A lot of new companies fail to stay open for business, and this usually happens as a result of a combination of different variables such as a bad business plan, lack of funding, and poor marketing strategies.
At Twelve12, we advise our clients to carefully review their business plan before opening their doors to the public for the first time. The first impression is hard to forget and this statement is also valid for business. When you provide a service or a product for the final client, there are two possible outcomes; the client loves your product and customer service, or the client hates it. In both cases the client is most likely to tell family and friends about his or her experience and share it on social media.
Like it or not, social media has a lot of marketing power these days and it can help build up or destroy a company’s reputation. For companies with a business to business format (also known as B2B) it can be even worse, as the market universe is not as big as a final customer company, when the market is smaller it is also harder to recover from a bad impression and to get a new opportunity to do business again.
Now, there are also times when companies, big and small, do everything right; they have a good business plan, the right contacts, good location, great logistics, etc. and yet, the company fails. This is very common when the businesses have a poor or non-existent branding strategy. A branding strategy is usually the one that makes the difference in the client’s mind when the purchase decision is made. You might have your product or service available to the public with an excellent quality, with competitive prices at the right time and place for the purchase, but when the customer is confronted with more than one choice with similar prices and characteristics, they will choose one from a well-known company with a good reputation most of the time. Studies show that very few choose are willing to take their chances with new companies.
The Twelve12 team has an experienced team that can help you out with your business plan and marketing strategies, and as the leading branding agency in Los Angeles, our expert team has the knowledge to put your company on the map.