Why your business will almost certainly/ probably fail – but you don’t have to
Talk about customer obsession and how even tho cx obsession doesn’t necessarily mean financial success, it can certainly help/point the business in the right direction
90% of businesses fail – that’s a fact. So by that statistic alone, we can/ you can conclude/assume/predict that your business will fail. But that is a very pessimistic way to look at things. Clearly, some business succeed – that’s what makes more people start new business everyday. In the US alone, about 10,000 businesses open everyday, according to source.
It doesn’t matter how many failed businesses you’ve had in the past. Actually, the more failures you have been through, the less likely you are to repeat them again in the future. So congratualtions on that.
The goal of this article is to help your current or next business get in that 10% that do succeed.
Nobody wants their business to fail. So if we can find out/you know why most/your businesses fail/failed, you can avoid it.
The main reason businesses fail is because of lack of customers. Simple enough, right? Well, not quite.
How can you know if your business will have enough customers before you put your time, money, effort, and basically your heart and soul into it? Because, if you don’t know why your business keeps failing, you will start to think you’re a bad entrepreneur.
Now, there’s a difference between a consumer and a customer whereas a cx is anyone who buys your product or service, and a consumer is anyone who consumes your products or service. For the purpose of this lesson, we will assume both are the same.
Now, your business can bust even if you have a lot of customers, but you can’t manage your cashflows. But that’s a lesson for another time.
To find out why your business doesn’t have enough customers, we need to look at why someone becomes a customer of any business.
You’re not selling a product. You’re selling a feeling/emotion. To be more precise, you’re trying to create a certain feeling in the minds of your potential customers (who we will call audience for convenience.)
Let’s take a simple example.
Most people buy Apple products to function as a status symbol. They’re known to be expensive, of higher technology, and sleek in design. The products are associated with success, luxury, fashion, and indulgence.
Does that mean everybody who reads this article is going to stop buying Apple products? Of course not. They might have a slightly different feeling about them, but it would still be one of purchasing.