I’ve been starting own business with friends. Type of business is service. To say specifically, it’s digital marketing. Now I’m feeling afraid if the business would stop after running for two years. I got that psycho after learning that many service business here in Myanmar are dying. It’s because they can’t do it to be sustainable.
So how could we make a business sustainable? When speaking about product business, it’s not much complicated. You make a product and roll it out in the market. May be you get hard time at starting. But later you get consumers. You just need to keep on developing your products and innovate it. To innovate a service is harder than to innovate a product. For example, let’s say that we are now doing digital marketing. We have service such as content marketing, SEO, Social Media marketing. You know that many people can do it. May be not in Myanmar, but many companies from foreign countries can do it a lot. They are entering Myanmar market. I am not afraid of competition. I’m just afraid of being unable to expand and renew the service.
If you give the same service to a company which already took that service from you one year ago, they will run away from you. They already bought SEO service from you. You think they will still be willing to get your SEO package again? One more thing to consider that digital marketing tools are rising in the market. Tools are very easy to use. Human’s role are going to be less. I’m not afraid of too because our strength is exciting at strategy and content creation.
One psycho fact I got is people are not willing to buy a service again, which they bought once, except a condition in which you can offer then a new thing. The new thing must be if you are giving them new audience or new visitors, or you are giving them more specific detail data. Or may be you can increase conversion rate.
The reason people are hard to buy the service again is they want new. They are not impress companies. Also ask yourself. Can you always upgrade your service according to the age and digital revolution? Digital market is changing a lot. What you know today became an old school knowledge after a new thing appears tomorrow. Especially in digital marketing field, algorithm is changing a lot. You can’t say it’s always good to get leads mainly from Facebook. People in Myanmar love Facebook today, but engagement will be going down after four or five years.
Why I’m saying about business for four or five years is I want to make my business going alive till four or five years. Not only me but also others who do service business are always worry about future in Myanmar. So solution they found is creating a product. Those who have making website business start to make own e-commerce platforms or news platform. So what about you?
My idea is to keep on doing digital marketing business and on the other hand creating a product which help companies for their digital marketing. If you have an idea to make a product, my suggestion should be ‘don’t go too far from your topic’. If your topic is creating website, you shouldn’t make a hair dryer as a product. So you can focus both of your business, service and product making.