Entrepreneurial life is a journey of creation and optimization. What we create and how we optimize will determine our probability and level of success.
Having spent over 5 years in the startup world, I can confidently say that 90% of entrepreneurs who fail, they do fail because of committing very similar fundamental mistakes. The most common mistake is to keep polishing an idea that was never meant to work, because it did not fit reality.
Wishful thinking vs. reality
As Elon Musk said, wishful thinking is a human tendency. so it is a challenge for entrepreneurs to distinguish between following ideas and pursuing dreams where the probability of success is nearly zero.
You want to make reality on your side. If you refuse to listen to feedback and fail to realize the necessity of changes then reality will work against you - and you do not want that.
As an entrepreneur, you need to know what people think of your company, broken down to details.
- Do you know what your target audience thinks about the benefits of your products?
- Have you ever received real feedback regarding what your potential customers think about your marketing communication?
- Did you ever look into if your endorsements are strong enough to influence a purchase decision?
If the answer is "no" to the above critical branding and marketing questions then you belong to the 90% of failure entrepreneurs who rely on their own judgements instead of optimizing their company to fit reality.
Do regular brand audits as reality checks - and to discover insights you did not know about
Mainstream marketing tools are pretty good in providing insights based on the easily available data, such as clicks, views, engagements and conversions.
Everyone with basic digital marketing knowledge can access and read their basic statistics and make conclusions so relying solely on these metrics will not help you to succeed. In order to get ahead of your competition, and beat nearly 90% of those who are destined to lose, is to know what they do not know.
Brand audit companies like Brand Auditor provide invaluable external audit insights based on diverse data acquired from various sources, including:
- global market research companies
- targeted surveys
- expert auditors
External brand audit reports answer mission critical questions such as:
- How your target customers see your company?
- How your target customers perceive your product or service benefits?
- How people experience your brand?
- And many more questions that traffic and engagement reports cannot answer accurately.
Knowing the opinion of your potential customers is a major advantage, and taking regular brand audits, based on diverse information sources is probably the best way to get reliable insights.