accountable; in their professional life have they worked for a company where accepting accountability was acknowledged or punished when things went wrong; are you certain they understood your request; did someone or something else get in the way? There are many factors to consider.

The single biggest factor in employee accountability, though, is you as the leader. We often believe we communicate clearly and our requests are understood, and I’m betting that more often than not it isn’t so.

I’m also betting that you assume that because they’re nodding their head, saying okay, or just sitting silently, they understand you and have agreed. Not so.

To improve employee accountability you have to begin with your own communication. Make sure you clearly define your expectations and the conditions of satisfaction (by when, how, who, what, color, etc., etc.). The next step is to confirm that they understood and agreed to complete your request.

Until these are handled well you will never be able to have the level of employee accountability you desire.

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Women Business Owners – This Is Your Moment

by Chelle Parmele on September 9, 2011

Yesterday I was sent a link to a study on women owned businesses. While some of the data is a few years out of date, I was caught by this particular piece of information:

In 2004, Women owned 10.6 million businesses in the United States. They employed 19.1 million workers–that’s one in every seven employees and their businesses accounted for $2.5 trillion in sales.

It was shortly after reading that I received information from a friend of Bplans.com – Natalie MacNeil of She Takes on the World. She and Natalie Sisson of The Suitcase Entrepreneur have created an online business system called WE Mastermind.

“It all comes down to persistence, determination, the right tools, the right knowledge, the right systems and one heck of a power team pulling you towards your well deserved success.

That’s what WE Mastermind is all about.”

In a nutshell – WE Mastermind is a 6-month program designed to not only get your online business up and running, but profitable. “Natalie Squared” have a mission to ensure you find your sweet spot, then package it into a product or service that allows you to create a profitable online business.

Check out the WE Mastermind website for all the information on the course as well as the resources and tools you get in the package. (Full disclosure: Palo Alto Software’s Start, Run and Grow Your Business software is part of the list of value added resources you get from purchasing the course)

Learn more about WE Mastermind. Early bird pricing ends THIS SUNDAY (September 10th) so take advantage of this offer now!

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Stilettos and Brass Knuckles: One Woman’s View as an Entrepreneur

by Shennandoah Diaz on May 30, 2011

Stilettos and Brass Knuckles: One Woman’s View as an Entrepreneur
I’ve been called many things in my life. Most recently I have been called a “woman entrepreneur,” “mompreneur,” “social entrepreneur,” and a few other things I won’t repeat. Transitioning from freelancer to entrepreneur (not businesswoman—a distinction I will explain shortly) was an exhilarating, frightening, and freeing experience. Through that transition I became a master of my destiny, a creator of possibility in a world wrought with excess and destruction, and forever an advocate for a new way of life–a way to personal and ideological freedom.

You see, entrepreneurs are a special breed. We look at the unknown and say, “I can make something out of that.” We don’t run haphazardly toward the dark abyss of uncertainty as many assume. We see possibility. We calculate the risk, develop a strategy, and attack uncertainty with unrelenting stubbornness. Enticed by the reward only creation can bring, we mold new technologies, challenge paradigms, and build cultures of thought and living that startle the dreary corporate mentality.
Continue Reading »

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5 (Sarcastic) Truths About Entrepreneurship That No One Will Tell You

by Joel Nielsen on May 9, 2011

My cousin Brian recently shared an article titled 5 Ways To Test An Entrepreneurial Idea. It was full of cute and inspiring ideas on how to succeed in the world of small business ownership. “Research an analogy,” “Contact your prospective clients,” and my personal favorite, “Visualize it.” When I read the last one I choked on the cup of Ramen Noodles that I was slurping down for lunch.

What really bothered me is that the concepts are nice, but they are not forged in the relentless heat of reality. I had the impression that the article was penned from the comforts of a corporate cubicle rather than the tough trenches of business ownership. I’ve been self employed for 16 years, have an MBA, and can tell you that you can “visualize it” all you want. It won’t pay the bills. However, a lot of hard work and then some more hard work just might.

