The exact statistics vary around the world depending on whose research you’re looking at, but we can’t argue the fact that your business has more chance of failing than it has of being successful. The most common reason suggested for failure is inadequate funding, but there are other reasons that contribute. One of the key contributors to the failure statistics is the inability of businesses to create and present a unique value proposition that resonates positively with customers and differentiates it from competitors.
As a result they’re unable to sell enough products at a high enough margin to stay in business. Unfortunately I’m not in a position to provide funding for your business, nor will I give you any financial management advice. What I will do is help you to substantially improve the effectiveness of your marketing, which will in turn improve bottom line profitability.
When I started my brand marketing agency in 2004 I was acutely aware of the high failure rate amongst new businesses. My vision was not only to build a successful business of my own, but also to develop a robust marketing model that I could apply to my clients businesses that would predictably increase their chances of success and reverse the alarming rate of business failures.
This is subject of my upcoming book, “SMART MARKETING – An Essential Guide for the Smaller Business” is the result of that quest. It demystifies the ‘black art’ of marketing and provides a pragmatic and practical resource that you can use to create a powerful and effective brand and to take control of your marketing. The theories and methodologies presented are the same as what the big guys use. There are no mysteries – they’re right there for readers to take and make their own.
Successful global brands don’t achieve their lofty market positions through luck. They apply best practice to every aspect of their businesses and make smart decisions. It’s easy (and common) for smaller businesses to look at big corporate brands and conclude that whilst these good business practices work for large corporations, they have no relevance or value in small business.
Big brands succeed because they do a lot of things well, and many smaller businesses don’t. Aside from the lack of funding, that’s one of the main reasons why there’s a significantly higher level of failure in the small business sector than in the corporate world.