It’s crucial for any business, regardless of the industry, to embrace new marketing strategies. Companies must be constantly visible and in easy reach of their target market.
Today is an exciting time for any business. The opportunities are fantastic, but innovations in marketing that will take businesses to the next level do not wait for anyone. Ignoring them leads to the slippery road to losing out to hungrier competitors ready and willing to implement them.
Opportunities are so often wasted because nobody is prepared to grab them by the proverbial horns. It’s all about today because tomorrow makes yesterday’s “today” already part of marketing history. A significant reason so many companies, large and small, are falling behind is because they are wasting their resources and energy to catch up rather than leading from the front.
The irony is that leading from the front is less costly and requires less energy than running behind the times.
Startups have a great opportunity too, and the survival rate amongst small business startups is surprisingly relatively high. Eighty-nine percent are still around after one year. The critical time of business survival comes much later. It’s actually around the 5-year mark. Just four in ten small businesses will still be trading after year five.
A significant reason for the high rate of failure is the inability of those businesses to keep pace with the need for ever-changing marketing concepts. While the newness and novelty of a new business can generate the energy to keep moving for a while, it is insufficient to fuel and feed the business’s need for growth and development. For that, a solid marketing strategy is needed, which must be constantly monitored, tweaked, and changed whenever required.