If you’re in business, then you know that starting a new business is a field of landmines which can blow up any startup way before it becomes an established business. In this short display, we will go through the 5 fatal mistakes new businesses commit that could jeopardize their future prospects.
1- Competing Over Price:
If you are not selling a common commodity, playing the price war will end up squeezing your margins and blocking your potential of making big profits.
What to do?
Differentiate your product or service offering enough to command the price you believe is fair for you. Value pricing is always a better strategy.
2- Confusing The Client:
If you have several offerings, putting them all on display equally will end up confusing your clients and blurring your company’s image and positioning.
What to do?
Display your most competitive / excellent services first, then with time you can bring light to other side services or businesses of your company.
3- Working With Multiple Markets:
If your offering targets multiple markets, chances are your communication strategy will not be able to cater to all of them. The latter means that you will end up with partial results all over your target market.
What to do?
Always start by targeting the market that is the most prone to respond to your offering, then move to other target markets with time. Master each market before moving to the next.
4- Changing Your Branding:
Businesses tend to change their image and branding several times in the beginning, which can confuse your target market and gives them the impression you’re unreliable and inconsistent.
What to do?
If you really want to change your branding, then do it somewhere after your initial branding is launched and established. You can use that as a huge marketing stunt as well.
5- Changing Your Contact Person:
Businesses at launch also suffer from a huge turnover in manpower, which means the contact people with clients might change as well. Changing those faces often can be really detrimental to the company because clients won’t trust a new face every other day.
What to do?
Make sure the people who contact clients or whom clients contact are fairly the same people. If you are working with a luxury or an important service, having your target market services through the same team they can trust means longer term relationships and a great boost to your new business.
The Luxury Makers
The Luxury Makers 