Learn what a typical digital entrepreneur will struggle with during 2017 to achieve success
A lot of speculations are always in the air, but finally, there is a report about what a typical digital entrepreneur will struggle with the most to reach the goals. Leadpages through their company Drip publishes interesting statistics, that can teach us a lot about the environment of a typical digital entrepreneur.
The base of the report is on almost 2,000 interviews of U.S. entrepreneurs. However, with the generic type of questions that were made, we can assume that the results also are valid for a non-U.S. digital entrepreneur.
Only 55.5% of the entrepreneurs have been running their business for more than five years. With roughly 45% in business for less than five years, means that the digital business environment is growing fast.
Females have a slightly higher participation in this kind of business. A possible explanation could
l. How Will A Typical Digital Entrepreneur Achieve Growth 2017?
Almost half of the group in this survey answer that their growth during 2017 mainly would have referrals or word-of-mouth as the principle base. Happy customers recommend new customers.
It’s interesting to note that as much as 17% of the entrepreneurs and business owners, will rely on online marketing for the growth.
Entrepreneurs younger than 24 years are significantly less likely to lean on word of mouth or referrals.
It fits well into the picture of the younger generation more likely to do business online than the older generations.
ll. How Important Is Digital Marketing For Your Business?
Only 28.4% of the survey group don’t do any kind of digital marketing. The vast majority uses online marketing in one way or another.
According to the report, it seems that women in urban areas in the age range of 45 to 54 years and who started their business in the last five years are more likely to use digital marketing.
Of the different online marketing tools of preference, all kind of social media is frequently in use. But Facebook seems to have a top preference among the entrepreneurs.
It’s also important to note that the strategies and tactics vary a lot among different industries.
lll. How Important Is Automation For A Digital Entrepreneur?
More than half of the entrepreneurs, or 58.9%, are using some sort of automation. The younger entrepreneurs have the edge and see more clearly the advantage of automating the online business.
However, there seems to still be a significant untapped opportunity for you as a digital entrepreneur to expand your business through automation.
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Where Does A Typical Digital Entrepreneur Struggle?
The cost to grow the business dominate this section by 19%. You can see it everywhere, and mainly due to the automation, many traditional companies have problems to get there cost structure correctly in place.
Compare for example Uber with the traditional taxi industry. A comparison of Wallmart and Amazon is another interesting exercise.
Time to grow the business and acquiring new customers are also two important factors on the list.
In today’s digital world everything is going much faster than before, and if your business still hasn't taken the next step to automate the activity, you will be left behind.
When asking the participants in the survey how long time it took before they felt that the business should be a success, the answers were slightly spread out.
There is a smaller group of 20.4% who knew immediately that the success was there.
For the rest of the group, it took between 1 and 3 years before the feeling of success appeared.
lV. What Motivates A Typical Digital Entrepreneur To Keep Going?
Building a better life is the number one of the reasons why people continue with their business project.
Other compelling reasons, like helping customers, making a difference in the world and positioning as an authority in the industry or community, motivate people on their projects.
Making money as a principle motive for business only has 22.7% followers in the survey.
These answers are very much in line with how a successful entrepreneur thinks. There is an idea, and there is a passion, representing the leading star in the whole project.
The quality of the product and an excellent customer service represent 60.2% of the opinions of what mostly contributes to their customer´s happiness.
It also falls into what today’s market is all about: high quality and excellent service.
Only 7.6% has the opinion that the price is the most important influencer to their customer’s happiness.
V. What Should A Digital Entrepreneur Do Differently?
The last but maybe the most interesting question in the survey is what to do differently if you were starting your business all over again.
Only 2.1% of the people regret that they ever started the business at all.
32.3% of the group is happy with what they have achieved so far and shouldn’t change anything, or at least not much.
Among the people who should do things differently, 3.1% says that they should start it sooner. In other words, the important procrastination factor is actively holding back the project.
A group of 1.3% says that they should find a way to save more money. It is quite common. The project starts and before even launching the business, the cost sky rocks.
Another small group should partner up with somebody, to not have to do it alone.
Finally, 1% of the group would do more marketing.
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