5 (Sarcastic) Truths About Entrepreneurship That No One Will Tell You

Instead of passing on fanciful small-business strategies that only work on paper, I’ve decided to be completely honest and pass on 5 five (somewhat sarcastic) truths about entrepreneurship that no one will tell you. Buckle up:

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If You Have to Ask, The Answer is No

by Tim Berry on January 27, 2011

Jeffrey Busgang titles his Harvard Business Review post “Should I Become an Entrepreneur?” I admit, it’s not an unreasonable question, and my response — if you have to ask, the answer is no — is probably unfair and too abrupt.

Even so, I answer that way to point out that entrepreneurship is so often something that happens to you, rather than something you choose. You fall in love with a business idea, a product, or a challenge, and you can’t resist. Or the opportunity arises, suddenly, and you say yes to it.

The idea that you choose entrepreneurship like you’d choose a sweater is acceptable, I suppose, because so many of us choose careers by establishing our interests. And “I want to own my own business” certainly comes up a lot.

My own three decades of entrepreneurship did not start me asking that key question. From the beginning, it was looking with eager anticipation at the possibility of making it on my own. I knew I wanted to do what I liked. But could I cover expenses? Keep the kids in shoes? And then for years it was a matter of making the next mortgage payment, not knowing for sure where the money would come from. And being progressively more unemployable as the years rolled on.

I like this: in the post, Jeffrey says:

I have concluded that being an entrepreneur is an irrational state of being. If human beings were purely rational, evaluative, value maximizing individuals, they would not start companies. If they sat down and did the expected value calculation by laying out the probability-weighted outcomes of being an entrepreneur as compared to taking a safe job, it would not pencil out.

How delightfully business-school-like to put it in terms of maximizing expected value calculations. However, I read humor there, Jeffrey’s tongue in his cheek, a suppressed grin.

I also like the series of questions Jeffrey asks to answer the main question. Including:

Do you have an idea that no one can talk you out of?

Are you prepared to endure with modest or no salary for a few years?

Are you bored with your current work environment/life situation?

I think he’s got it right, except perhaps his title, because as you look at the content he’s got entrepreneurship as something you can’t resist.

Think of it this way: do you dare to escape boredom? Can you? Will it work for you?

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Making Facebook THE Social Network

by sara on October 5, 2010

This is our third post on startup lessons from David Fincher’s new film about the founding of Facebook, The Social Network. We’ve already seen that business ideas aren’t protected, and that startups, especially, need to be clear on partnership agreements, and whether partners are actually a good idea. Today, the important lesson is about actually shipping, getting to market, and seizing opportunities.

Doing, marketing, selling is what makes a successful business
While the Winklevoss twins and Divya Narendr focused on the idea of the business, Mark Zuckerberg actually coded and launched a product. When his friend and partner Eduardo Saverin dragged his feet on investment and expansion decisions, Zuckerberg cut him loose to move faster.

The success of Facebook wasn’t about the idea. Business ideas aren’t actually worth very much. “If you have a good idea, a thousand other people have the same idea. You’re in a race to take that idea and make it happen, make it real. You build the business, you don’t just have the idea.”

As one commenter wrote about the case back in 2007, “I have taken a look at ConnectU and their script…anybody could write such a script..what makes Facebook facebook, is not because of any code or script…it’s Faceboook’s strategy and [how they] positioned themselves.”

Zuckerberg himself credits Facebook’s success to three things:

* Boldness
* Speed
* Focus

Zuckerberg used his technical savvy to take an event that was already happening offline – college students socializing – and move it online. Boldness and speed were apparent even in the one-day success of an earlier experimental site, Facemash, which he created in a weekend while at Harvard. According to the Harvard Crimson, Zuckerberg intended to share the site only with a few friends, but it quickly spread across campus to get 22,000 votes. No doubt that early feedback (and the fact that more than half of all Harvard undergrads joined Facebook in its first month) helped encourage him to moved quickly to expand beyond his initial market (Harvard) into other colleges, and then to non-college students.

Of course, as reviewer Richard Corliss says, “Zuckerberg would make billions selling friends — and if need be, the film reckons, selling them out.”

Making it, getting it launched and to market, is especially true for startups now, in a down economy, as venture capitalist Guy Kawasaki explains.

