The business world has been changing nonstop. Today we are bearing with loads of messages and plenty of competition. What’s even worse is that many people are struggling to keep their businesses active while trying to use the right strategies for making it all worthwhile.
If you don’t have time to read this article and just want us to take care of growing your IT, Consulting or software company for you, then you can schedule a 1-1 appointment with us by clicking here.
The Clutter Factor
The process of just trying to get noticed these days is clearly something that many people in the IT industry don’t seem to pay much attention to. But the clutter factor is indeed real.
The clutter factor refers to how there is loads of competition to work with. As you try to make your IT business stand out, you will find it extremely difficult to pull it off. This comes as the landscape itself is massive.
The marketing industry has especially grown in size. Around 1992, we in society would have heard about 2,000 to 3,000 messages in a typical day. In 2017, we are hearing about 30,000 messages a day.
This means that the competition is significant. It might be a little too difficult to manage in some instances. This comes as everything going on in your field is very crowded and complex.
The competition that you’ve got to bear with can be extensive and tough to handle. But you have to look at how it can make an impact on anyone’s life. You will learn later on in this guide about what you can do to make a short pitch that makes your business stand out without wasting lots of time trying to share something.
Marketing Is Changing
The marketing process has also been changing dramatically. People are participating in networking events to try and reach new clients more than ever before. Trade shows, chambers of commerce and many other entities are coming into play. Some people are also cold calling clients to try and get more leads.
But one big way how marketing is changing is that people are now more suspicious of the groups that are trying to target them. It’s estimated that a prospect will want to talk with you on around 7 to 15 separate occasions until that person is comfortable with giving you his or her business. It’s all about ensuring you can get someone’s trust and that you can set up a powerful relationship.
What’s worse is that a large number of leads that people get are wasted. About 20 percent of all leads people get at trade shows and other events are worthless as they are not followed up on.
Your influence can especially make a world of difference. However, your influence will start to decline when you don’t make any contact with possible clients. That influence will decline by 10 percent for each month where you don’t get in contact with a possible client. This comes as people aren’t noticing your efforts in the field as much as they should be.
Can Your Business Last?
One of the worst parts of running an IT business is that your business might not last as long as you wish it could. It’s estimated that a typical IT business will lose at least 10 percent of its customers in a typical year. Much of this comes from the extensive competition you are putting up with as well as the pressure that comes with trying to make someone more interested in your work.
As a result, it is often a challenge for some businesses to actually stick around for a while. About two-thirds of all IT businesses can survive for at least two years but only half can last for at least five years. Even worse, only a third of those businesses will last for ten years.
But Why Do Startups Fail?
It is not uncommon for startups in the IT field to fail. There are many reasons why startups tend to fail with many of them relating heavily to marketing and finding customers:
- They are in markets where there are no needs for such services.
- They run out of cash.
- Their teams aren’t staffed right nor are they trained to do their jobs.
- The competition in an area might be too strong.
- The efforts to make a business look unique are lacking as an entity might seem the same as what everyone else is offering. That is, a business isn’t offering any kind of distinction in terms of what it can do.
- A business could also lose its focus and not consider what it needs to do in order to succeed.
- The investors and team members aren’t on the same page in terms of what needs to be done.
- Customers feel ignored and start to express distrust in a startup.
- Sometimes burnout is a problem as someone running a business doesn’t have the drive one used to hold.
- A network or other series of advisors aren’t being contacted for help.
Many of these problems come about because of poor marketing. When there’s no marketing or a sense of understanding of what position one wants to be in, it can be difficult to succeed.
The Market Doesn’t Make Things Easier
One point to note about the market is that it isn’t necessarily going to help you out too much. A vast majority of people in your market simply aren’t interested in what you are offering.
Only 10 percent of people in your market on average are actually interested in what you are offering. Specifically, 3 percent of people in the market are ready to buy something now while 7 percent are open to the concept. It doesn’t matter what market industry, product, or service you are offering. At any given time, there are only 3% actively seeking or looking to purchase what anyone is offering.
Think about it for a moment – how many of you reading this right now, are in the market to purchase a new car? If we were to poll you all, there would be roughly 3% in the market to purchase.
This makes marketing all the more important to consider. You don’t want to just go and cold call everyone when only a few people are actually willing to take a look at what you have to offer. You have to know how to make your efforts for promoting your work visible and unique.
The Three Keys
It is clearly a challenge to try and keep an IT business up and running. This is why it is critical that you consider the three most important keys for running a business. These involve a number of specifics relating to all aspects of your business:
- Technical expertise to keep it active
- Innovative services that make your business stand out
- Great marketing efforts
But to make those keys work for you, it is a necessity to create a voice. You have to show that your business is worth something to people and that you have the services and knowledge to make it all worthwhile. You have to spread awareness and show yourself to other people.
If you want to learn more about how you can market you technology company better and implement a process for generating new clients on a monthly basis, click here to book a call with David Smit