New Business Owners Say They Would’ve Focused More on Marketing, Strategic Planning

Starting a new business can be a difficult endeavor, no matter the industry or circumstances. The Alternative Board (TAB) recently polled hundreds of entrepreneurs who started a new business to learn what they would have done differently, if they had the chance to do it all over again.

There were a few common areas that most participants wish they had spent more time, resources, and money on: Strategic Planning, Sales, and Marketing. 27% of owners wish they would have spent more time on strategic planning, with 20% and 18% also mentioning sales and marketing, respectively. Along those same lines, 15% wish they had spent more money on strategic planning, versus 18% and 17% for marketing and sales.

“What do you wish you had done earlier in your business?”

This was another question that was asked of the study participants. These answers highlight a need, again, for better planning and marketing strategies. The most common answers were:

  • 35% mentioned creating a system/plan to generate more leads
  • 20% recommended to form an expert network for advice
  • 10% highlighted the importance of maintaining a detailed customer database and evaluating consumer demand for products and services
  • 9% said investing in measurable advertising was important

Besides the infographic below stating these and other interesting findings from the study:

Lessons learned when starting a business

Missing from findings were strategies for generating independent reviews or visibility in trusted publications, though marketing in general, was a top priority that business owners would reconsider in hindsight. The Alternative Board released a separate study on the occurrence of customers to trust independent reviews when looking for B2B vendors, which we covered in December 2014.

infographic via TAB.

“With other agencies, the tendency is to see a flurry of work initially, and then communication and accountability starts to fall off. Our KoMarketing account team is in contact with us almost daily – it’s like they’re sitting right here in our office. They’re truly an extension of our marketing team.”

Stephanie Weagle — Stephanie Weagle, VP of Marketing, Corero Network Security

Start a conversation with the KoMarketing team:

Complete our inquiry form now