Three in four new businesses fail within 10 years. If you started a business recently, this is bleak news. That’s particularly so if your startup is struggling to attract and retain clients now. But what could be the reasons for clients shunning your business? Well, here are three plausible explanations.
Your marketing strategy is whack.
As a new business, you know how important it is for people to know about your brand. That’s why marketing is so critical. But is your current marketing strategy working for you? Chances are it isn’t. Otherwise, you’d have no trouble getting clients. Now is the time to adjust or overhaul it. A competent Denver corporate video production company can help create compelling content about your brand that potential clients will love.
You’ve missed the product-market fit.
You have a great product or are offering an excellent service. At least in your eyes, you are. But is what you’re offering aligned with what your target audience needs? If not, it’s no wonder that no one cares about your brand. No amount of great marketing can save you. What you need to do is listen to feedback from the few clients you’ve dealt with and make the necessary changes.
Your pricing strategy is impractical.
Assuming that your product or service is ideal to members of your ideal customer profile, you need to ask yourself whether that product can be obtained at a price that makes sense to them. If not, then potential customers will look for substitutes from your competitors. Customers like to see the value of what they’re buying relative to its price.
Failure to attract and retain clients is the leading reason businesses fail. If you’re experiencing this problem in your startup, you need to investigate what might be causing it and make changes before things get worse.