The world of modern business can be a very unforgiving environment. In fact, you’ve probably seen the statistics that up to 90% of all new businesses fail to achieve their goals.
But the current landscape isn’t as bad as it may seem. When a startup performs well, it can grow at a faster rate than ever before. Modern facilities form far greater opportunities for modest entrepreneurs. The best ones know how to maximize those possibilities.
Smart entrepreneurs share an array of skills and ideas. Here are some of the most salient.
A Starting Platform
For most failed startups, establishing the company proved too hard. Let’s face it; creating something from nothing isn’t easy. So perhaps it should come as no surprise to learn that the vast majority of new companies struggle to make it past the one-year anniversary.
However, there are ways to build a platform before even taking those first steps. Senior home care franchise opportunities allow for entrepreneurs to build upon the success of an existing brand. Meanwhile, crowdfunding offers the opportunity to establish a fanbase and financial support in advance.
Either way, a stronger starting point can only give a business increased hopes of success. That’s something that any good entrepreneur embraces with open arms.
Virtually all businesses will deviate from their predicted pathway along the road to success. However, it’s important to have long-term goals as well as immediate aspirations. After all, it’s impossible to reach a destination if you aren’t targeted towards it.
As a new business, the biggest mistake is trying to focus on something that has a very short lifespan. This immediately piles on the pressure for quick success. Instead, the best startups are built for sustained success. Most successful entrepreneurs find that working on five-year plans is the ideal way to maintain balance.
When you read an interview with any successful startup, there will almost always be special thanks reserved for the team. Quality employees are the biggest asset of any successful company. Smart entrepreneurs know that it doesn’t make sense to complete simple tasks. Not when they could be focused on more important elements. Besides, two heads are always better than one.
Direct employees aren’t the only crucial form of support. Outsourcing certain jobs can make the daily running of a company far smoother. Even if it’s embracing influencer marketing, an open mind can make a world of difference to a startup’s future. It doesn’t matter how results are achieved. The important factor is that they are accomplished.
Arguably the biggest mistake that any new business owner can commit is forgetting to put the customer first. Sadly, it’s also one that far too many fall for.
Consumers deserve and expect positive interactions with the business. A smarter entrepreneur will ensure that the payment methods are designed to generate trust from the customer. They’ll also provide the necessary support before, during, and after a transaction. This is a crucial aspect of building loyal clients.
And once a business has built a strong following, it cannot go wrong.
With the advance of social media and new forms of communication, it has become increasingly easy to expose other people to a wide variety of products and services. There are billions of users on social media sites such as Facebook, Twitter, Instagram, Snapchat, Pinterest, and more, and these users are all interconnected with one another in some way. This vast expanse in communication has allowed for new forms of marketing. Social media influencer marketing is one of the most popular new ways to market and advertise. Businesses and enterprises partner with social media celebrities (people well-known on social media for their social commentary, jokes, singing, dancing, or other talents) to promote their product or service. This partnership is mutually beneficial, as both sides are given the chance to build relationships and trust with each other and their fan base.
Despite the success that influencer marketing has had—notable examples being LeBron James for Nike, Kim Kardashian for T-Mobile, and more—there are still some misconceptions about it. People have their doubts, and, in this article, we hope to lay some of those to rest. Here are some of the biggest myths about influencer marketing, debunked:
A high ROI is all that matters.
ROI stands for “return on investment,” and ROI is what businesses may only think of when they consider whether or not to use influencer marketing. However, ROI is not the only thing that businesses should focus on. While it is certainly critical at the end of the day, and this type of marketing will get you a high ROI, it is not the only factor to succeeding with influencers. It is also about providing a quality product and building a relationship with the influencers you choose (and their audiences, by extension) that consists of mutual trust.
These influencers don’t really care about the product; they’re just in it for the money.
This misconception is held by some members of the public, but it couldn’t be further from the truth. Social media influencers don’t want to become known for advertising a product or service that is subpar. Their fans trust them, and they want to keep it that way. Influencers won’t advertise a product that would jeopardize that trust; i.e. a product that is terrible or would not do well with their fans. Their fan base is a major reason they are able to enjoy the celebrity they have, and no amount of money can make them sacrifice that.
Also, businesses and influencers build up a relationship. Forming relationships is one of the most important things to do in influencer marketing, and creating one between influencer and business is vital to the success of the campaign. This relationship goes deeper than money—it is based on mutual respect and trust.
It’s impossible to get in touch with celebs.
Influencer marketing platforms like NeoReach provide businesses with the ability to get in touch with social media influencers. It may seem, with influencers’ level of celebrity, as though they are difficult to contact, but that’s not true. These influencers rose to popularity because of their ability to communicate and their relatability. And they’re looking for you, too. Influencer marketing platforms like NeoReach have been developed to further assist with helping brands and relevant influencers find each other.
Influencer marketing is too risky because influencers can go rogue.
People are unpredictable. Influencers, like any other celebrity spokesperson, may say things that cause your company to cringe. But this doesn’t necessarily mean that your company will be harmed. You can always distance yourself from the influencer if need be, and, while the two of you work in tandem, there are safeguards against unpredictability and offensive commentary that can be agreed upon before the contract is signed and the representation begins. Also, if you pick an influencer you trust to remain in communication with you, you can ensure that they are reliable and consistent in helping your business — another reason why treating these partnerships as a mutual relationship is so important.
Any influencer will work; all they have to do is memorize some lines.
Different influencers promote different products. Building relationships and credibility is the fastest way to ensure that a business is successful in their ad campaign with the marketer. In order to build these relationships, the influencer has to take a genuine interest in the company itself, becoming invested in its success and seeing the product as personally important to them. While it’s true that anyone can “memorize some lines,” conveying enthusiasm and real interest in the product is something that only an authentically-dedicated influencer can do. And also, this authenticity (or lack thereof) is easily identifiable by fans.
People who don’t like the influencer will hurt the business that is partnering with him or her.
Every social media celebrity is going to have detractors and people who, for whatever reason, credible or not, dislike them. This dislike shouldn’t affect your business. Dealing with negative reviews to your business is separate from negative reviews of the social media influencer themselves. If you choose your influencer based on their reputation and relatability, you will be able to gauge whether or not they are likable. This likability will factor into your decision, and if you choose wisely and get to know them well, you can exercise a lot of control over how much of a concern this can really be for your business.
The relationship between business and celebrity is one-sided (or lopsided).
This is one of the most common misconceptions about influencer marketing. There is a stereotype that these relationships are one-sided, whether people believe that the business is taking advantage of the influencer or that the influencer is seeing more of an ROI than the company they are supposed to be advertising for. This is not true, and, once again, it comes down to the relationships that you build with one another. These relationships are critical, and without them, any ad campaign is doomed. By understanding what is expected of each party and what the ROI will be, the relationship is mutually beneficial.
These misconceptions about influencer marketing are harmful to businesses and enterprises. Hopefully, this article has helped debunk these myths to show that this type of marketing is beneficial not only for the influencer and the business, but for the public as well. Harnessing the power of social media in this day and age is vital to being successful.