Too many new ventures fail, but why, and what can you do to ensure yours is not among them?
But first, why am I qualified to advise you on this subject?
Selling and marketing are in my DNA. My career involved selling multi-million-dollar software projects to the world’s largest banks, later managing a sales team that exceeded targets of 100 million. Finally, alongside my husband, I founded a successful business we operated for 14 years. I’ve served on a company board, contributed to the initial vision, executed sales plans, and advised numerous start-ups on their sales and marketing strategies. I am now a paid travel writer and photographer working ad hoc freelance.
OK, that was more than two lines, but you get my gist.
Now, the nitty gritty.
The first mistake many new ventures make is overlooking the critical step of deeply understanding their target audience. You must know who will benefit from buying your product or service, watching your vlog, reading your blog or listening to your podcast. They should not be in your target market if they do not benefit.
If you don’t get your market segmentation right, you risk ineffective marketing, misaligned pricing, or offerings that entirely miss the mark. For example, I write two blogs: a travel blog and a lifestyle blog. Both have completely different target audiences, and I market them separately. When Jamie and I started our business, we targeted the computer software sector but still had to segment further. We knew our “offering” had a better chance with mid-sized companies with over 50 employees but fewer than 500. Unless you are Amazon, you will not sell to the world. Getting your target market right is difficult but vital for success.
The second mistake is failing to define the value of your offering to your target audience, which can doom even the most innovative efforts. It’s not about you; it’s about providing a service, a product, or information that will improve someone’s life or save them money. It’s as simple as that.
Potential customers are left confused or indifferent without clearly articulating how your product solves their specific problems, meets their needs, or enhances their lives. This disconnect leads to weak engagement, low conversion rates, and missed opportunities, as people gravitate toward solutions with compelling, relevant value propositions. Vague or generic messaging dilutes your appeal, allowing competitors who communicate their benefits more effectively to capture the market’s attention and loyalty.
In summary, it’s important to focus on the fundamentals before investing in setup, subscriptions, a website, and other expenses associated with building a successful business. While it can be challenging to navigate the process alone, getting these foundational elements right is crucial.
Try to find a great mentor who has already experienced the many challenges of an entrepreneur. Remember, Abraham Lincoln once said, “Give me six hours to chop down a tree, and I’ll spend the first four sharpening the axe.”
Thank you for reading, hasta la vista, until next time xxxxxxx
Living-your-best-life 