Traction Tip: Marketing Strategy
According to the U.S. Bureau of Labor Statistics , about 20% of small businesses fail by the end of their first year. By the end of their fifth year, 50% go under; and by the tenth year, that number rises to 80%. One of the most significant barriers to small business longevity is finding and engaging the right customers.
Each business has a limit to the amount of time, money, and resources it can spend on finding and communicating with potential new clients. You must choose to spend these resources wisely
and effectively. Although you might want to take over the world, you truly don’t have the capacity to do so. As a business owner, you get to select who will be your best client or customer, and how you will best serve them.
Businesses running on EOS® do this through their marketing strategy. Defining some essentials ensures that you are allocating and spending your marketing and sales resources wisely for the business.
In EOS®, the key components to a marketing strategy are:
Target Market – defining who you want as an ideal client or customer
3-Uniques™ - understanding what unique value you offer that matters
Proven Process – communicating to your prospects what they should expect
Guarantee - knock down the primary barrier preventing your prospects from becoming customers
We will tackle each of these in more detail in the coming months. Ready to talk about your marketing strategy? Let's Talk
Entrepreneurial Operating System® and EOS® are registered trademarks of EOS Worldwide (http://www.eosworldwide.com/).
 Bureau of Labor Statistics Establishment Age and Survival Data “Table 7. Survival of private sector establishments by opening year,” www.bls.gov/bdm/us_age_naics_00_table7.txt, Nov 2020