This is a common challenge that can lead to business failure

Name: This is a common challenge that can lead to business failure
Uploaded: 2024-05-16T19:15:29+00:00
Duration: 36 s
Channel: Nikhil Sai
Description: Nikhil Sai explains why 90% of businesses fail within five years: their product doesn't match what customers actually want. Marketing agencies often…

16 May 2024 · 1 min

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Nikhil Sai explains why 90% of businesses fail within five years: their product doesn't match what customers actually want. Marketing agencies often start with one service like email marketing, then add Instagram, LinkedIn, funnels, and ads because clients ask for it. This scope creep spreads them too thin. The fix is to specialize in a narrow niche instead of trying to do everything.

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90% of businesses fail in the first 5 years, and the biggest reason is their offers are not correct. Because the reality is, imagine this, if you are a marketing agency owner, you just started selling, let's say, email marketing services. Your client might request for some Instagram marketing tips, so you start doing that. Then they ask you to handle the LinkedIn, then they ask you to handle this, that, their funnels, their ads, uh, and you can't basically say no to it, and you get into this loop of selling many different services. Which takes whole different expertise and whole different skill set, tools, experience to do it. And now you start juggling between all of those tasks.