How Startups Build An Effective Marketing Strategy From Day One

The past three years have been a boon for new businesses. In total, more than 16 million new business applications were filed, with 440,000 entrepreneurs completing applications every month. This is great news for the economy broadly since, as President Joe Biden said in a statement, “Every time someone starts a new small business, it’s an act of hope and confidence in our economy.” It may be an act of hope, but it’s also an enormous risk for the entrepreneurs. The failure rate for new companies is high enough to convince aspiring entrepreneurs to reconsider their options. According to the Bureau of Labor Statistics, 20% of small businesses fail in their first year, half within five years and only 30% survive a decade. Startups close for many reasons; however, they fundamentally fail for the same reason: not enough people spent enough money on their products and services to make them economically viable and sustainable. 

https://www.forbes.com/councils/forbestechcouncil/2024/07/26/how-startups-build-an-effective-marketing-strategy-from-day-one/