10 Biggest Marketing Challenges Faced By Entrepreneurs

10 Biggest Marketing Challenges Faced By Entrepreneurs

Do you worry about the market standing of your business? Everyone does! Implementation of correct promotion strategies can lessen your worries. I can attract your attention to some of the marketing issues which entrepreneurs face. Simple solutions can keep these problems at bay. 

My profession gives me the opportunity to connect with famous entrepreneurs in India. They opine that the market condition is suitable for a startup. If you have a bankable idea, then it is time to put it to work. You can gather information about the challenges of this blog. If you need additional assistance, then you can reach out to Evolvers.

Counter challenges faced by entrepreneurs

Most do not realise that it is a mammoth task to run a business. My experience highlights that proper knowledge and assistance can help the establishment of new start-ups. Men dominate the trade and commerce sectors. My experience highlights that Indian women entrepreneurs are ready to claim their spot.

A look at the statistics depicts that a female entrepreneur percentage is on the rise. But I must say that men and women face some marketing issues. Sound marketing practices can support the growth of your venture. It is best not to experiment with business policies and marketing strategies. If you face any issue, then consult with the business advisors. 

These specialists possess the skills to figure out the aspects that your venture lacks. Once the assessment is complete, they can offer corrective measures, as well. Beginners may fail to implement these measures. The business experts can lend a helping hand.

I believe that new business houses need to come up. The revenue generation can boost the financial status of the country. These ventures can also pave the path for job creation. Thus, educated and skilled individuals need not worry about joblessness. 

Common Challenges Faced By Entrepreneurs

Small business owners highlight that they find it difficult to manage the various aspects. I know it is a tough job. You can master this task with proper information and assistance from the experts. I have a rather tight schedule. But I take out time to attend as many business conferences as possible.

The speakers shed light on the problems faced by entrepreneurs. They also suggest solutions to overcome these issues. I note down the points and mention these in my blogs. It helps budding entrepreneurs to create a better marketing structure. I suggest that young business owners must keep a close tab on the latest marketing strategies.

Business promotion experts come up with new tactics that are appropriate for the market. Not all these strategies can meet your requirements. You need to pick and implement those who can pave the path for the betterment of the venture. Here are the marketing challenges faced by entrepreneurs. 

Lack of Product Explanation Skills

You may possess in-depth information about the goods/services that you desire to sell. However, you may lack marketing skills. My experience shows that if clients do not understand the product, they may not purchase it. The manufacturer knows the benefits and utilities of the product. You need to explain these vectors to the clients.

Make sure that you highlight the factors which interest the clients. Explain the quality of the product. Do not forget to mention that the item is reliable and can meet the customers’ needs. You must shed light on the price as well. Proper product explanation sheds light on the positive aspects of the goods/services. 

You can hire a product analyst and marketing expert for these tasks. They can assess the item and explain its merits. The positive aspects can attract the attention of the clients. Thus, you can sell more units.

Failure to Identify Target Clients

If you follow my blogs, you must know that I stress on market surveys. It allows business owners to assess the target client segment. It, in turn, helps to select and implement correct promotion strategies. Client targeting is essential for the success of your business. If you fail to pre-define the probable buyer, your promotion strategies cannot offer satisfactory results.

marketing challenges faced by entrepreneurs

Advertising the goods/services on social media offers limited exposure. You need to send the message to the target clients, who need the goods/services. Technical tools and market knowledge are necessary to accomplish this task.

Low Traffic and Client Leads

Established multinational companies can spend lakhs on product promotion. I realise that small business firms have limited financial resources. Lack of online exposure is one of the challenges faced by small business. Many such venture owners tell me that they maintain business profiles on various social media platforms. But they fail to generate a satisfactory sale from these profiles.

Indian women entrepreneurs

Digital marketing is necessary for the growth of your business. I believe that you need more than business profiles and websites. Lack of appropriate internet marketing strategies hinders the traffic and lead generation. Low traffic and fewer leads can prevent you to achieve your marketing goals. 

