Marketers often find themselves at the forefront of a company’s global expansion. The marketing team is usually responsible for carrying out market research. This research will determine where a company should expand, and it’s usually charged with creating a plan for attracting customers.
A marketing campaign cannot only connect you with the right prospects, but it will also get everyone talking about your company, your product or your service. At least if it’s properly developed and done right. Marketing mistakes can do the opposite and perhaps result in disaster. This will result in the business to cost thousands of dollars in lost revenues and other expenses. Here’s a checklist of mistakes commonly made in marketing and how you can avoid them.
Lack of Research and Testing
Market research and testing are critical because they can determine the performance of each of your marketing efforts. They take the guesswork out of what your potential customer or client wants from you. Always make sure you’ve done your due diligence when it comes to testing different your offers, prices, and packages, then get the input of your customers to see how they react to each.
Improper Focus and Positioning
Don’t market just to build up the company, neglecting brand awareness in the process. Create marketing that will demand an immediate response from the recipient. Improper focus and market positioning can be avoided by following the proper solution positioning of marketing.
Confusing a Tactic with a Strategy
Marketing is complex and requires the deployment of multiple tactics in concert towards a strategic goal. A tactic that works today is unlikely to continue to work over the long run without an understanding of how that tactic fits into the marketing ecosystem to achieve the desired result.
“Marketing should not be viewed as a vending machine. Just because you put money in once and get a result, doesn’t mean that tactic will work again or always give you what you expect.”
Not Being Consistent
Marketing is about consistency.
A consistent look and feel to your materials, the tone of your brand language and the cadence that you produce and publish content is the only way to achieve good results.
If you hire a stellar agency to create lead generation assets but don’t update your brand (e.g. website, logo, product materials) or overall message you are setting yourself up for failure.
Your marketing establishes the initial impression your customer has of your company and you must carry that brand promise through the experience of delivering your product or service.
Failing to Capture Repeat Customers
Keep in mind that 80 percent of your business comes from existing customers and 20 percent is the result of new customers you’ve attracted. Failing to resell to your current customer base could have a detrimental effect on your profits. It will cost you five times the expense to sell to a new customer than to sell to an existing customer.
Lack of Focus on Potential Customers’ Needs
Do you really know what your potential customers need and want? You’re way ahead in the ballgame if you do, but the truth is that very few businesses have a good grasp of what it is that their customers need and want from them. The secret to avoiding this common error is to find a need that you can fill, then fill that need better than anyone else.
In order for any social media strategy to be successful, you need to cover a few bases to keep problems from developing both early and late in the game. First and foremost, start with clear and actionable goals. Establish your objectives and define how you’ll measure results. Understand who your target audience is. Know what they want, and then frame your thinking around your audience’s needs and interests, not your own sales pitch. And last but not least, flexibility is key! Social media platforms continue to evolve, and where your audience is today, they may not be tomorrow. Start with the basics and before you know it, you’ll be well on your way to success! Visit us at Venture and Grow for your Marketing services.