Finding Old Success: Do New Ways Cause Businesses to Fail?

Social MediaTwo years ago, a depressing statistic came out stating that eight out of ten businesses fail within the first 18 months. This may not be news to anyone who owns a small business nor (more likely) was a business owner in the past. But, is the capitalist nature of free trade the only thing to blame for these grim numbers?

Are The New Ways Really New?

The answer (predictably) is hardly black and white. While competition plays a big part in how a particular business fares, owners may be a bigger reason for their own downfall. Denver SEO companies, think that inaction on the part of the owners has a more significant impact on their success. The hesitation and in some case outright refusal of businesses to embrace the online medium is a big example.

The trepidation comes from trust issues these owners have with the channel, which is understandable considering it’s not the way they know how to do business. But, this isn’t completely accurate either. Because once people analyze the reasons the internet is such a useful tool, they’ll find that many of the advantages are in line with traditional ways of doing good business.

Keep In Touch

Every single company has one goal – give the customers what they want. This requires knowing what they want through meaningful dialogue. Owners need to access their customers on every level – behavior, values, traditions, dreams, so on and so forth.

Social media is a great way to establish and maintain that contact at little to no cost. The purpose of social media was to bring people together, and with the right help, any business can make a substantial connection with their audience.

Tell It Like It Is – In Another Way

Another thing every business needs to do right is to tell their market exactly who they are and what they do. Companies that run into this problem time and again are either highly technical, or enterprises entering an already crowded market. Customers won’t have any reason to patronize a business unless the owners tell them in no uncertain terms why.

The diversity of online channels that currently exist makes this task ten times easier, as owners now have a variety of options to express their message. Owners can use pictures, videos, podcasts, and a collection of other things that do basically the same thing – telling people who you are.

These two values that aren’t new to anyone with business credentials, online media just allow people to accomplish them in different ways. The downside to trusting the new ways is disproportionately small when compared to the positives that owners stand to gain.