Anyone who has ever tried to start a business quickly realizes that marketing is one of the earliest and most critical elements you will encounter. Successful marketing addresses all of the things that get a business off and running. How will people find you? Why will they choose you over your competition? Where is your demographic sweet spot?
Marketing is not a one-size-fits-all endeavor. To implement a successful marketing strategy, you have to take the right steps for your business. Avoiding these 5 marketing mistakes can help you avoid throwing money away.
Focusing Too Much on the Company
Sure, you’ve got a great idea, service, or plan. You’re proud of it. Good for you! Does your customer care that you are the winner of the local business of the year award? Your customer is more concerned with what solution you can offer to their problem. What can you do for them? It’s a selling point to crow about your accomplishments, but if you really want the edge explain why it would benefit your customer to enlist your company’s assistance.
Growing Too Fast
It is exciting to get your first few customers. This could actually work! Most people think that the only way to increase profits is to continually build a larger and larger customer base. While there is a lot of truth in that, don’t forget the customers you already have. If you provide good products and services, repeat business can be a huge source of income. Follow up after sales. Your customers will come back, and they will do the advertising for you by word-of-mouth.
No Call to Action
What happens when a customer finally finds you? Does your ad or website clearly lead them in the desired direction? You only have their attention for a short time. Unless you tell them what you want them to do, someone else will have their attention soon. “Come into our store ”,“ Sign up for a free trial or even a simple “Click here” on your website keeps their attention and builds momentum towards the sale.
Wasting Social Media
Social media should be respected, like a sharp knife. Used properly, it can be an inexpensive way to carve out your space in the digital world. If not carefully executed, though, it can cut deeply into your marketing budget. Understand what your customers are interested in, and link to appropriate websites. How many tweets or posts should you place per day? Too many, and you are a spammer that’s being unfollowed. Too few and you’re not visible enough. Informative, relevant posts that are not too frequent is the sweet spot you are looking for. Take the time to research your specific demographic to put the proper plan into action.
Not Tracking Returns
If you put money into marketing, you should know what it does for you. Have a specific goal in mind for every dollar spent and implement a method by which to track if those goals are being met. When you can tell which strategies are more effective, you can make your marketing budget go a lot farther. It’s simple. Would you rather spend 100 dollars to get 200 dollars, or spend the same amount to get 1000? Tracking the numbers will point you in the right direction.
