Let's Compare What 3 Different Experts Are Saying.
Michael T. Deane / Investopedia.com / Ref 1 | Melissa Horton / Investopedia.com / Ref 2 | Eric T. Wagner / Forbes.com / Ref 3 |
---|---|---|
Not Investigating the Market | Financing Hurdles | Not really in touch with customers through deep dialogue. |
Business Plan Problems | Inadequate Management | No real differentiation in the market (read: lack of unique value propositions) |
Too Little Financing | Ineffective Business Planning | Failure to communicate value propositions in a clear, concise, and compelling fashion. |
Bad Location or Marketing | Marketing Mishaps | Leadership breakdown at the top (yes, founder dysfunction). |
Remaining Rigid | - | Inability to nail a profitable business model with proven revenue streams. |
What Do They Agree On?
📈 Ineffective Marketing (4 citations)
📈 Business Model Failure (3 citations)
📈 Lack of Customer Research (2 citations)
📈 Underestimating Finance Need (2 citations)
Need I say more? Most businesses tend to the business model, financing it (usually out of pocket) and did some customer research ad hoc (mostly because someone bought it once, so why wouldn't someone else). Marketing is the #1 reason why your business might be doomed.
Marketing should be at the top of your priority and budget list.
I recommend that businesses spend no less than 10% of gross revenue or your budget on marketing. How you spend that money is more important than just allocating it.
The other super key point is that most businesses have no formal understanding of what marketing is, the craft itself, the nuances, and the methods that get the most return in the short term, mid-term and long term especially in this digital world.
It’s not just about having a great ad, it’s more important to have a great strategy you can execute.
If you want to grow your business using Facebook, Schedule a Free Facebook Ads Strategy Session to help you get 20-50 new customers opportunities every month.
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Disclaimer: David Tapang can not and does not make any guarantees about your ability to get results or earn any money with our ideas, information, tools, or strategies. Customers are defined as a potential customer, is within your serviceable zone, saw the ad, clicked on it, looked at the landing page, opted in, clicked to IM or call then typed their name, number and email. Nothing on this page, any of our websites, or any of our content or curriculum is a promise or guarantee of results or future earnings, and we do not offer any legal, medical, tax or other professional advice. Any financial numbers referenced here, or on any of our sites, are illustrative of concepts only and should not be considered average earnings, exact earnings, or promises for actual or future performance. Use caution and always consult your accountant, lawyer or professional advisor before acting on this or any information related to a lifestyle change or your business or finances. You alone are responsible and accountable for your decisions, actions and results in life, and by your registration here you agree not to attempt to hold us liable for your decisions, actions or results, at any time, under any circumstance. This site is not a part of the Facebook website or Facebook Inc. Additionally, This site is NOT endorsed by Facebook in any way. FACEBOOK is a trademark of FA
Disclaimer: David Tapang can not and does not make any guarantees about your ability to get results or earn any money with our ideas, information, tools, or strategies. Customers are defined as a potential customer, is within your serviceable zone, saw the ad, clicked on it, looked at the landing page, opted in, clicked to IM or call then typed their name, number and email. Nothing on this page, any of our websites, or any of our content or curriculum is a promise or guarantee of results or future earnings, and we do not offer any legal, medical, tax or other professional advice. Any financial numbers referenced here, or on any of our sites, are illustrative of concepts only and should not be considered average earnings, exact earnings, or promises for actual or future performance. Use caution and always consult your accountant, lawyer or professional advisor before acting on this or any information related to a lifestyle change or your business or finances. You alone are responsible and accountable for your decisions, actions and results in life, and by your registration here you agree not to attempt to hold us liable for your decisions, actions or results, at any time, under any circumstance. This site is not a part of the Facebook website or Facebook Inc. Additionally, This site is NOT endorsed by Facebook in any way. FACEBOOK is a trademark of FA