Over 95% of all startups never achieve the growth they dream of because they inevitably make 5 mistakes that kill their businesses before they ever get them off the ground.
This is the argument of serial entrepreneur Drew Williams, co-author of Feed The Start-up Beast.
Here are the five deadly mistakes Williams believes kill startups. The five mistakes include:
- Not asking best prospects (or customers)what they think of the product and not listening to their feedback. Not having a product or service that the market really wants is one of the biggest mistakes startups make. Some people can divine what prospects want, but most mere entrepreneurial mortals need to talk to their market.
- Not building a “den of seduction” into the company’ website. Most startup websites are not built to sell. They’re built to blah, blah, blah.
- Not letting prospects find you. Today, buyers are pretty self-sufficient because they can be. Armed with Google, they can find out everything they need to know about what you sell. So when they’re looking, you have to make sure you’re found.
- Not pursuing prospects. Many startups convince themselves that they can run a little SEO, a blog, a Twitter feed, and maybe some Facebook for good measure, and their marketing is covered. That is, until someone notices that sales are sluggish.
- Not measuring your success and creating obtainable goals. There are many marketing measures you can torture yourself with, but there are 4 that matter and which can efficiently guide your marketing decision-making towards your goals. Make sure your business is built around those 4 metrics.
Williams points out most entrepreneurs set out with a very strong belief in what they’re doing, and some don’t want to be told otherwise. He urges entrepreneurs to show prospects (and customers) what product service is being proposed, what the company is doing and get their input.
Williams adds, “You will always come out ahead for having done so, and the best part is, you’ll be amazed at how many of them are willing to help. All you have to do is ask.”