In a perfect world, a business would grow organically. Unfortunately, most companies only thrive as a result of financial investment in marketing campaigns and a whole lot of elbow grease. Some businesses are so concerned about the cost of marketing campaigns that they shy away from them altogether. These businesses often fizzle out. A poorly-executed marketing campaign can burn a business, blowing through capital without producing results. Well-planned marketing blitzes, on the other hand, can give excellent returns on investment, driving up brand awareness and launching a company to financial success.
As you plan your next marketing move, here are a few pitfalls to avoid:
- Ignoring current customers. The average company can gain more business from repeat customers at a lower cost than focusing entirely on expanding to new customers. Oldies are goodies. Reach out frequently to your existing customers through email campaigns and social media promotions. Reward their loyalty with discounts and excellent customer service.
- Failing to do your homework. Market research is the name of the game here. If you don’t test your promotions, prices, and products, you will just be taking shots in the dark. Gauge your customers’ reactions before rolling out new offers or merchandise.
- Anticipating customers’ needs. How well do you know your target audience? If you only worry about chasing the competition, you’ll always be a step behind. Switch your paradigm. Get out front by getting to know your target audience and anticipating what they need and want.
- Not distinguishing yourself. The market is crowded with competitors. If you can’t show customers how you are different from the others, you will lose your edge. In marketing terms, this is called a unique selling proposition. It could be an unusual product, particularly low prices, super fast shipping, or a generous return policy.
And don’t give up if your marketing efforts don’t always yield a good return on investment. Marketing is a tricky business, and most every company has launched a campaign that fell flat. Learn from your mistakes, and move forward relentlessly with your marketing efforts.
To achieve a successful business is not easy. You will invest your money, time and energy. Great preparation and thorough study are needed to ensure a rewarding business. Thus, for a go-getting person, to fail is never an option. To help you achieve a thriving business, check the frequent errors made in marketing.