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
How Home Values Track with High, Low Risk of Natural Hazards: ATTOM Data
on September 22, 2017 at 4:48 pm
Americans are still buying homes in areas with high risk of natural hazards and the homes in those cities continue to appreciate in value far faster than homes in low natural hazard locales. However, the effect on home values of […]
Ratings of Illinois’ Prime Insurance Company Upgraded
by Stephanie K. Jones on September 22, 2017 at 4:39 pm
A.M. Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Prime Insurance Company (PIC) in Chicago, Ill. The outlook of these ratings has been revised […]
Ohio Increases Fines Against Pipeline Developer to $2.3M
by Stephanie K. Jones on September 22, 2017 at 4:36 pm
Ohio’s environmental regulators have more than doubled the proposed fines against a company building a natural gas pipeline from West Virginia to Michigan, saying the two sides are at an impasse. The fines now stand at $2.3 million and stem […]
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