Over the decades, a lot of new products have been developed and marketed by small firms. Sometimes, these products find unfulfilled product niches (such as the original Vitaminwater) and then grow large enough to be acquired by giants (such as Vitaminwater’s parent Glaceau being bought by Coca-Cola for more than $4 billion).
Many other times, small firms fail. As John Boitnott observed for Entrepreneur:
“With thousands of startups worldwide building new products, it’s no wonder 75 percent of them fail [according to research by Shikhar Ghosh]. It’s actually a good thing because startup birth and death helps the ecosystem overall. Entrepreneurs can learn as much from mistakes as successes. Poor management, ineffective marketing, and team stress are some of the many reasons why companies fail.”
So, what can small firms do to improve their chances for successfully marketing themselves and their products? Consider this advice from Rieva Lesonsky of SmallBizTrends.com:
“Your business has been chugging along, growing slowly and steadily. That’s all well and good—but now, you want to kick it up a notch. You want to grow explosively! I’m going to share some strategies for doing that, but first, you need to take the most important step to explosive growth: Lay the groundwork. That can include:
- Perfecting your systems and processes. Examine your business internally and make sure your operations are as simple and efficient as possible.
- Investigating financing options. Chances are, explosive business growth will require additional capital. Prepare for this eventuality by exploring your options and lining up any funding you may need.
- Preparing your team. Your employees should be ready to handle increased demands. Get everyone excited about the firm’s future.
- Listening to your customers. This not only directs your growth plans, but also provides feedback. If you haven’t already done so, use customer relationship management (CRM) tools, social listening, and customer surveys.”
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