At one point or another many of us consider starting a business. Some find it an enticing idea because of a desire for professional freedom and independence. Others often feel as though they have a unique idea for a new product or service that has been overlooked by competitors. Still others see an opportunity to accomplish something, already in the marketplace, better. Whatever the reason, 2021 saw an historic increase in new business applications across industries with more than 5.4 million new entrepreneurs entering the business arena. Clearly many traditional wage-earners used the post-pandemic era to step out of the comfort zone and take a chance.
While the business environment is crowded and very competitive, more new entrants are needed each year to offset the larger number of those that close doors annually. On average a little more than half of new ventures started each year fail to survive a fifth anniversary, a fact that rarely dampens an entrepreneur’s natural abundance of optimism. But new business success rates can be sobering to consider. Statistically new business success surveys indicate that 20% of small businesses fail within the first year, 30% in the second year, and 50% fail to make it to year five. Only a mere 30% of new business ventures survive the first decade.
Optimism is an important trait to have for those who want to become a successful business leader, but emerging industry requires due diligence and a careful evaluation of one’s knowledge and experience before setting out on a journey that most likely will threaten the future financial stability of any new business owner. While financing is usually the biggest impediment to business launch, lack of knowledge of marketing fundamentals may be the most predominant catalyst to impending failure. It is common and essential for new adventurers to develop a comprehensive financial business plan before initiating an effort, but the pathway into the world of self-employment requires a diverse set of skills in order to survive in the competitive jungle.
Marketing is the art and science of promoting and selling a product or service through the utilization of market research, best-consumer identification, competitor analysis and the use of digital and traditional advertising channels. Successful promotion and selling begins with a strategic marketing strategy which outlines the best tactics and procedures that lead a business to achieve its goals and objectives. It seems so simple and is unarguably a truly great example of common sense. Knowing where you want to go, mapping out a route and preparing to overcome the inevitable obstructions that may impede your progress along the way, seems like a true “no-brainer.” Unfortunately, developing a clear and concise strategic plan to map the road to business growth and sustainability is often an under-engaged promise.
Gaining the attention of an audience begins with a comprehensive marketing plan that is built around a well-defined goal and a budget with specific and objective priorities. Reaching a finely targeted audience, optimizing the quality of engagement, and achieving increased conversions with interested consumers demands a clear understanding of digital and social media channels. Not all social media platforms are alike by design. Identifying the right digital channels and collateral that are likely to produce the quickest and most meaningful connections and generate the best results is essential to connecting the content-driven message to targeted prospects. Success of any digital marketing effort is not reliant on any one element, but rather on a combination of elements designed to engage two-way conversations with an audience in order to increase brand value and promote consumer awareness.
Developing an effective message is critical to remaining relative in a competitive environment. Creating impactful website blogs, producing how-to videos, and utilizing sharp images to demonstrate a brand’s purpose and promise is a content strategy that can elevate a brand’s authority in a competitive field, promote increased customer interactions with a brand, and foster a better understanding of the needs of the audience. Content provides valuable information and builds on relationships that create trust and credibility. To be truly effective, content must be original, personal, and authentic and must be targeted to specific audiences.
Even for the most prepared entrepreneur, starting a new business can become an overwhelming task that can result in missed opportunities. Not everyone has the time and vast set of skills needed to launch a new venture entirely alone. Often the best solution to over-coming the many challenges to launching a successful start-up is to identify and seek the advice and services of an experienced marketing specialist.
Junction Creative Solutions (Junction) is a results-driven marketing agency that can provide a comprehensive set of solutions to support sales and marketing of any new start-up. Our team of award-winning designers and top-rated marketing and business professionals can assist with some of the most critical challenges facing an emerging business and tailor solutions to create successful outcomes.
Call 678-686-1125 today to see how we are executing successfully across business, brand, marketing and technology.