Why 9 out of 10 startups fail?
9 out of 10 startups fail. There are numerous reasons why most startups are not able to become profitable businesses.
In my opinion, a good percentage of founders get caught up in creating the “perfect” or the most “unique” product. The fact is, you don’t need to have a unique product to be successful. Figure out the audience who needs your product or service, and offer it to them in a way that they get “more value” compared to what they pay for it. It’s that simple.
The way you communicate your offering to your target audience is the key, and this is where most founders struggle.
As a startup, you don’t have the luxury of spending millions of dollars on marketing. You get small windows of opportunities, where you need to capitalize and explain why your product or service needs attention.
Consider the famous startup show Shark Tank. How many times you feel Mr. Wonderful makes an opinion about the startup after the pitch is completed? Let’s be conservative in our approach and assume that only half of the times judges decide if they’re going to invest in a startup after listening to their pitch. Which means if you don’t explain your product or service in a concise and compelling manner, you’re bound to lose 50% of your audience that is genuinely interested in making a buying decision at that moment.
So here’s my 2 cents. Make an investment in hiring specialists who would help you present your product or service in the most convincing manner. Streamline your messaging so that it addresses your audience’s pain points, why they need to buy from you compared to your competitors and why it’s worth much more than what they’re going to pay for it. Use that messaging on your website, in a 60-90 second explainer video and all your marketing assets.