When it comes to business, there are common pitfalls in business that are hard to avoid especially if you’re a beginner. It’s like walking into a field of land mines, not knowing where to step without getting the assurance of ending up alive or being buried right there and then.
Let’s take a look at the list of common mistakes that you can avoid.
1. Not enough industry research
Starting up a business isn’t easy per se. By saying - ‘thinking of new ideas are difficult’ is an all-time understatement because if you would think and ponder any, everything has relatively pretty much been done. You have to find a niche to fill, in which there is growth potential. You have to delve into your Google search and even local phone books to research if currently there are people out there in the world who have been offering a service relative to the problem or if there is an area that you could improve and make things easier and better.
It’s all about knowing what is lacking in the industry and filling in the gaps with your ideas coupled with a strategic plan and a dedicated team.
You don’t want to be a company that doesn’t have an edge and knowingly unprepared for your competitors because big brands will just eat you up if you’re not careful!
2. Shortage of USP
Asking yourself why would anyone buy or consume this product that I am offering if there are hundreds of them available in the market is one way of understanding why you are doing what you are doing and why your products are better than what there are in the market.
It’s listing all the USPs or unique selling points that would persuade consumers to dip their toes or take the plunge into what you are offering. There has to be something different that would set your business apart from others and why you think yours is better than your competitors.
Think about it for one second. What is your advantage over others and list them?
3. Losing loyal customers
If you’ve been in the industry for a few years and feel like you want to offer something new. Sometimes the best way to do it is to re-assess and examine your vision and establish ways on how to apply your thought into your services or products so that it’s in line with what your loyal customers fell in love with. It may sound cheesy but it’s true! It’s about improvement or a step-up of services and products that you know they will like instead of risking them to try and appeal to new consumers.
Thinking of ways to manipulate original concepts and formulate a fresh set of outcomes to get new pairs of eyes onto your brand and gain their trust is the best way to do things.
4. Disregarding brand DNA
Many businesses make this mistake all the time. They think that to progress, they have to be radical in their approach with disregard to what the brand stands for. They think that to gain more traction in the industry, they have to be brand new. What they should be doing is reinvention because what they stand for and what the brand is all about is what makes it unique and loved by the customers. It’s about taking that brand DNA and exploring ways to re-structure data and by sculpting new conceptual ideas across the board without forgetting the roots of the company.
It’s about keeping in touch with the brand identity because you don’t want to live as a copy and just realise in the end that you don’t know who you are.
5. Ignoring social networking
Social media is single-handedly driving sales at an exponential rate greater than ever. It blurs the barriers of distance and limitations. Opening up direct dialogues with people who have the same interests, common values, potential partnerships, and business opportunities could elevate your brand into a monster that you envision it to be.
You don't want to be left out and isolated from the world of possibilities so get out there and start connecting!