20/07/2022
My top two reasons why businesses fail in this part of the world
So yesterday I was in a sales call with a new friend of mine in Malaysia, who is a network marketer
in our conversation, I learned quite a lot from her,
One striking thing I noticed about her was her ability to find talented people online and reach out to them,
Secondly, I saw her ability to enter your space and make you her friend without you discovering her intentions..which is to sell you an idea
Sadly I didn't accept the offer, despite the mouth-watering benefits
Ask me why?
This brings me to my number one reason why businesses fail in this part of the world
1 most entrepreneurs start businesses with the sole purpose of making money:
Well I don't blame them considering the state of the economy
But tinnk about this
Having studied closely the greatest and largest business conglomerates for some time I discovered that they all have one thing in common and it's simply, their deep commitment to solving the real-life problems of their target audience and customers
Take for example Google, you would agree with me that Google has dominated the Internet space simply because of their tireless commitment to making life easy for their customers.
imagine having
Google drive
Google doc
Google slides
Google sheet
Google meet
Google chrome
Google play
Google workspace
Google mail....just to mention a few
Time will fail me to mention the likes of Apple, Tesla, Dangote etc
Now if these companies were built solely on the desire to make money, they would have probably reduced their commitment to improving when they hit $ 100 million in revenue
Now back to my reason for not accepting the offer
I ventured into digital marketing because I saw a problem that needed to be solved
I saw how SME's where struggling in areas they shouldn't because most of them don't understand how the marketing world has changed
I founded GMBC with the sole purposes of giving small businesses a voice and creating a level playing ground for all businesses in advertising and marketing strategies
What I mean by the above statement is that gone are the days when only Large companies like MTN, and Coca-cola, can afford to dedicate a large chunk of their budget to advertising because they have the revenue and funding, making them dominate the market
It's is my dream to make marketing and advertising so accessible that even a petty trader can get customers online using organic or paid ads, proper branding etc without having to break the bank
Now the offer I rejected from this Malaysia-based established company is because it will shift me from the major reason why I ventured into Digital Marketing.
I am a digital marketer because I wanted to solve a problem I saw and not use my time and skills to promote an already established company.
Crazy right?
Now the reasons why many businesses fail is in these little decisions here and there that defeat their major goal for going into business just because of the financial reward
Many businesses spend time promoting their businesses and products, spending little time considering the feelings of their customers
As a marketer, I can tell you that, any business that is not built to solve the problem of its customers will not survive the times we are in
Many businesses in the bid to make more money lose sight of the reason why they started the business in the first place...
So I ask you, why did you start that business??
What keeps you awake all night?
Is it to make more money or to solve more problems?
Funny thing is, if you truly solve important problems you will be paid for it
If you put your customers first , they will know and always reward you with their loyalty
So you'd see that your business is all about the people and not you...
This post turned out to be too long, so next time, I will talk about the second reason why some businesses don't survive in this part of the world
Well, this is just my opinion you know!!!!
I love you
pal wabuson