May 13

Three Mistakes That Could Ruin Your Business

Three Mistakes That Could Ruin Your BusinessRunning a business requires juggling many different systems to ensure that all aspects coordinate properly. Any number of problems can arise in an average day. This fact makes it challenging to serve your customers on an ongoing basis. A few problems can be disastrous to your business and can ruin what you have worked to build over the years.



Poorly-Targeted Marketing

Your business can live or die on its marketing. Though word-of-mouth is a valuable asset, it generally does not bring in enough business to pay for all expenses and make a satisfactory profit. Entrepreneurs must put their name before the public and keep it there to remind old customers about their connection to the business and also to draw in new customers. However, marketing can be a sizable expense and can quickly eat up the budget. Many entrepreneurs make the mistake of taking a shotgun approach to marketing, placing ads in local papers with a small readership or putting out a website without ensuring that they are reaching those that use their products and services. Consider the many options for reaching your customers in your community before placing ads. Tailor the text and images to your audience to catch their attention. For online marketing, ensure that your website uses key works that will capture your customers’ attention when they use a search engine.


Reputation Damage

One of the most difficult problems entrepreneurs must handle is when the company’s reputation is damaged. The damage can occur because of mishandling customer problems, poor hiring practice or inadequate employee training. This problem can require intensive efforts to repair the damage with marketing efforts, re-branding and community involvement. Though repairing the company’s reputation can be an expensive undertaking, these efforts are necessary to restore customer trust and loyalty.


Poor Customer Service

Customer service is a critical part of every business. Handling complaints should not be thought of as a diversion from doing business; it is an intrinsic part of doing business. Problems inevitably arise whether it is with the product or service itself or with instructing customers on proper use and care. These problems should be handled as quickly as possible. Getting immediate and ongoing feedback from customers allows the business owner to resolve problems quickly and protect his brand and reputation. Systems such as the Mindshare enterprise feedback management and Voice of Customer text analytics provides an early warning system to allow business owners to correct problems before they affect their client base and bottom line.

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