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Wednesday, August 2, 2023

5 Common Business Mistakes and How to Fix Them

Did you know that 90% of businesses online fail in just 4 months? 

Yes, you read that right! It's sad but it's true. 

So, if you are a business owner or if you are aspiring to be one, then let us share with you the Top 5 Common Business Mistakes and Tips on How to Fix Them: 

1. Unable to Establish a Niche or FocusThe online world can be overwhelming. With the endless possibilities and opportunities, one may also fall into the trap of being all over the place which in return, makes the brand easily lose its identity.  

It is important for brands to establish a niche or identify their area of focus in that way, people can easily remember and recall the brand when doing significant consumer decisions. 

TIP: When starting a business, ask the big questions because your answers can help you identify your niche.  

  • What is the purpose of my business?
  • What problems am I trying to solve?
  • What gaps in the market am I trying to fill in? 

2. Targeting a Broad and Large Market - As great as it sounds, targeting a broad and large market might not be the most efficient way to spend your time and your marketing budget. We have to understand that not everyone can be our customers. The market is so diverse with varying needs, interests, and purchasing power.    

TIP: Know your target audience. Identify consumers who are likely to buy your products and services, and customize your digital marketing strategies to use to engage them.  Do not over-stretch your budget just because you want to reach everyone. 

3. Failing to Establish Online Presence - Whether we admit it or not, digital and online marketing is the way to go. According to a recent study by GE Capital Retail Bank, 81% of retail shoppers conduct online research first before making a purchase.

Thus, by failing to establish your online presence, you set your business NOT being considered in a consumer purchasing decision. 

TIP: Maximize the use of social media platforms like Facebook, IG, Tiktok, Linkedin, etc. 

4. Not Having a Blog - Many businesses build their company websites but miss out on the huge opportunity and benefits of including a blog. As business owners, we have to keep in mind that the goal is not simply to put up a business but rather to become an industry leader. 

By keeping an updated blog and publishing relevant articles, you market yourself and your brand as an expert in your industry. Not to mention your blog posts can get indexed which also helps in the SEO of your website. 

5. Unable to Maximize Online Resources - We just talked about creating a blog and yes, we know that content creation may be a bit challenging for some. However, it is not a sufficient excuse that you don't do it. 

If you don't have a blog because writing is not your forte, or you tend to avoid social media because you don't know how to create posters or edit videos, then you are making the biggest mistake in running your business. There are so many available online resources available now that can help you with your content writing or graphic design needs. 

There is even a database of all the popular tools for digital marketing that you can use so, you don't have to search all over. These tools are user-friendly making it possible even for non-tech-savvy individuals to harness the benefits of using these online resources. 

Indeed, running a business is not easy however, by avoiding these simple mistakes we can increase our chance of success by being focused, creative and resourceful. 

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