Why do so many new business fail?
The SBA states that 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first 10. The SBA goes on to state that only 25% make it to 15 years or more.
There are a lot of reasons for this high failure rate and most relate to the owners not collecting enough information to make informed decisions.
Data collection is a process that should start before you decide to open a business and run through the life of the business. If you don’t have the proper information you could miss the target with your products, clients and marketing.
What information should you be collecting? *
- You need to know how your product meets your customers needs and how it is better than your competitors products.
- You need to know who your clients are and where/how you can find them
- You need to know how your competitors are marketing their products and what other marketing vehicles could provide winning results.
WSI can help you research
WSI specializes in Internet Marketing and we are able to see what competitors are doing to market their businesses. This insight is used to make better decisions on where marketing could be profitable and when it could be a waste of valuable marketing dollars.
We can also research the number of likely shoppers vs. the number of competitors targeting them. When you know the likelihood of success when using a particular marketing method you can make better decisions with your marketing dollars and improve your ROI.
Investing in this type of research can be the difference between a company succeeding and failing.
If you are Interested in having WSI gather information to help with your companies marketing, give us a call.
* This is a simplified look at the kind of information you will need to run a successful business.