Luke Lazarus Touts Benefits of Business Plan, Story-Driven Marketing
The first year is the most critical for a business start-up. If it survives a year, chances increase dramatically that it will become a profitable enterprise for years to come. But raw statistics demonstrate a grim reality.
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More than 35% of start-ups crash and burn within 12 months or less. In a two-year timeframe, that figure can be 90%.
It keeps happening even though the reasons new businesses fail are well known. The most common is the lack of sufficient start-up capital. Even a thriving business generating robust sales can find itself starved for cash at a critical phase of development.
Another reason start-ups fail is not having a well-designed business plan. As the saying goes: If you don’t have a plan, you have a plan to fail.
But there is one way that a budding entrepreneur can dramatically improve his or her chances of getting past the one-year hurdle. It’s hiring an experienced business consultant with a proven track record of successful start-up experience. In Australia, a name that comes up often to fill this role is Luke Lazarus.
Lazarus is among the most sought-after consultants in the Land Down Under today because of his stellar track record of starting his own enterprises and building them into success stories. He launched, built and sold four enterprises before the age of 33.
After this string of wins, Luke Lazarus could have taken early retirement, but business is in his blood. He opted to take on the role of consultant both to keep his hand in the game and to help other young entrepreneurs who share his own dream — building business success.
Luke Lazarus is a believer in the efficacy of a well-drawn business plan. As a consultant, this is among the first steps he helps clients achieve. If they already have a plan, he finds ways to improve it. If they don’t, he helps them start from square one.
Lazarus’ years of experience in working with clients has enabled him to identify the most common and key mistakes they make. One of them is not conducting thorough and data-driven marketing research. If one expects to sell something to a specific target market, one must know the market in a deep nuanced way. That means understanding their needs, wants, desires, what they can afford, what they can’t and much more.
Luke Lazarus says that every seller needs a story. He said attempting to sell a product merely by listing its features is a dead-end way to market. Even hammering away on benefits is not enough in today’s highly competitive selling climate. You need something that will engage the imagination in a visceral way.
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That means couching a product pitch that creates a rich, story-driven scenario. What that story is will be different for each product. But is it incumbent upon the seller to look inward, rely on marketing data insights and shape a compelling marketing campaign driven by the central story of the company and product.
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