Freshwater Blog

Learning from Past Mistakes

by | Dec 8, 2020

When it comes to business entrepreneurship and management, there are realities that can make the experience intimidating for many newcomers. These challenges include high costs, low performance, unexpected circumstances, and other elements that can contribute to a business failure. However, it is important to not allow mistakes and obstacles to deter you, but propel you to learn from those experiences and make more steps towards your dreams. With these circumstances, Learning from your mistakes and the mistakes of others can be fruitful for your business and your career. Here are several management tips from based on mistakes that could be valuable to your process.

Pricing the Market

In many market environments, pricing plays a key role in how you obtain and retain customers. If there are lots of other choices for customers in your market, then they will base their decision of whether to choose your products or a competitors based on price. Have you considered how your competitors have fared in the market? Conduct the necessary research on average pricing and the geographic area you are in before you promote a specific price for your products or service. If you can price your products at a competitive position relative to the market and your customers’ threshold, you can find a good balance between promoting your products based on price and quality.

Assess the Customers’ Readiness to Consume

As a business manager and marketer, it is important to understand when the customer is ready to buy your product or service. Not every moment represents the best possible time when your services or product is needed. If you are running a breakfast shop, then opening at night or in the evening does not make sense. However, if you tailor your menu to include foods that are typically eaten outside of breakfast hours, you can promote a more flexible offering. Successful business management is all about knowing when to strike. Make an effort to know when customers will truly need your products.

Create an Engaging Website and Social Media Experience

Many businesses gain more value and traction off of having a high-quality website and social media presence. In modern consumer relationship management, the digital space is an important area to connect your business to relevant customers. Having a website is also valuable as potential customers can find your business through search engine results and online directories. The return on investment (ROI) on your business website can potentially be huge when you have the supporting marketing behind it to showcase its prominence. You can add your website to other online profiles such as Yelp and Google, which can further connect your customers to your online presence.

Your social media profiles are also going to be important to how well your online presence is set up. Utilize the tools you have available to create consistent, high-quality branding on your social media pages. In addition make an effort to constantly engage with your followers and acknowledge the feedback they send your way through these channels. The more responsive you and your business are in social media, the better your page will be optimized to appear in local searches.

When it comes to business development and growth, there are many lessons to take from a failed prior experience. However, even if you are starting your first business and do not have those previous experiences to draw from, you can look at the mistakes of other businesses in your industry. The aforementioned variables make it important to realize the pitfalls that can derail your business from success. Before you kick things off on your next business idea, consider the lessons from these prior experiences and apply them to your strategy and if you’re looking for help or marketing advice, consider giving us a shout. Changes are, we’ve helped grow businesses just like yours using technology-based marketing processes that create new opportunities and increase sales.

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