Reasons Why Businesses Fail and How to Avoid Them
4. No connection with the target audience
The first questions any business owner should ask are — Do I know my target audience and do I understand what they need and want?
If you can’t answer those questions, it’s time to conduct more surveys and research. Otherwise, there is a disconnect, and the business will ultimately suffer and fail. It seems like a bold statement, but the biggest part of a purchasing decision is emotion.
Your product or service may have wonderful features and even value, but if it doesn’t connect with your target audience on an emotional level, it will fail.
If you run an office furniture business, obviously, the technical aspects of your premiere desk chair would be a sales point. But sturdy wheels and a comfortable backrest won’t differentiate you from the competition.
Yes, you sell a chair. But also sell the idea of success, professionalism, or even luxury. The target audience must connect with your product on those levels. Otherwise, the business won’t stand out.