19/07/2021
Why do business startups fail?
1. Not having a unique selling proposition in place is like meeting a person who looks and acts exactly like everybody else. Is this a problem? Definitely! Imagine how you will look for the person you met when you can’t distinguish every person from the other. You might end up giving up or even forgetting about that person right? The same thing happens when your audiences can’t distinguish your offering from the others.
As an entrepreneur, make it you goal to stand out in the competition by having something unique in your offering. A unique selling proposition is not only limited to your product alone. You can also stand out because you have a very different way of how you do customer service, or maybe there is something about your process that makes it fun like allowing the customers to experience making the pizza themselves. You can also answer the question “What makes you different?”
2. A personality would help us create an impression of a certain person and decide whether we want to be friends with this person. This is why creating a brand identity is also important. It give our company a personality that our target market should relate to. It would help our audiences make a place for us in their minds. This is what we call “positioning” in marketing. How do you want to be perceived by your customers? A luxury product or an affordable one? Are your offerings focused more on men or women?
3. I understand that we want everybody to try our product and maximize profit but in reality we won’t be able to please all those people. This is because every group has a different type of need and uses different sets of standards based on those needs. For example, we all use shampoo but there are people who needs a shampoo that would lessen their hair fall, others would prefer non-chemical ingredients, other would want to protect the color of their hair and the list goes on. Since we have different needs, we use different standards to see if those specific needs of ours will be met and the last time I checked, there is still no product that can meet all different needs of a market. So if we are aware that we cant satisfy all customers with our product, why can’t we just focus on the group of people whom we can satisfy?