The failure rate for entrepreneurs in Canada is quite High says Edmonton bookkeeping. 15% of all small businesses that open their doors will be out of business within their first year of operations. 30% of small business owners will Sail by Year too, and by five years in business, only half of all businesses that open will still be operating. This is an extremely high failure rate, which is why industry Canada decided to survey those small business owners who have failed in order to figure out why they failed. They found some shocking statistics, 23% of failed entrepreneurs said they couldn’t find staff or keep them and that was the reason they failed. 29% of entrepreneurs said they simply ran out of money and that is the reason why they failed. And 42% of all failed entrepreneurs identified not being able to find customers as the number one reason why they failed in business. Therefore, in order to help entrepreneurs succeed, they needs to overcome those three odds in business.
Even though business owners may think that if they are unable to find a market for their products or services, that it is not likely to be out there but this would be not true. In fact, the most likely reasons for business owners to not be able to find their customers for their business is that they either did not know how to Market their business, or they didn’t try. Therefore, business owners need to work with their Edmonton bookkeeping company to come up with a great business plan that has an effective marketing plan built into it. By doing this before they even open the doors to their business, entrepreneurs will be that much more likely to find those customers, and avoid going out of business because they can’t find them.
The first thing that business owners need to do, when they create this effective marketing strategy is understand that not every single person is going to be a customer of theirs. No matter how broadly appealing their product or service is. Business owners needs to understand that not everyone is going to be their customer either because they don’t like the product or service that they’re selling, or because it’s not the most inexpensive one on the market, or they are going to go to a business that they identify with the values, or like the marketing better. They’re not going to be able to capture 100% of the customers that they come in contact with, so they shouldn’t even try says Edmonton bookkeeping.
By identifying their ideal customers, business owners can take the energy that they would put towards trying to sell to everybody, and sell to their ideal customers, and figure out how to find more of them. The way they can do this says Edmonton bookkeeping is by understanding why their ideal customers are making the purchase with them and not their competition, and then finding more of those customers. When they do this, business owners will be able to sell more consistently and come up with a plan for reaching those ideal unlikely buyers. The sooner business owners can do this in their business, the sooner they’re going to be able to generate revenue, and increase the likelihood of staying in business longer.
Edmonton Bookkeeping | Identifying the Ideal Customer for a Business
Many business owners may be very overwhelmed at the prospect of figuring out who their ideal and likely customer is says Edmonton bookkeeping. But it is a lot easier than they realize. Once a business owner has developed a product or service that they are proud of and passionate about, they can start looking at ways that do they differ from their competition. This differentiation factor is going to be extremely important.
When business owners create a list of all the reasons why they are different from all the various competition that they have, weather those businesses are large corporations, or small entrepreneurs like them. Not every business is going to be able to offer everything, and by focussing on this list, entrepreneurs can pick two or three of what makes them different to focus on says Edmonton bookkeeping. When business owners of Focus on these areas to excel at, they are going to attract customers that are looking for that product or service with that differentiation Factor.
When’s a business owner start selling their product to these customers, all I have to do is figure out the problem that those customers are solving with their purchase, in order to create an effective marketing plan attracting those customers. Whether they Market this on Google AdWords, on their website, or any other ways that they are marketing their business, they’re sending a consistent message about what makes them different, and how they help solve their ideal clients problems. when they consistently send this message out, they will attract more of their ideal and likely customers.
All a business owner has to do at this point, is deliver outstanding experiences that’s their customers are going to love. It will be much easier for a business owner to over-deliver on the two or three differentiating factors that they have, and is the reason why their ideal customers are coming to them. All they have to do, is start asking these clients to give them Google reviews, so that a business owner can get 240 reviews as quickly as possible. When this happens, they can start paying for advertising, and actually generating an effective results from it. Business owners should focus first on figuring out their ideal unlikely clients, and then getting 240 Google reviews. And once they do that, they can start paying for online advertising, knowing that they are going to be able to generate more results, and deliver on the Promises in their marketing.
When they figure out what’s important to their ideal clients, and over-deliver on those points, they will create raving fans in their business, and help increase their sales and generate revenue for their business. The sooner a business owner can do this, the sooner they are going to become a viable business. Business owners should not be overwhelmed at the idea of finding their ideal customers. By doing this, they don’t have to work so hard at being a salesperson, and can simply be an enthusiastic representative of their product and service, and let that do the sales for them.