Marketing is among the most challenging tasks for small businesses. Since startups and small businesses have to work with small marketing budgets, every penny matters and should be utilized properly. Small businesses and startups often make big mistakes over and over. In this article, we share big marketing mistakes businesses shouldn't make.
If you successfully sell offline or in-store, you might be tempted to ignore the whole hassle of selling online and digital marketing. This is typically a big mistake businesses make. Just because you have a local store that doesn't mean you can't reach people whom you can sell to online. The online world is full of opportunities for nearly every business.
Online marketing can be a very effective way to get more people to your store, as many people search for stores online everyday. To sell online and create online presence, it is an ongoing process. So you better invest in professional talents to handle it.
Defining clear metrics and monitoring them is a practice that can't be replaced for any business of any size. Failing to define important metrics and KPIs can lead to failure in marketing.
Metrics tell when you are performing well and when you aren't, which is actually something you want to know. Metrics can also help you compare your performance at different times and how it changes with time and different strategies.
Not knowing your specific audience is one marketing disaster that happens often. Great ad campaigns will not work when you don't know your audience and market specifically for them.
The time invested in understanding your audience and who they are is never wasted. This is because understanding how to sell to people starts with understanding who they are and what motivates, challenges and benefits them. Many aspects about the audience can be studied including demographics, interests and much more. Tools starting at Facebook Ads Manager and Google Ads to more advanced ones can help in making this process easier and more efficient.
There is always competition no matter what you sell as a product or service. Even if there are no competitors now there will be in the near future. That's why you should spend a portion of your marketing efforts on making your product or service stand out in a way or another. You need to know what to tell people to convince them that your product is unique.
You should also know how to educate customers. This is one of the essential aspects you need to consider nowadays. It's not easy to sell to people. There are considerable efforts you need to spend to get the customer to go through a relationship with your brand until a sale is closed. If you can't define why your product or service is unique and why people should buy it, don't expect that customers can.
If your business doesn't already take full advantage of existing customers and loyal ones to make more sales, then you're missing out on many opportunities. Existing and especially loyal customers may be waiting for the right offer to be sent to them to buy from you again. You should know this and keep sending them customized offers. This will keep your brand in their minds and close easier sales.
The mistake businesses make, especially small businesses and startups, is that they just focus on acquiring new customers. They ignore the gold mine that is one step away while go far to get new customers. Customer retention should be part of your marketing strategy. You can create ads retargeting existing customers and reaching out to them with customized offers.
Marketing is not an expense. Expenses are things you pay for to depreciate, and that is not true for marketing costs. Instead, marketing costs are investments that are spent to bring in more money. Every penny you pay for marketing should reflect into more sales. Dealing with marketing as an investment that brings in calculated returns and using the right strategies to do so can help your business grow and protect it from failure.
One of the biggest problems with marketing is that it sometimes works with no plans. It works randomly and like magic.
On the long term, marketing with no plan will start to fail more frequently. This can eventually bring down the whole business with it. The effort and cash spent on the marketing plan are not wasted at all. It is a logical and essential step.
With a marketing strategy in place, you will be able to focus on your work with less marketing hassle. You will be able to assess your progress more properly. The marketing plan will help you stick to the budget since it contains specifics on how much to spend on each campaign. The plan should also contain detailed budget categories including what to be spent on PPC ads, content production, marketing tools and so on.
Spying on competitors by leveraging the available online tools is one of the practices your competitors are already doing. You should be doing that as well to be able to compete. Tools like Spyfu and SEMRush can give you very valuable information about the performance of your competitors online, how they perform on search engines, and what keywords and interests they target to reach new customers.