ATLANTA, GA / ACCESSWIRE / October 20, 2020 / With the rise of eCommerce, it is easier than ever to start your own business. Every day thousands of new business owners are opening up their shops, whether it's a physical brick-and-mortar location or an online shopping destination.
Unfortunately, starting a business is often the easiest step for entrepreneurs, and can sometimes go downhill from there. According to Fundera, 50% of small businesses fail after just five years in operation. Why do so many new businesses fall away so quickly, even with great ideas? Is there anything business owners can do to prevent it?
Business founder and leader, Deepak Agarwal, believes there are proactive steps entrepreneurs can take to promote business success.
A C-suite executive of several large multi-category online retailers, Deepak "Dee" Agarwal has spent years building organizations from the ground up, learning every facet of what exactly it is that makes a new business successful.
"Building anything requires a sturdy foundation and a brand is no different," says Deepak Agarwal. "Building your brand is all about establishing a strong value proposition and customer base. This means creating repeated buyers and brand advocates who will not only happily spend money on your products, but will advocate for your business through word-of-mouth marketing."
It may seem easier said than done. How does a business build a recognizable brand with loyal and trusting customers out of a small starting base?
For Dee Agarwal, the answer to this question is simple. Provide value and consistency across the board.
"As a brand, you must be able to articulate why anyone should choose to do business with your company over another. This is your value proposition. Start there," says Deepak Agarwal. "Once you have an answer that holds water, you are onto something."
Once you've established your brand's value, ensuring that you consistently communicate this and deliver against it at every customer touchpoint is critical for earning repeat business. The simplest way to establish consistency involves implementing a tight set of protocols in order to ensure that no aspect of your business is ever overlooked.
"With online retailing, you cannot physically interact with your customers to ensure a positive experience with your brand," says Deepak Agarwal. "In each of my businesses, I have invested my time and resources in establishing ways to provide a consistent positive online experience that encourages customers to come back again and again. From a customer's first interaction with our site to the time they receive their order, each touchpoint is put in place to ensure that they feel valued and know that they are an important part of our brand."
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SOURCE: Deepak Agarwal
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