Challenge No. 3: There’s no demand for your product or service

Just over 40% of small businesses fail because there’s an insufficient need for their product or service. When there’s no demand for what you’re selling, the best marketing campaign in the world won’t turn around your business results.

Avoid this risk by doing the right market research before launch. This exercise should form a key part of your business plan. The National Federation of Independent Business reports that companies with a business plan have the best chance of success — particularly if they identify their potential markets, define their ideal customer, and analyze their competition.

CONTENT from The US Chamber: https://www.uschamber.com/co/start/strategy/why-small-businesses-fail

• Not knowing your target audience

  Without understanding your target market, it can be difficult to create effective marketing campaigns or choose the right channels to reach them. To avoid this, you can research your target market and try to understand what they want and need from your business.
• Not having a solid marketing plan

  Without a written marketing plan, you might end up with reactive marketing, weak results, and unnecessary costs