Most entrepreneurs who have a business idea start with tons of motivation and enthusiasm. However, they make the mistake of not researching their target market adequately. The predictable result is that they quickly lose momentum and feel overwhelmed. As an entrepreneur, you wear multiple hats: Not only are you the CEO, you are also the accountant, the marketer, and the secretary who is your customers’ first point of contact. Be prepared for ups and downs, it’s all part of running a business. Be aware that you will make mistakes along the way. That’s not necessarily a bad thing if you can learn from them as your business grows.
So what are mistakes that every entrepreneur should avoid along the way?
Put your Product First, and not your customers
Many entrepreneurs put all their energy into what they think is the creation of a breakthrough, unprecedented product. But in the process, they forget the most important people – their customers. Your customers are the people who pay for your product.
Before you create a product or business plan, have your customers in mind. Otherwise, you could end up with a product that not many people can use. Make sure your price point is not too high and that your product solves a pain point that your customers experience.
If you want to have a sustainable business, the most important ingredient is to have loyal, satisfied customers who will come back in the future.
To gain a better understanding of who your target audience is, you could create one or more buyer persona.
Buyer Personas give you a clearer picture of who your ideal target audience is. They are created by gathering data and market research that will provide insight into your ideal customers’ character traits, their pain points, and even what they do for a living.
Having an idea of what your target customer might look like will guide your product development and allow you to attract quality leads that you are more likely to retain well into the future.
Make products for you, and not your customers’
Many entrepreneurs assume that if they love their products, others will love them too. The same goes for their website, digital ads, content, and social media marketing. But their customers may find their products cumbersome to use, their website difficult to navigate, or their content unappealing.
You need to address the pain points of your buyer personas and how your website, digital ads and content need to target them by hitting their exact pain points and then offering them a solution.
Make purchasing products complicated
Complicating the purchasing process is a common mistake many businesses make. Your customers won’t want to click through multiple pages before they can buy a product. The checkout process needs to be as simple and straightforward as possible. Failing to do so will result in customers giving up before they reach the halfway point, as well as a high shopping cart abandonment rate.
Not having a “Contact Us” page
Many business owners make the mistake of not putting a “contact us” page on their website. If one of your customers finds your business on Google and you don’t have a “contact us” page with your email address and a place for them to enter their information into a dropdown form, they’re likely to click away from your website and find your competitor’s website. It’s something that doesn’t ￼take a lot of work to set up, but it’s important.
Limited Methods of Paying
A common mistake business owners make is to offer customers limited payment options. They may be able to use certain credit cards, but customers won’t be able to pay with cryptocurrencies or mobile payments.
As an online business, you need a secure Payments Service Provider (PSP) that lets your customers choose how they want to pay. The ￼DPO Think Payments PSP offers your customers a range of payment options: eWallet, multi-currency payments, international credit cards, mobile payments and more. The real plus is its security. It protects your customers’ data and minimizes the risk of fraud.
There are common mistakes that many entrepreneurs make, such as not being customer-centric in their approach. As a result, they don’t create products that meet the needs of their customers. By creating buyer personas, you can target your ideal customers and create products that solve their pain points.
When your customers find you online, make sure you have a contact page where they can fill out a form and get a response from you, as well as leave an email address and phone number. Make it easy for customers to contact you without having to navigate through multiple pages before reaching your checkout page.
You also need to offer flexible payment options, including international credit cards, mobile payments, and other alternative payment methods, while ensuring that your Payment Service Provider is secure.