venture-backed startups flop. These numbers suggest that while it is relatively easy to launch and pitch a new company, it is extremely difficult to ensure its profitability over time.
If you are looking to establish a small business, you cannot simply count on the quality of your product or service to sell itself. This is especially true if you enter an already saturated market. In order to run a successful enterprise, you also need to leverage marketing. If you do not know where to begin, here are two exemplars to take direction from.
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When Lyft, an on-demand, peer-to-peer ridesharing company, launched in 2012 in San Francisco, it faced stiff opposition from Uber, which delivered a similar service. At the time, Uber held serious advantages over Lyft. The firm had been around since 2009, so it already had a few years experience under its belt. Uber was also looking to expand internationally, reflecting the company’s strategy to tap into new markets.
Uber was displeased to see competition when Lyft entered the ridesharing marketplace, and the two enterprises have been fighting over customers ever since.
For a small business owner, constant news stories about startup successes and wealthy entrepreneurs are certainly inspirational — but these shining examples of entrepreneurial achievement represent only a small fraction of all new business ventures.
are certainly inspirational — but these shining examples of entrepreneurial achievement represent only a small fraction of all new business ventures. In fact, the majority of new companies fail. According to research from Harvard Business School,
So Uber is finding the marketplace a little bit tougher these days – well competition is great for business – it helps businesses keep on their toes and offers consumers another option whilst bring up a higher quality of service.
We really love the fact that these two companies have a really loyal customer base but they are now both coming into there own with new marketing ideas that each one is playing off.
Insurance Journal Insurance Journal delivers the latest business news for the Property/Casualty insurance industry
- Allianz Launches Inland Marine Cargo Insurance ProductPosted by Amy O' Connor on August 30, 2016 at 4:40 pm
Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) has launched Transportation Block 2020, a fully integrated and comprehensive inland marine cargo insurance product, complete with risk management services. Specifically, it features new cover for a range of […]
- Lubbock, Texas Settles Federal Police Hiring Discrimination LawsuitPosted by Stephanie K. Jones on August 30, 2016 at 4:39 pm
A West Texas city has settled a 2015 federal lawsuit that alleged police discriminated against Hispanics and women in hiring entry-level officers. Lubbock agreed to pay affected individuals to settle the Department of Justice lawsuit. The city, in the voluntary […]
- Opposing Sides File Briefs in Challenge to Oklahoma’s Work Comp Opt-OutPosted by Stephanie K. Jones on August 30, 2016 at 3:51 pm
The constitutionality of Oklahoma’s workers’ compensation alternative, the Oklahoma Option, which was established in the 2013 overhaul of the state’s workers’ comp system, is currently being challenged in an appeal to the state Supreme Court. The Oklahoma Employee Injury Benefit […]
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