Lack of sales and marketing skills is the biggest threat to startup success
The report, from NatWest and Mettle by NatWest, reveals that 17% of aspiring entrepreneurs believe a lack of sales and marketing skills is the primary barrier to starting their own business. This highlights a key area for training and development to support new business ventures.
The research, covering 1,000 aspiring business owners in the UK, shows that other missing skills include creating a comprehensive business plan, taking calculated risks, and staying motivated (all 11%).
Gen Z (16%) are most likely to doubt their ability in creating a comprehensive business plan. While Gen X (19%) and boomers (24%) express the most doubt about their marketing abilities.
Cath Broadhead, co-founder of The Promise Co. farm, emphasises a practical approach to sales and marketing: “Early on, I attended every free course I could find, met different people, and learned how they approached things. But when you say “sales and marketing”, you can overthink it, imagining complex corporate strategies. But actually, we all know what it is because we’re constantly being sold to and marketed to.”
Michelle Prance, CEO Mettle by NatWest commented: “The Start Gap Report clearly demonstrates the need for accessible training and resources in areas like sales and marketing for new entrepreneurs. At NatWest we’ve helped more businesses get started than any other bank in Great Britain*, so we understand the challenges new business owners face.
Our Accelerator community is designed to provide business owners with the network, skills and confidence they need to succeed in this area. We encourage aspiring entrepreneurs to take advantage of the resources available to them, such as NatWest’s Accelerator app.”
Looking for support to grow your business? The NatWest Accelerator app allows you to access a range of digital and in person support and connect with an inspiring community of business owners’. Find out more information.
To help aspiring entrepreneurs overcome marketing challenges, NatWest experts offer the following tips:
- Build your digital presence. Launch a simple website to showcase your brand and provide an easy way for potential customers to interact with you. This doesn’t need to be complex, and tools like Wix could make the process simple.
- Engage on social media. Don’t just use social media as a sales platform. Instead, focus on building relationships and providing valuable content to your target audience. Tailor your content to each platform you decide to be on for maximum impact.
- Harness email marketing. Think of email marketing as a as an initial conversation with your subscribers. Focus on creating engaging, personalised content that provides value, and avoid overly promotional messaging.
- Think of customer incentives. Consider implementing incentive programs like referral schemes, giveaways, or trials to encourage repeat business and build customer loyalty.
- Explore offline promotion. While digital marketing is essential, don’t overlook the potential offline methods like television, radio, posters, billboards, printed media, in-store demos, sponsorship.