A study by the Small Business Administration found out that one-fifth of business startups fail in the first year of business and over half fail in the first 5 years. There are many people who will start a business and do not realize everything they need to stay successful. There are countless reasons businesses fail, but here are three main reasons businesses fail.
Failure to optimize conversions
As a business owner you have a lot on your plate and can easily get overwhelmed with the workload. It is crucial you optimize your conversions as a business because it is what makes you money and with a poor conversion rate you will not have a positive return on investment. Conversions can come from different sales funnels and are easier to manage by hiring a social media expert who would be in control of all your social profiles.
Unable to connect with target audience
It is key to know the target audience you are trying market to and how to connect with them. You need to make sure you address all their pain points to make consumers want to buy your product or service. You can use data available to figure this out and it is also good to do some research of your own, like a focus group. The better you know your audience the more successful you will be.
No website and no social media presence
Nowadays if you start a business you need to have a website and some form of social media. Everyone shops online and will go to the internet with any problems they encounter. Having a website also gives your business more credibility and gives consumers an opportunity to learn about your business. You must also include all of your company’s information like the address and phone number, especially if you are serving local customers that are looking for new spots to go.
Having a social media profile opens your business up to many more customers that you couldn’t reach before. Being on social media makes you look a lot more professional as well because people will be able to see all of your activity. Since so many people use social media daily, it is important to get your company’s name out there and make consumers aware of your brand.
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