7 Reasons Small Businesses Tend to Fail Without MarketingDid you know businesses that don't use marketing normally fail? Here are seven reasons small businesses tend to fail without marketing techniques in place.
Why do Coke and Apple spend millions on advertising? Because it works! Without marketing, businesses fail.
Small businesses rely on strategic marketing plans to thrive. If your brand isn't advertising, it's missing growth opportunities. Eventually, your business will fail without marketing.
Why Do Small Businesses Fail Without Marketing?
A lack of marketing means poor brand awareness, no new customers, weak growth, and losing to your competitors.
1. Lack of Brand Awareness
Out of sight out of mind. The saying applies to your customers.
Brand awareness is at the top of your sales funnel. It's the first step in developing a target market and turning prospects into sales.
To increase brand awareness, you must advertise. It's the best way to get your company's name in your customer's mind.
Once you've implemented brand awareness, you must create happy customers. This builds brand loyalty. Brand loyalty means your customers are coming to you and actively supporting your business.
2. No New Customers
Small businesses need new customers. You cannot rely solely on repeat business. If you do, your business will fail.
Expand your target market by advertising to new clientele. Spread your company into new areas to unlock growth.
Let your new customers become your loyal customers. This is how a small business grows.
3. Competitors Win
As a small business, you should have a clear idea of who your direct competitors are. And you should know they probably have a savvy marketing plan.
Without marketing, your business can't compete. Your competitors will creep in and steal your customers. Eventually, your loyal customers will become your competitor's loyal customers.
Maryland small businesses need marketing to be successful. Without it, your competition beats you and your customers forget about you.
4. No Digital Growth
A well-designed website is a 24-hour marketing asset for your brand. Customers can browse it at any time. They can purchase products, look up your services, or share your website with friends.
Without a website, your small business loses sales opportunities. Out of 1,411 marketers surveyed, 66% voted websites as a major marketing resource for small business growth.
5. Missed Social Media Opportunities
The world is on social media and so should your business.
There are tremendous amounts of opportunities available on social media for small businesses. Facebook is still the most popular, with 76% of adults using it daily.
Use social media to grow your business. Reach new customers and connect with current clientele. Develop better relationships and get involved with your community so your business can succeed.
6. Low ROI
Every year, your advertising gets better. But if you don't have a marketing plan, you can't grow your marketing.
If you implement advertising tactics now, in one year you'll have a surplus of data to make improvements. This will increase your marketing ROI and help your business succeed.
7. Poor Talent Acquisition
Marketing isn't just for customers. It helps recruit awesome talent for your Maryland small business.
But without a strong brand and stable growth, skilled employees aren't going to join your team.
Develop a marketing plan to boost your sales and grow your business. Not only will you attract new customers, but you'll reel in some excellent talent as well.
Maryland's Number One Marketing Company
SOMD Connect & Associates specializes in helping small businesses thrive. Through web design, SEO services, social media management, and more, we'll help your Maryland business develop a profitable marketing campaign.
Contact us to learn more about how we can help your business grow.
P: (240) 466-2596