Many emerging entrepreneurs struggle to get a position in today’s voracious and competitive marketplace. That’s why this time I wanted to share my story through a reinterpretation of the 5 stages of loss that helped me solidify my business.
Stage 1 – Denial: “Look beyond what you see”
This premise taken from a children’s movie became relevant in my life during my origins as an entrepreneur when, a year after I founded my shop – the fruit of my “faith and marketing intuition” -, I only managed to get a precarious base of sporadic customers; which soon led to its closing.
Meanwhile, my competition earned more money every day.
I had done everything people say it takes to succeed: locate my business in a highly commercial area, offer high-demand/quality at a fair price, flood the streets with ads and even had a website and a nice profile on social media.
Amid so much frustration, a good friend and marketer inquired me: “At some point during this process have you stopped for a moment to listen to what others say about you (the store)?”
It at this moment I knew I… had made a terrible mistake.
Stage 2: Anger: The click
All my market research (demographic analysis, surveys and plausible scenarios) was simply the first step of a more complex journey!
I considered that my clients could have a different concept of my brand than what I had sold them. And much less than agents beyond my control at that point as a business owner played such an important role.
It turns out, just as journalists follow trends and opinion, there is an entire world of news events that were happening “behind the scenes.” And today these conversations have no other place than in the online media.
Stage 3 – Bargaining: How can I fix it?
I could then see the obstacles that had been separating my brand from thriving and building a more solid relationship with the public based on values - which I had to discover.
The answer came in handy with the news analysis! – one of the fundamental pillars of Inbound Marketing in any company.
According to Forbes:
The news analysis is about locating information published in the media that impacts a company and its industry (audience).
Online platforms have established an information consumption system where hyperconnectivity and communication prevail. Consequently, the internet and social media are direct resonance channels for multiple viewpoints.
Thus, a piece of news or testimony issued wherein any venture can be transformed into an opinion matrix in the blink of an eye.
Stage 4 – Motivation:
In order to avoid any chance of failure, I decided to guarantee the extraction of the data and overall success by asking my friend for advice and hired a specialized marketing team (but don’t worry, below I will talk about the alternatives for entrepreneurship on a budget that still work for me).
This gave me a lot of advantage because now I could track and monitor the causes through intelligent tools and algorithms under an expert look – which would lead me to discover what the clientele wanted and also collect other resources such as:
- Detailed reports.
- Media Profile
- Social actors.
What response mechanisms arise from the news analysis?
- Reputation management.
- Risk reduction
- Crisis Prevention
- Offer evaluation.
Stage 5: Action
Taking into account all the information that I have given you so far, we will directly list my top three tools to perform quick news analysis:
- Augure: This is a centralizing software in portfolio format created to manage communication and public relations strategies with content generators, influential figures and multiply the scope of your campaigns.
- HowSociable: With a free registration you get access to a monitoring platform that measures the level of branding effectiveness of several platforms like WordPress and Facebook.
- TweetDeck: Twitter is the main opinion and news platform, and this tool is the perfect introduction for beginner entrepreneurs to program tweets and to control interactions and messages, track hashtags, and manage multiple accounts.
After much dedication and perseverance, and using the tools obtained from the news analysis, I managed to reopen my store, boost my clientele and position myself as a prominent character in my industry.
I hope this content will serve as a source of inspiration and guidance to achieve your business objectives. If you want to know the results of my news analysis and obtain some extra marketing tips, make sure to follow our daily posts.