A quarter of new businesses fail within their first year and Chicago based sales and marketing firm City Business Solutions, believes this is partly due to entrepreneurs failing to carry out adequate market research before embarking on their business venture.
All entrepreneurs believe that their business ideas could change the world, this drive and passion is what makes entrepreneurs so successful in the current economic climate. However this unwavering passion can sometimes have a detrimental effect on young businesses, when entrepreneurs believe so strongly in their idea that they ignore the need for market research. City Business solutions are urging entrepreneurs to review their approach to market research before investing too heavily in their idea and losing their all-important capital.
Relying on personal observation is not enough when assessing how successful a venture may be. Many entrepreneurs hold a bias view of their product or service, letting the heart rule the head and often failing to take a step back and look at the potential pitfalls facing their business idea. A great idea is not automatically a business and City Business Solutions believe the only way to accurately assess whether an idea will succeed is to thoroughly know the market, both in terms of customers and competitors. Many entrepreneurs find the process of analysing their competitors disheartening, often finding that their idea has been or is being done by a competitor. However this knowledge is vital in developing a strong unique selling point (USP). Every business needs something that makes them stand out on the market, and by understanding where similar businesses went wrong or what they could improve, entrepreneurs are carving themselves a strong position in the market.
City Business Solutions believe that with so much of the customer experience now being online entrepreneurs have no excuse for not understanding their market. It’s easier than ever to keep up date with what competitors are doing, how much their charging and the current industry climate. Online customer reviews are also a helpful source of information for young business owners looking to identify any weaknesses in their competition.
City Business Solutions are no strangers to young start-up businesses. The firm specialise in providing full direct marketing services to a wide range of clients. Direct marketing focuses on bringing a brand straight to the consumer and building solid, lasting connections between the two. Through face to face interactions with consumers, City Business Solutions help their clients understand the needs of their target audience and appreciate each consumer as an individual. This approach to marketing makes the purchasing process personal to each consumer and encourages brand loyalty, which is especially important among start-ups looking to create a strong foundation for future success.
Direct marketing services from City Business Solutions allow young business owners to test their market before investing too heavily and losing vital resources. City Business Solutions help their clients identify their key demographic through thorough research of many different areas. The firm then roll out a trial campaign on a selection of key areas to monitor consumer response. This approach ensures that new businesses are receiving all the relevant information to give them business the best chance of success. Testing consumer response also creates a greater brand awareness and buzz around a business which leads to increased customer acquisition when the campaign goes live across a far wider demographic.