Profitability can be improved by recognizing and avoiding these 11 marketing blunders.
Dumbest marketing move ever: betting the company’s financial future on an unproven product.
Do you base your company strategy on facts or speculation?
Business owners often invest large sums of money into a company without determining if there is a substantial market for the product or service. There isn’t enough expert opinion to go out and empty your savings account if you, your husband, your uncle, and your next-door neighbor all think your concept has potential.
Here’s how not to make that mistake:
Doing your homework (or investigation).
Seeing how well your product or service fares in the actual marketplace.
Second Worst Marketing Myth #2: Assuming Success Due to “If You Build It, They Will Come”
Is your product or service so great that you believe it will sell itself?
Take it from me: you don’t.
When a small business opens its doors, its owners may believe that customers will ” find ” them if they have the right product or service, customers will “find” them. You can have the most visually appealing online storefront in the world, with simple access to all of your trending products and services, but if you don’t market to your target audience, they will never know you exist.
Put on your “marketer’s hat” from day one of opening your doors, and never take it off. You need to maintain a steady pace of product turnover or appointment setting.
Making money is essential to keeping shop.
If you want to make money, you need to sell.
Selling requires marketing.
The good news is that you can wrest power away from your potential clients and into your own hands by developing a marketing strategy. In marketing, simplicity is key; if your product “practically sells itself,” your work is cut out for you. Keep in mind that the work must be completed regardless.
Here’s how not to make that mistake:
Establishing your target audience and the qualities that set you apart from the competition (your “Unique Selling Proposition,” or USP).
Creating a targeted marketing campaign and strategy to spread your unique selling proposition.
Third Worst Marketing Sin: Trying to Create Something New
The fundamentals of marketing have not changed much over the years. I’m sure you’ve read plenty of marketing resources that talk about how crucial it is to think outside the box when it comes to marketing. It’s easy to get lost in the intricacies of the creative process and lose sight of what matters: the end outcome.
Here’s how not to make that mistake:
Following are examples of what has worked rather than attempting to invent something new. Notice that I am not suggesting that you “copy” what others are doing. Look at an existing approach, campaign, advertising, or event framework and utilize that as a starting point for creating your own.
Understanding that successful advertising strategies are often recycled with minor modifications from one company to the next. Instead of trying something completely new, concentrate on improving upon what has already been shown to be successful.
Over-planning and then doing nothing is the fourth HUGE marketing mistake.
The dread of rejection is potent. Extremely potent, to the point where we take every precaution possible to avoid it. At some point, though, we become so preoccupied with planning, arranging, and researching to prevent catastrophe that we forget to advertise the firm. Two factors to keep in mind are as follows:
Just because you’re busy doesn’t mean you’re effective.
You have to sell one before you can sell a million.
Here’s how not to make that mistake:
Making progress! It’s time to delve headfirst into marketing if you’re confident in your company and have done your research. Take baby steps, monitor your progress, and expand from there.
Having no qualms about appearing inept. Failure is the doorway to achievement. An unsuccessful promotion at least tells you EXACTLY which promotion is not practical. And if you can figure out what doesn’t work, you’ll be that much closer to figuring out what does.
Proceed then. Try and fail some. It will make your future achievements that much more satisfying.
FIFTH WORST MARKETING MISTAKE: BORING CONTENT
Many years ago, when I worked for an advertising agency, I had one customer whose advertising campaign was wildly successful. Approximately six months later, the client called me. He was eager to create an altogether new advertising strategy. His response to my “why?” was, “I’m bored with the one we have.”
What?
In other words, that client may have been able to afford a new campaign out of sheer “boredom” when you and I probably wouldn’t have. But I’ve noticed many small business clients have switched promotions for the same reason. Your company will suffer as a result of this.
“Losing money” is one possible explanation.
The word “boredom” is not one of them.
Here’s how not to make that mistake:
Remember that what seems stale may be cutting edge to an undiscovered market. Stick with a marketing strategy that has proven successful until data indicates it’s time to switch.
Trying out alternative marketing strategies without giving up the current one. Follow up on the outcomes. Don’t replace a tried and reliable advertising campaign with something brand new.
Wrong Marketing Move #6: Counting on Personal Connections to Produce New Business.
Joining the Chamber of Commerce and making small talk at association meetings will get your name out there as a community booster and introduce you to potential vendors and joint venture partners. Still, it will likely not result in many concrete sales leads.
