Common Reasons Why 8 Out Of 10 IT Businesses Fail

By Udaya on June 27, 2018

(Inbound Marketing), (IT businesses)

 

Common Reasons Why 8 Out Of 10 IT Businesses Fail- Final

Competition is an inevitable part of the business world. We can also say that competition is the fuel for business growth. Updating strategies and adopting new marketing methodologies are the key factors that decide the growth of the business, especially in the IT industry.Though marketing experts follow all the new waves of marketing methodologies, sometimes they don’t bring high growth rate. This may be due to choosing wrong marketing methodology of not using the tools as it needs to be.

According to Bloomberg, 8 out of 10 business startups collapse within the first 18 months. It may sound superstitious, but considering the business competition, IT companies are under threat for sure.

Let us discuss some of the most common mistakes IT companies to in their marketing processes.

#1 Failure In Forecasting Trends

Those who can predict the future definitely wins the race. There are chances of being pulled back when marketing team is not able to forecast the market behavior. The hugeness of the market provides plenty of fresh opportunities for all, but the key to enter is to know the possibilities of purchasing tendencies of your clients. If you are not serious about it, chances are more to fail before you start to fly.

#2 The Right Marketing Person Is Absent

In the business world, competition is not limited to achieving targets or astonishing profit margins in the balance sheet. To find qualified workers is also a very disturbing area for business organizations. In the IT industry hiring new employees is a challenging and complicated job. Choosing the right person is equal to choosing the right marketing methodology.

#3 Lack of Resources

IT companies often seem to be ignorant about their marketing activities. Not putting required resources is one of the major drawbacks in their planning. There are different marketing methodologies and each of them needs adequate resources. For example, inbound marketing is mainly about quality content creation which needs professionals who can write in clear and communicative way.

#4 Wrong Marketing Methodologies

Today, it is not a difficult task to know which marketing methodology works better for you. Information and case studies are available online and you can choose the right one for your business. As a sophisticated methodology, inbound marketing is well known to be an effective way for client retention. When such a simple and powerful option is available, it is not advisable to follow outdated methodologies.

#5 Investment and Result Doesn’t Match

When you decide to invest a certain amount for marketing, you obviously expect to see results that value. In some cases, this won’t work regardless of the money disbursed on marketing. This is because of investing money in the wrong methodology which costs more and results are comparatively under the margin.

In total, any wrong move in marketing activities turns out to be a huge loss for the company. There are practical solutions to overcome it by placing marketing strategies using sophisticated methodologies. An inbound methodology is one such tool which can bring optimum results using targeted, well-defined and tailor-made solutions.

To help you get through the challenges in marketing your IT Businesses we have developed a free downloadable eBook on "Effective Marketing Ways For It Businesses".

Effective Marketing Ways for IT Businesses

Udaya

Effective Marketing Ways for IT Business

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