In CWT Advertising We will realize the most common mistakes that can get in the way of success so you can anticipate and overcome them in the best way, and if possible never make them.
1. Do not study the market thoroughly
When a business plan is put together, the first thing to keep in mind is the target audience to which the venture will be directed. Customer segmentation is vital to then effectively target marketing and marketing strategies.
When a product or service is in its genesis stage, it is the right time to sit down and discuss what age range it is aimed at, what social sector, geographical boundaries and other cuts that will allow the accelerator to be stepped on once in the market.
On the other hand, getting on the train of success can be in many cases a double-edged sword, since there is a risk of being placed in the market at a time of saturation and downward demand curve.
That is why the value of the anticipation of trends is crucial in business, especially given the reality of a society in constant changes. A good idea at the wrong time can be lethal to the progress of the business.
2. Lose sight of the competition, be intimidated or give them unthinkable opportunities
Here three marked positions on the same subject are displayed, and in which an entrepreneur usually makes mistakes.
The first one is not to carry out an analysis of those companies that will compete head-to-head with entrepreneurship. From the observation of the behavior of other organizations we can deduce very important elements to enhance one’s own.
And it is also important to choose your partners, allies or with whom you share your ideas and information, since you can create unexpected competitors.
They tell the urban legends that IBM relied on the emerging Microsoft for DOS development. Yahoo, positioned as the most popular search engine, in 2000 hired Google to be its default search engine. Nintendo, the best video game company in the 80s, asked Sony for the reader’s diagram for its next console, a project that did not advance, but helped the emergence of the videogame monster. Had a direct analysis of the competition mediated, Nintendo would not have put the creation of the PlayStation 1 on a silver platter.
3. Make unnecessary or inappropriate expenses
When you start every project, it is common to have the false belief that can only grow if you have an office to cite clients, employees for each area or sector without becoming essential or excessive furniture. Dilapidating money, even if it is owned, is never a good symptom for growth. On the contrary, in an intelligent distribution of capital lies much of business development.
4. Marketing plan with flaws
Scott Adams, author of the Dilbert daily strip, ironizes the role of marketing within the business scheme as follows:
“The Marketing department uses many advanced techniques to combine product and buyer in a way that maximizes the benefits. For example, they give keychains. ”
This humorous premise has a vision that is not far from the reality of marketing because you have to do it. It is not the same to have a careful marketing strategy, choose the actions to be taken and the channel to do it in the best way than simply printing pens with the name of the company or giving away key chains.
To work, marketing must be effective and well designed by a professional with experience and ability in their tasks, if you do not run the risk of wasting energy and money.
5 . Incorrect choice of resources
From a capitalist partner, programmers, designers, etc., the work team that is formed will determine the growth times of a startup. Having staff with passion, dedication, love, enthusiasm and talent are requirements that will not only accelerate progress, but that these will be transferred to clients, financiers and the virtual community.
That is why in addition to previous experience and academic competence it is important to have emotionally intelligent people who are able to positively influence others.
6. Surrender to the slightest inconvenience
Persisting, taking advantage of crises and overcoming storms is one of the characteristics that differentiate a successful entrepreneur from another who has only had good ideas. In order to achieve this, we recommend you deepen the following article: “The fear of losing, the ghost that can lead to failure of your business”