Why most businesses fail

Section 5 : Inadequate marketing and sales strategies

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Without visibility and customer engagement, even the best products can go unnoticed. Marketing and sales are very important for attracting and retaining customers. Many businesses fail because they don't invest in effective marketing strategies or misunderstand their sales processes.

A new organic skincare brand for example, that relies solely on word-of-mouth for promotion. This would have worked in the past, but in this day and age, without a strong online presence, social media engagement, or targeted advertising, they will struggle to reach potential customers. Developing comprehensive marketing plans that include digital marketing, customer outreach and brand building can significantly enhance market penetration and customer acquisition.

 

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