Mr Daniel Adjei, an Integrated Marketing Communications practitioner, has said entrepreneurs must have ready communications plan at the start of their businesses to be successful.
Mr Adjei said it was unfortunate that some businesses commenced operations without putting adequate marketing plans in place.
He, therefore, urged entrepreneurs to be innovative and to develop a well rehearsed plan for their enterprises.
He was speaking at the 2017 Entrepreneurship and Career Fair at the Church of Pentecost, Ashalley Botwe English Assembly in Accra on the theme: “Being Competitive in Today’s Entrepreneurial World”.
Mr Adjei said the latest report of Bloomberg, which suggests that 80 per cent of businesses fail in their first 18 months, was alarming and it was about time new enterprises sought expert advice on how to effectively reach their customers.
He noted that the best product, if not communicated, remained untapped and provided no solution at all.
“The very few who would acknowledge the need for marketing also see every marketing expenditure as cost other than the end result,” he said, explaining that such situation was an unwarranted setback hindering the growth and full potential of local enterprises.
Using the washing bay business as a case, Mr Adjei explained that the vehicle washing business reflected a perfect competitive business that required some level of innovation for one to survive.
“The knowledge of the consumer in this type of business is fair, and as a result, one needs to sell more to make a pronounced profit margin and that being comparative in business is becoming customary for the competition,” he said.
“If you are not communicating then there is no need producing,” he said. “It is like the parable in the bible where one out of 10 brides had extra oil.
“If your strategy is the same as the others, then you surely need the extra oil to get you to reach your target at the end of the day.
“You need to be different! You have to be competitive. We need to gather adequate market information before embarking on any venture. The taste and preference of the consumer is important and must be taken into consideration.”
He said the reason a brand did things differently from the competition and outperformed the rest was the knowledge of the consumer they had, which the others never thought of knowing.