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Why Despite Having a Great Product You Still Fail in Business

I have a great product. Come and buy it!”

“I have the best business idea. You should invest in it!”

“My product is the best in the market. I deserve your money!”

I’ve made this mistake so many times, it’s painful!

It’s probably one of the biggest mistakes entrepreneurs make when starting their business.

The challenge is to make decisions RATIONALLY, not emotionally.

Entrepreneurship is complex because we act on our emotions, but we should make all decisions with data. Without the proper guidance and discipline, it is very easy to make mistakes.

Now, there’s no negative judgment of failures, just lessons and growth.

Also read:  Why SMEs Need A Business Model

People don’t buy products or services — they buy results, benefits and solutions.

PUSHING your products and services to the consumer is a recipe for failure.

Startups commonly fail because they waste their most scarce resource (cash) on advertising and promotions. The ‘in’ reality is that marketing goes in one ear and right out the other.

Solution?

  1. Figure out your niche in the market; DON’T try to sell to everyone.
  2. Understand their hurts and their frustrations. Why is it that they will buy your product? Example: people don’t buy eyeglasses, they buy vision, the benefit!
  3. Learn to feel like them to a point to deeply understand them.
  4. Communicate their problem in their language. Listen to them, don’t guess what they want — talk to them. What you think they need is very commonly not what they want.
  5. Test your market BEFORE scaling.
Also read:  15 Business Etiquettes You Should Know

admin | Abbey Oyetunji
admin | Abbey Oyetunji
Abbey Oyetunji is a Business Growth Strategist. An IT Mogul & Web Developer. Reach via mail: [email protected]
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