All the other people at the “meet and greet” events are there for the same reason that you are. One-on-one networking can be helpful in future endeavors and promotions, but it is time-consuming and has varying outcomes.
Here’s how not to make that mistake:
Considering networking events as you would any other promotional strategy. Keep tabs on progress by tallying up expenses and ROI.
Seventh DISASTROUS MISTAKE IN MARKETING: Imitating the Practices of the Competition
It’s wise to keep tabs on what the competition is doing, but you shouldn’t allow them to influence your decisions.
Allow your rival to set the standard for the lowest prices. Don’t race to be the lowest-price provider. This may likely create financial difficulties by forcing you into a nasty price war.
If your rival advertises low pricing, you should emphasize quality instead. Bargain shoppers aren’t always looking for the very lowest price. Customers are looking for the most excellent VALUE. Add value to what you’re offering.
Here’s how not to make that mistake:
Discovering a niche in the market and filling it with your product or service is one way to set yourself apart from the competition.
Providing buyers with an incentive to pick you above the competition. Know your unique selling proposition and target audience.
Eighth DISASTROUS Blunder in Marketing: Ignoring Niche Markets
You will have difficulty building a customer base if you think “everyone” is your target audience. One of the most challenging aspects of my job is convincing customers of the value of specialty (target) marketing. The “fear of losing a potential customer” prevents them from acting rationally despite their understanding of the situation.
Here’s how not to make that mistake:
Taking a broad, rather than narrow, approach to specialty marketing.
Consider your company a member of the individual’s support system. Assuming someone looking for a community of friends will patronize your company makes sense. Will it, though? Your consumers will return to you if they feel you care about them and their problems. Make sure you ARE that company by catering to a specific audience.
NUMBER NINE ON THE LIST OF TERRIBLE MARKETING BLUNDERS: Attempting to Sell to a Market That Neither Exists Nor Can Afford Your Products
The most effective marketing strategy is to focus on a specific audience. However, if you focus on a niche market, you will reduce your chances of long-term success. A niche market could be anything like young women pilots who only fly from New York to London. Your business’s long-term viability will be threatened unless you can corner the entire market with a high-profit offering that people will use or replace frequently.
A similar situation exists when there is a market for your service or product, but they cannot afford it. It would be best if you didn’t go for your neighbor’s rent money. Your intended consumers should be able to afford your wares.
Here’s how not to make that mistake:
Creating a buyer persona to help you zero in on what makes your ideal customer tick, find your market’s sweet spot, and analyze the potential for long-term growth in both new and returning businesses.
TERRIBLE MARKETING MISTAKE, NO. 10: Emphasizing the recruitment of fresh clients rather than the promotion of existing ones
When first getting started, your firm will naturally be focused on expanding your consumer base. Finding new clients can be costly, so focusing on a narrow market is crucial. After making even one sale, you might consider expanding your marketing efforts.
Do you not wish to:
… reduce your advertising budget by at least half?
… find the people who are most likely to buy what you offer?
That rich vein of pre-existing customers you can tap into “on the cheap” is already yours in the form of current and former clients.
Any marketing expert will tell you that loyal customers are priceless, regardless of whether they work for you online or in person.
Here’s how not to make that mistake:
Understanding that closing a deal is just the beginning of your connection with a customer.
Providing your current clientele with access to a broader range of offerings. Profit from clients who have already shown interest in your business by creating a referral, joint venture, or product bundling program.
11th WORST MARKETING MISTAKE: Failing to Follow Up Regularly on Prospective Customers’ Inquiries
Making a sale is the cheapest element of any business. The most costly part is lead generation, or locating potential customers for your product or service.
Develop a follow-up method to maintain marketing to those interested prospects once you locate them, regardless of whether or not they purchase from you. One who responds positively to your marketing is much more likely to become a paying customer than one who does not.
Here’s how not to make that mistake:
Keeping from being preoccupied with finding new leads until you’ve pursued the ones you already have.
Creating a simple, streamlined process for following up on leads to turn a “maybe” into a “yes.”
Susan Carter advises entrepreneurs to “do more with less” to keep their firms afloat and promote their expansion. SPLASH Marketing for Overworked Small Business Owners and How to Make Your Business Run Without You are two of her books. In her twice-monthly ezine, SuccessExpress Press, which can be found at http://www.successideas.com, Carter gives free book chapters and shares helpful tips for developing a successful business. [email protected]
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