I’m going to be harsh here, so hold on to your hat.
Have you CHECKED to see if people want your product or service?
The first — and ultimately the biggest — mistake that small business owners make is that they fail to do adequate market research. We get overly-excited about a new idea and assume that our customers will love it, too. We ask a few colleagues or a few customers, and base our strategic business decision on the opinion of six people. Then we are bitterly disappointed when no one buys.
Save yourself the wasted time and money (not to mention the anxiety and frustration), and learn to conduct a simple marketing research project to test the waters.
For more help on doing your own Marketing Research, read my blog post, Ground Truth and the Importance of Market Research
Read the complete Why Marketing Fails blog series here:
- Why Marketing Fails: Introduction
- Why Marketing Fails #1: Market Research
- Why Marketing Fails #2: Follow-the-Herd Marketing
- Why Marketing Fails #3: No Follow-Up
- Why Marketing Fails #4: Blindfold Marketing
- Why Marketing Fails #5: Niche Exhaustion
- Why Marketing Fails #6: Lack of Repetition
- Why Marketing Fails #7: Not Tracking Success and Failure