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Why Businesses Fail
Article 9: Lack Of Marketing

People who devise better mousetraps are experts at mousetrap making, mouse catching, even mechanical engineering. But marketing? It’s not exactly their strong suit.

To say marketing is often an afterthought may still rank it too high among many entrepreneurs’ priorities.

The marketplace is littered with better mousetraps that never got off the shelf. The inability to market products and services may be the single most relevant explanation for why good ideas go bad.

If you don’t understand marketing, learn. If you don’t have the time or inclination to learn, hire an expert to handle it for you. Marketing is a cornerstone of your business. The better your marketing, the stronger your business.

For entrepreneurs lacking marketing savvy, here’s a crash course:

  • “What’s in it for me?” is the overriding buyer’s question. Your marketing must answer it first, and persuasively.

  • Know what your market wants. Then tell them you’ve got it and can provide it better, faster, more satisfyingly, more affordably or more reliably than anyone else.

  • Talk about customers, not yourself. Credentials and accolades impress mom, but customers don’t care about your accomplishments. They want to know what you can do for them.

  • Sell what they want to buy, not what you want to sell. Trying to persuade a buyer that he wants what you sell, and then trying to persuade him to buy it is a two-step process. Find out what he wants to buy, then all you have to do is persuade him to buy yours—a one-step process. It’s much easier, less expensive and more profitable.

  • Don’t spend inordinate time marketing to fringes. Identify your best customers and zero in on them. Peripheral sales to the marginally interested are expensive to get and won’t finance your retirement.

Be mindful that the most expensive marketing is that which doesn’t work. Continually reassess marketing tactics. Discard those that cost more than they earn, and beef up the profitable ones.

 

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Why Businesses Fail
Here are some websites with more information about Why Businesses Fail:

American Marketing Association

Edward Lowe

www.inhousecorp.com

http://www.business-plan.com/

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