Learning From Other Businesses Making Mistakes

Learning From Other Businesses Making Mistakes

on Dec 19, 2018 in Small business

A clever person will learn from their mistakes, a wise person will learn from other people’s mistakes. If your business is to never become the victim of the same problem that has already occured somewhere else, then you need to study your industry a lot more carefully. Using what has been done in the past and seen what kinds of errors other businesses make, you should curb and edit your own strategies to become wiser. The most obvious place where companies make their mistakes is in the public sphere. It’s very difficult to see what exact problem has occured to another business behind closed doors unless you have an insider that can tell you through rumor and gossip. However in the public domain, many businesses make PR mistakes and the backlash they receive from the public and consumers is definitely a life lesson you should take. The best part is, it’s free. This knowledge doesn’t cost a thing yet implementing strategies to avoid them are hardly ever done. Here’s how you can mold your business to learn from other’s.



 

 

It’s all in the research

One of the most underrated acts of any business is the research done in all departments. You would think that because it’s called the research and development department, that this is where the majority of research would be done. For future products and services absolutely, but for all else, no. Your business needs to have teams in all departments that do research on the landscape in their own sectors. If there have been a few stories in the news about businesses and companies making huge social media and public relations errors then they can write up small reports about them. Although these are not extremely important, it’s a mental exercise and reminder to your employees of what to avoid in future. Maybe a company was trying some kind of awkward humour angle in their video advertisement but the public was more confused and upset at the idea than anticipated. Your teams should state the reasons why those campaigns failed and what can be learned from them at chosen meetings.

 

Getting it right first time

Business exhibitions are when you need to get it right first time. Your marketing and brand strategies need to be aligned and fixed together like glue. You need one consistent message through all areas of your business so those that interact with you face to face are not given mixed signals. Pick out one of the top marketing consultancy firms that do event marketing and management to create your strategy. Everything from the colour scheme to even potential uniforms that your employees can wear at the event will be discussed and explored. You’ll be given ideas about how you can market your business in a face to face basis with consumers, investors and also industry experts. All the errors of previous businesses will be explored so you know what works and what has previously failed.

 

It’s far better to sit back and watch others fail to then learn from them than to put your own foot in the puddle. Not only will you save yourself a lot of public humiliation but a lot of funds that might be needed to set things right.

 

 

 

Image credit:  Pexels.com

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