I suggest that you invest more time to optimise the website content. Apart from this, consult with online marketing experts. They can run diagnostics on the site and business profiles. The reports can highlight the loopholes. These specialists can create watertight online promotion campaigns to rope in more traffic.

Incorrect ROI Determination

I converse with young business owners whenever I get the opportunity. They are rich sources of new ideas. Over the years, I realised that they do not possess a clear concept of Return on Investment (ROI). It plays a crucial role in business development. The ROI enables you to assess the impact of measurable promotion techniques.

Failure to provide and assess ROI is the biggest challenge in marketing. Incorrect ROI can hamper business budget allocation. It also hinders ROI tracking functions. Flawed ROI tracking can hinder promotional activities. It can lower the sale and overall profit generation. 

Identify Technology for Marketing

Increased application of technology in the trade and commerce fields has its pros and cons. I like to highlight the positive aspects. But novice business owners may find it challenging to select and use technology. I suggest business owners use tech tools and software. But the health of your business depends on clients’ feedbacks.

You need to consult with the experts before software selection. You need a tool that collects and sorts the feedbacks. Correct tech-tools can solve problems of entrepreneurship development. It is best to start with less complicated business software. You can switch to other technologies when you gather adequate skills.

Lack of Budget

Capital investment is necessary for the establishment of your venture. Financial planning is also crucial. My associations highlight that Indian women entrepreneurs possess more insight into the contingency fund. Many ventures fail as they cannot support the financial needs during growth.

problems faced by entrepreneurs

You need a substantial sum to promote your goods/services. You need funds to overcome these hindrances. Evolvers can come to your rescue. My team can arrange fundraises for your company. You can also consult with my marketing team. They can point you in the right direction.

Incompetent Marketing Team 

Cooperation between the marketing and sale departments impacts the growth of the business. You need competent marketing executives to come up with sound promotional plans. Novice business owners may lack access to these professionals. My team can assist you to overcome entrepreneurial challenges. A proficient marketing team can prevent all problems related to your business development.

Partnership Errors

Business expansion is a tough task. You need financial and management skills to accomplish the task. A partner can offer respite with these challenges. I suggest you pay attention to partner selection. The famous entrepreneurs in India opine that good partnerships can boost the performance of the venture. If you seal the deal with incompetent partners, then you can face various hindrances.

famous entrepreneurs in India

Discuss with the probable candidates about marketing strategies. I suggest that one must join hands with an associate who has sound marketing skills. If the associate lacks these traits, you can find yourself in a mess.

Inaccurate Branding Practices

Another factor that hinders marketing campaigns is unfavourable company image. Everything depends on its reputation. I believe that the high market standing attracts more customers. No one wants to associate with a sub-standard business. Build a suitable brand image as it can boost your profit.

Ignoring Offline Promotion

Digital marketing offers ample exposure to the virtual platform. I believe one must not place all the eggs in a single basket. Apart from online promotion, pay attention to offline advertisements. In case the digital marketing strategies fail, you can depend on traditional promotion strategies. These are relevant and can rope in significant customers if you nail client targeting.

overcome entrepreneurial challenges

Do you want to restructure your marketing policies? Do you require assistance with promotional campaign development? If so, then get in touch with the business advisors of Evolvers. Apart from marketing analysis, you can get a holistic business assessment report. The company can offer financial support, as well. If you want a business mentor, then Evolvers can make the necessary arrangements. The company aims to encourage private business initiatives.  

Author :- Dinesh Kaushal

most important business skills

5 most important skills a new entrepreneur should acquire

A startup is a dream of an entrepreneur, where he/she plays various roles, from being a founder to even a laborer. The famous, renowned and most successful startups in India have seen their entrepreneur playing various roles. Starting from the most essential skills required for a startup to function adequately. This process is known as the will and hunger to grow, from a founder to an entrepreneur. This is not something be ashamed of, but it is the fire which continue to burn in them. This helps them to acquire most important business skills, which further aids them in propelling. As mentioned above, about the various roles an entrepreneur plays to succeed. it is these roles, that keep him grounded and keep on the track to achieving success.

