Why should people do business with you?
Effective marketing is the lifeblood of every successful business. Because if you’re not selling consistently and in sufficient numbers, then you will not remain in business for very long. And to sell, you need to be actively marketing . . . every single day of your business’s life.
According to the Department of Trade & Industry, some 70% of businesses will fail in their first year of trading and 80% will not be in business in five years time.
These are truly sobering statistics.
So why do people invest their life savings into businesses they merely hope will make them money, without any proper planning or forethought?
When it comes down to establishing a successful business, ‘hope’ is simply not a good enough reason to take your venture into an unforgiving marketplace.
Most ventures fail ultimately because they do not have a steady stream of customers willing to patronise their business. And it’s not generally because of a lack of effort on the part of these entrepreneurs, but rather a lack of ‘know-how.’
That’s the bad news.
The good news is that it doesn’t have to be this way.
Hiring a marketing consultant can be a smart move for your new or seasoned business, as he or she will remove the ‘steep learning curve’ aspect to marketing and set you on the right path immediately.
Many entrepreneurs and business owners are actually excellent at what they do – but to be excellent at marketing what they do – well that’s a whole different story.
Whatever business you are in, it is inevitable that your customers will have a choice of many retailers or service providers they could go to, to buy what it is you sell.
So why should they choose to do business with you?
Identifying your company’s Unique Selling Proposition (USP) is a great place to build from.
Why do you prefer certain restaurants over others for example? Is it because of the quality of their food? The laid back ambiance? The fact the wine waiter knows you by name and the owners always send you a Christmas Card with a coupon for a free bottle of wine on your next visit? Whatever the reason, I’m willing to bet it isn’t because of the price alone.
Most purchasing decisions aren’t based on price solely, but rather on emotion. It’s only after we’ve made our purchasing choice that we will attempt to rationalise it to ourselves.
What is it about your business that has customers coming back time and time again? Identifying your company’s Unique Selling Proposition (USP) will help you differentiate your business from that of your competitors and ensure that yours is one of the 20% minority of businesses that still exists after the first five years.
Written by Chris Jenkinson, founder of Jenkinson & Associates.
Jenkinson & Associates undertake marketing and business consultancy for businesses in different sectors and industries requiring business marketing and consultancy services including local, national, international and global trading companies.