Why do businesses fail? The list of reasons is long, and you can expect the financial forecast of the next few years to add new items to the list. Indeed, economists have predicted the next financial crisis to hit global markets by 2020, making it even more difficult for entrepreneurs to keep their businesses afloat. You can’t always protect your company from bankruptcy. Natural disasters, financial fluctuations, and health issues are the most common damaging situations that business owners can’t control. But, more often than not, the reason for closure lies within the market itself. When customers don’t buy your products, there is no other alternative than to shut down and try anew. However, influencing customers is the priority of your business. Consequently, when the market ignores your offers, you need to figure why your audience doesn’t respond to save your company.
Do you even know how they interact with your content?
Nowadays, you can’t start a company without a Google Analytics account. The majority of businesses that have an online presence have implemented a web data collection tool. Google Analytics is the preferred free tool for business owners, but you can find alternatives. As you can’t have a professional website without monitoring its performance, a data analytics solution provides you with the information you need. However, it’s fair to say that, without complementary settings, most tools provide a default descriptive approach – you can find out more about the types of data analytics here https://www.intellectsoft.net/blog/types-of-data-analytics/. Ultimately, to move its strategic forward, a business needs to understand not only how people interact with digital content but also where potential issues lie – diagnostic analytics. If you take all data at face value without looking for the big picture you are likely to miss out clues about how to improve your online presence.
Your content doesn’t deliver any value
Blogging matters. When you’re trying to compete for keyword visibility, being able to publish regularly new content with the most popular keywords in your field can tip the balance in your favor. However, small businesses often fall into the trap of content quantity over quality. Your audience is unlikely to be impressed by a multitude of blog articles that fail to answer their questions or to provide relevant information. In short, if your content serves no other purpose than ticking a keyword off your list, you shouldn’t be surprised if your audience prefers to skip the website altogether.
They can’t hear you
Did you build your business in a competitive space? If you have, you need to engage in a differentiation campaign; otherwise, nobody is going to notice you. A small online retailer, for instance, can’t compete against a giant such as Amazon without developing a strategy to stand out. If your audience doesn’t know you exist, you need to make yourself visible to them, and that includes understanding your competitors so that you can define your USP proactively. Unfortunately, when the market is already saturated, buyers can only hear the loudest voice. In other words, if you can’t make your company stand out, you can’t expect anybody to know about your brand.
Nobody needs your products
Not every business idea is brilliant. In fact, there are plenty of pointless products that appear on the market and disappear soon after. Take a look at this funny list of ridiculous items https://www.thethings.com/15-ridiculous-products-that-actually-exist/, for instance. The Ostrich pillow, which is a napping and privacy pillow, seems to be an upholstery cage that you wear on your face. Aside from being a unique and entertaining item, it’s fair to say that the pillow doesn’t answer any real market need for the audience. Someone who needs a nap would much prefer the comfort of a bed than sleeping in a sitting position, as implied by the marketing storytelling. If you don’t want to create mysterious objects that leave your audience scratching their head in disbelief, it’s best to do your research work first.
You’ve just shot yourself in the foot
Is your communication on point? In a multicultural society, it’s essential to develop inclusive campaigns. But sometimes the multicultural mix can lead to costly brand blunders that put your audience off, such as the Ramadan offer from Pringles: Smokey bacon flavor. An Indian mattress company chose to promote their bouncing features with an image of Malala Yousafzai being shot by a Taliban. The tasteless campaign, run by giant Ogilvy, caused an uproar in 2014.
As Forrest Gump mentions in a famous scene, ‘sh*t happens.’ The same is true for your business. But while you can’t control external factor, you have an input in the way you sell your bait to an audience. From understanding their needs to keeping your communication focused, convincing your market is your top priority.