Different roles of an entrepreneur

Source:- https://bit.ly/2lMrHkA

The role of an owner of an Organization as a member who has purchased the subscription. This role further gives them benefits which includes buying, upgrading, downgrading and cancelling the subscriptions, modifying product access privileges, inviting and removing members from an Organization, and changing member roles. An organization may have different number of owners, which is mentioned in the contract.

An admin of an Organization is a member that has privileges which include modifying product access privileges for other members, inviting and removing members from an Organization and changing member roles. An Organization can have more than one admin.

An entrepreneur refers to an entrepreneurship, which involves the creation of organizations. The process of becoming an entrepreneur begins which the creating of an organization, as mentioned above. Therefore, an entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit.

Being brief, an entrepreneur is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. … And let’s not forget the “entrepreneurial tendencies” people can have without owning a business,  that many companies today look for in the people they hire.

Entrepreneurial skills or successful startup skills of a startup founder

Fearless — You know that pit you feel in your stomach when you’re about to do something risky? Entrepreneurs embrace the same feeling because they trust their instincts that benefits outweigh the risks. This does not mean that we do not feel fear. It means that despite our fears, we move forward and take calculated risks.

Instinctual — Entrepreneurs rely on their instincts when moving forward with an idea. If we feel strongly that it is something the market needs, it’s very likely that we will trust our gut and go with it, no matter what the naysayers say.

Empathetic — The best entrepreneurial leaders are empathetic and authentic, allowing room for others’ perspectives, even if they are different than their own. They are great networkers and promoters. Empathy allows them to hear others, and by doing so, they fill gaps in their own knowledge and build relationships.

essential skills for startups

Passionate — Many entrepreneurs are driven by pure passion. Startup/entrepreneur founders often begin their businesses in fields of their expertise or interest. They put our hearts into it, and this passion fuels the enormous energy that is required to run a business. When entrepreneurs pursue their passions with purpose, diligence and intention the chances are good they’ll succeed.

Visionary — Successful entrepreneurs are creative thinkers with vision. They may see opportunities before others do and move forward to capitalize on them. We look for what’s around the corner, anticipating needs and finding solutions that serve others.

famous entrepreneurs in india

Analytical — The best entrepreneurs do not rely solely on gut instinct. We use data to prove that our instincts are correct. Market research, testing, sampling, surveys — just a few of the tools we use to gather information about the market and idea before we invest too heavily.

Confident — The best entrepreneurs know themselves well. Their strengths and weaknesses pay for their strengths and endurance. Wherever there is weakness, they find experts who excel and delegate tasks. This confidence allows them to make thousands of decisions that affect the viability of the business and enables them to lead their teams.

Adaptable — If there’s one thing that is constant, it’s changes. Surprises are around every corner. Entrepreneurs expect the unexpected. This enables them to keep calm in the chaos. Acceptance towards flexibility and adapt to a constantly changing marketplace is key.

Persistent & Focused — Even if you lack some of these qualities, as long as you have persistence, it may tip the scales. There will be stumbling blocks as you build a business. Successful entrepreneurs are determined, maneuvering around obstacles and creating new paths. They don’t give up, and that is why they succeed. Successful startup founders need to be laser-focused in order to make their businesses flourish. The expedition for constant growth and excellence is a full-time job, which is why having a startup as a side hustle is extra challenging. We avoid distractions. In addition to our time and money, we give our sweat, blood and tears in order to make our startups successful.

what skills does an entrepreneur need

Resilient — Resilience allows you to experience adversity and overcome it. Being able to bounce back from setbacks is perhaps the most vital skill to be a successful entrepreneur. Failure is a part of every activity; no-one learns without failure; it is often the best way to learn. It’s what you do after the failure that makes all the difference.

Conclusion

The successful startup in India, are amongst the best when compared with various startups in India. The brain behind them are mentioned as the known and famous entrepreneurs in India. Such entrepreneurs lay the base for developing India, with their different thinking and choosing the right platform to push their startup idea and taking to newer heights. They have perseverance with openness and the capability of taking risk. This quality encourages and facilitate them to their goals.