“In today’s economy and tight credit markets, there is a much greater emphasis on getting to revenues fast and more emphasis on business models than before,” Kawasaki says. “You also meet companies that are further along. Whereas, a few years ago the accepted practice was you raised a bunch of money, then you went away for a year and built your software. You needed the money to hire people, buy tools and all that kind of stuff.”

Will you follow through, or foul up?

Sara Prentice Manela
Editor

P.S. Speaking of Facebook – Have you joined our fanpage?

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Who has time for summer vacation anymore?

by Chelle Parmele on June 22, 2010

I watched a TED video the other day on teaching children the importance of Entrepreneurship. While I agreed with the idea of this, I wasn’t all that impressed with the speaker – sad to say.

photo by Abhijit Tembhekar

But the subject got me thinking of all the opportunities we have as mentors and parents and community members to encourage and teach entrepreneurship to kids. The value of planning, budgeting, marketing – all valuable lessons for later in life.

It reminded me, actually, of an article I read a while back about lemonade stands:

Running a stand is “one of the most educational experiences a child can have,” he said.

And more and more kids are not just profiting from the experience, but also learning the importance of giving back by donating a portion – or all – of their proceeds to charity.

Make learning fun by coupling it with making money or creating a better sense of giving back and community plus sitting outside with friends? Genius!

Read the full article on CNN.Money.com

‘Chelle Parmele
Social Media Marketing Manager

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Bragging Rights for Small Business

by Carolyn Higgins on March 17, 2010

I was standing in line at the grocery store the other day and overheard a conversation between a man and a woman that went something like this:

Big buff man (puffing out his chest just a little), “Yeah, I lift about 1,000 pounds a week…” 522136774_c169fabc1f

The woman’s eyes got wide, “Oh wow, that’s a lot of weight,” but not wanting to be out-gymmed she nonchalantly professed, “I do 4 ½ miles on the elliptical five times a week… ”

That conversation got me thinking. We love to talk about our accomplishments – some people even take it to the extreme and bore everyone with constant stories of self-aggrandizement; bragging endlessly about what they have or what they’ve done. But for most of us, we simply work hard to achieve our goals and it makes us feel good to share our success.

So yes, we as individuals – as human beings – like to brag a little now and then. But I rarely hear small business owners bragging about their professional achievements. I’d love to be in a networking group and hear a fellow solopreneur proclaim (with chest puffed out), “I got 10 new leads last week and converted eight of them.” And another respond, “Oh yeah, well I have a 95% customer retention rate.” And a third, proudly assert, “My average sale increased 50% last year!”

Why don’t we hear and engage in conversations like these? I mean, we are entrepreneurs for crying out loud! We should be loud and proud! We work our tails off, haven’t we earned bragging rights? Why don’t we talk about these things more? Could it be that we have nothing to brag about? Is it because we don’t set goals or measure results so we have no idea what we’re accomplishing – or even if we’re accomplishing anything?

You see, the key to earning bragging rights as a small business owner is knowing where you started, where you are now, and where you want to go.

Mr. Grocery Store Iron Man didn’t just walk in to the gym one week and start lifting 1,000 lbs. And I know his companion didn’t do 4 ½ miles her first time on the elliptical. Without a starting point, how can you know what success looks like? And if you don’t know what success looks like, how can you share it with others? So start setting goals and tracking success. I want to hear you brag!!!

ducttapemarketingbadge Carolyn Higgins is the President and founder of Fortune Marketing Company. Her personal mission is to help small businesses stop wasting money on advertising and promotions that don’t deliver and help you implement an effective marketing system that will bring you more customers – consistently.

For more information about Carolyn Higgins and Fortune Marketing Company please visit FortuneMarketingCompany.com.
Email chiggins@fortunemarketingcompany.com or call us at 707.631.6340.

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Up and Running Blog

entrepreneurship

21 Reasons You’ll Fail at Marketing

Succession Planning: Is it Necessary?

Employee Accountability: Is It a Lost Cause?

Women Business Owners – This Is Your Moment

Stilettos and Brass Knuckles: One Woman’s View as an Entrepreneur

5 (Sarcastic) Truths About Entrepreneurship That No One Will Tell You

If You Have to Ask, The Answer is No

Who has time for summer vacation anymore?

Bragging Rights for Small Business

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