Let’s face it- no company in today’s day and age can survive without an effective marketing strategy. At the same time, businesses also need to balance the type of promotion with available budget, and this is where a number of them tend to go wrong. What makes it a little more interesting is that there is never only way to market the business- you need to consider a combination of marketing activities. But while a fair number of marketing mistakes that can be looked at as positive learning experiences, you can save energy and time by avoiding the following:
Proceeding without a plan- Not creating a plan to market your company would be akin to buying your favourite pair of trousers blindfolded. Though you may get lucky and get the result you need, there are high chances of wasting tremendous time and money on this operation. Every business needs to proceed with a marketing plan, and so should you.
Not knowing the USP of your business- In today’s times, due to intense competition, it is very important for your business to stand apart from others. Remember, you will only be able to market your business effectively if you can deliver something special that is not being given by others. Marketing this offer properly may even lead to immense loyalty amongst customers, so give this some serious thought.
Selling to all- A common mistake made by many companies, which results in their email marketing mails going into the trash can, is not being able to identify the target customer. Though selling involves circulating your products or services across a broad audience, marketing can only be possible when the potential buyers can be turned into small target groups. Once done, messaging will be able to reach them directly.
Ignoring word of mouth marketing- One of the best things about this form of marketing is that it is completely free. Excellence in products and customer services will naturally help more people and enable them to talk about the same over social media, thereby generating goodwill for any business. Make sure you encourage your clients about this, as not only will existing customers be retained, but newer ones will also get interested.
Staying away from social media- No matter how good your offers are, if they are not visible customers will never be interested. One of the major ways of generating interest is through social media. As the owner of a small business, if you think money is already being made by word of mouth or traditional forms, this interest will be short-lived as customer profiles are highly dynamic.
Not trying modern marketing techniques- Small business owners are usually juggling multiple priorities at a single time, making them stick to routines. While routines help them remain productive, it is equally important to incorporate modern marketing activities even if dynamic in nature, since the market is constantly changing. Unless you try something new from time to time, you run the risk of becoming redundant soon.
Not addressing competition- One of the biggest marketing mistakes would be to not acknowledge the competition and watching their moves. Make sure you check the activities of your closest rivals on social media. With research in hand, you can conduct a SWOT analysis of your own business and then create new and unexplored marketing opportunities.
For most businesses, there exists a very thin line between success and failure. You must endeavor to not make any of the above mistakes, especially to prevent yourself from losing unnecessary time and money. Once you have a sound marketing strategy in place, you will be able to reach out to numerous target customers and grow in a profitable manner.
